ASX to fall as global markets position for recession

Australian shares are poised to open sharply lower to start the final week of both the month and the quarter, with bears fully in control.

The local currency fell 1.8 per cent to US65.28¢ over the weekend as the US dollar surged ever higher. The Bloomberg spot dollar index reset its record high.The yield on the US 10-year note slipped 3 basis points to 3.68 per cent. The two-year reached 4.20 per cent.In contrast, the UK gilt 10-year note surged 33 basis points to 3.82 per cent as investors reacted to the new government’s financial plans.

“Our forecasts for core inflation move marginally higher to 3.6 per cent in 2022 and 2.6 per cent in 2023 , driven by goods inflation that was more resilient than we had been expecting in the past two months.”China’s manufacturing steel demand rebounded in August and is expected to improve further in September and October on higher seasonal manufacturing activity, SP that overall volume requirements are likely to remain modest amid a weak property sector and low household consumption.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Dow drops to lowest level since November 2020The Dow Jones Industrial Average closed down early on Friday to its lowest level since November 2020, raising growing concerns for the global economy falling to a recession. So long as interest rates keep rising I am good with that
Source: SkyNewsAust - 🏆 7. / 78 Read more »