Australian shares to start up despite Wall Street losses
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The news: The Australian sharemarket is set to open higher despite losses on Wall Street where investors awaited economic indicators and signals on upcoming interest rate cuts.
The numbers: The Dow Jones index ended 0.70% lower, and the broader S&P 500 fell 0.19% while the tech-heavy Nasdaq edged 0.04% higher. In the local market, ASX 200 futures were up 17 points or 0.21% at 8,195 points at 7am AEST on Thursday.
The context: The Dow Jones and S&P 500 pulled back from recent record highs as investors look for fresh clues on the path of interest rates.
The long-term US Treasury bond yield rose on concerns that looser financial conditions could reignite inflation.
Odds of a 50 basis point cut by the US central bank at its November meeting have risen to 57.4%, from a coin toss earlier in the week, the CME Group's FedWatch Tool showed.
Attention will centre on Fed Chair Jerome Powell's speech at the New York Treasury Market Conference on Thursday. The focus, however, will be on weekly jobless claims and the August US personal consumption expenditure index, both set to be released later in the week.
The source: Reuters
