Live: ASX to fall ahead of inflation data
The Australian share market is likely to fall in morning trade, following another weak session on Wall Street as several governments' borrowing costs surge to their highest level in decades on concerns about ballooning debt and rampant spending. Follow live.
The Australian share market is expected to decline at the start of trading, following a recent downturn on Wall Street. Several governments, including the US, Japan, and Germany, have seen borrowing costs rise to their highest levels in decades due to worries about excessive debt and overspending. Assistant Treasurer Daniel Mulino will address these concerns at the National Press Club, unveiling measures to safeguard Australians from dishonest telemarketers targeting superannuation funds.
These reforms follow the collapse of two funds, Shield and First Guardian, which left 12,000 individuals with losses exceeding $1 billion and revealed weaknesses in Australia's vast retirement savings system. Investors are apprehensive about a possible escalation of the US-Iran conflict, high oil prices, surging inflation, and mounting government debts.
The yield on Australia's 10-year bonds is near a multi-year high, reflecting heightened borrowing costs for the nation. Global bond markets are becoming more uncertain due to political tensions, with the US debt stock nearing $40 trillion. Oil prices have surged to their highest point in over three weeks due to fears that the US-Iran conflict will persist and the Strait of Hormuz will remain blocked.
Brent crude futures climbed 0.5% to $91.35 per barrel, while US West Texas Intermediate crude futures rose 1% to $85.33 a barrel.
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.
