ASX to slip, $A resets lower, Wall Street mixed

Australian shares were set for a muted open. Tech shares were higher in New York, paced by Tesla. US bond yields rose.In New York: BHP +0.7% Rio -0.4% Atlassian +1.2%The local currency slumped more than 1.2 per cent; the Bloomberg dollar spot index was 0.7 per cent higher.The yield on the US 10-year note rose 8 basis points to 4.27 per cent at 2.44pm in New York.

“The rally in some of the major averages over the last few weeks may have investors feeling a bit better again but given the underlying weakness in breadth and in some of the more cyclical parts of the market, we think that optimism should be faded.” “Our estimate is far below the Bloomberg consensus, which remains stuck at 60 per cent. We are also substantially more optimistic than most other forecasters in terms of our baseline GDP growth forecast, which averages 2 per cent through the end of 2024.”

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