Australian shares to start lower after mixed Wall Street session
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The news: The Australian sharemarket is set to start lower after a mixed session on Wall Street with investors nervously waiting for crucial inflation data.
The numbers: The Dow Jones index ended 0.76% lower, capping five days of gains, while the broader S&P 500 rose 0.39% and the tech-heavy Nasdaq added 1.26%. In the local market, ASX 200 futures were down 29 points or 0.37% to 7,801 points at 7:00am AEST on Wednesday.
The context: The Nasdaq rallied on the back of gains in tech mega caps including Nvidia, Alphabet and Meta but the rest of the US market traded lower as investors await clarity on the interest rates outlook.
New data showed US consumer confidence eased slightly in June amid worries about the economic outlook. The most anticipated economic data due this week is the US personal consumption expenditures PCE price index — the Fed's preferred inflation gauge — on Friday.
In the local market too, investors are focused on May consumer prices data due at 11:30am that is expected to show inflation ticked higher, and a speech by RBA assistant governor Chris Kent.
The source: Reuters
