Australian shares were set to open lower, reflecting a struggle for direction on Wall Street. Oil prices eased; Exxon Mobil announced its biggest acquisition in decades. US 10-year yield extends pull back.On Wall St at 1.55pm: Dow -0.3% S&P -0.2% Nasdaq flatThe local currency slid 0.6 per cent, falling below US64¢; the Bloomberg dollar spot index edged up.The yield on the US 10-year note slipped 4 basis points to 4.61 per cent at 1.53pm in New York.
In a note, Bank of America struck a positive tone as major US banks this week kick off the September quarter reporting season. “Despite negative headlines macro data continued to beat expectations and the jump in rates and oil suggests improving, not deteriorating, growth. Our Corporate Misery Indicator, a macro gauge of profits, improved for the first time since 3Q22.
The narrower measure of PPI, which strips out food, energy and trade services components, gained 0.2 per cent after rising by the same margin in August. The so-called core PPI increased 2.8 per cent on a year-on-year basis in September after climbing 2.9 per cent in August.Bank of America: “Our Corporate Misery Indicator, our macro gauge of profit cycle, ticked up in 3Q for the first time since 3Q22. Re-acceleration in CPI , combined with moderating cost pressure more than offset lower volume.
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Source: FinancialReview - 🏆 2. / 90 Read more »
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