Live: Wall Street dips as consumer sentiment slumps, ASX to keep sliding
Wilting consumer confidence has halted Wall Street's recent rally and the ASX is priced to slide lower again today. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
On Friday, Wall Street's record-breaking four-day streak ended due to a decline in consumer sentiment and rising oil prices. The ASX was set to experience its fifth consecutive day of losses, with NAB, JB Hi Fi, BlueScope Steel, and Lendlease scheduled to report their earnings. The day's financial news was covered in the live blog, which provided updates from various business reporters.
The week's macro focus was expected to be on wages and jobs, with the upcoming release of the Wage Price Index (WPI) and quarterly results. Australia's labour market showed mixed signals, with job creation in June being volatile and only forecasted at 13,000 new jobs for July. Meanwhile, the RBA Deputy Governor Andrew Hauser was set to speak on Thursday, discussing the bank's stance on carbon emissions.
Overseas, China's economic data and the Federal Reserve's FOMC minutes would provide insights into global economic trends. The recent rally on Wall Street came to an abrupt halt on Friday due to heightened concerns over the US involvement in the Middle East and a drop in consumer sentiment. The US consumer sentiment survey came in lower than expected, and retail sales data showed a significant decline in consumer spending.
These factors prompted a reassessment of the Federal Reserve's decision regarding interest rate hikes. The US Treasuries fell, causing the US dollar to weaken and the Australian dollar to strengthen slightly. Wall Street's decline impacted key indices, with the ASX 200 futures trading at a 0.4% decrease.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
