Australian stocks rose modestly on Tuesday morning after a lukewarm session on Wall Street, where
The annual National People’s Congress in Beijing, which concluded on Monday, offered few prospects of a demand boost, and iron ore stockpiles at ports have ballooned to the highest in a year.The plunge in the iron ore price was the most since mid-2022 on an intraday basis, and it was headed for the lowest close since August last year. There had been hopes for a stronger pick-up in construction after the Lunar New Year holiday that ended in mid-February, but that hasn’t materialised.
But the trend for inflation has been mostly downward, cooling toward the Fed’s 2 per cent target from its peak above 9 per cent. Fed Chair Jerome Powell said last week the Fed is “not far” from getting enough confidence about inflation to begin cutting rates. Cuts to the Fed’s main interest rate, which is at its highest level since 2001, would relax pressure on the economy and financial system, while goosing investment prices.
On Wall Street, Oracle rose 1.5 per cent before it released its latest earnings report after trading finished for the day. Its profit topped analysts’ expectations, and its stock rose more in after hours trading. Reddit said it may raise up to $US748 million through the sale of stock to investors on an exchange for the first time. The social media company expects its stock to trade under the “RDDT” ticker symbol.
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