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Highlights
The Australian share market is set to fall on the last day of the week.
According to the latest SPI futures, the ASX 200 is expected to open 85 points or 1.2% lower on Friday.
On Wall Street, the Dow Jones fell 2.35%, the S&P 500 dipped 2.5%, and the NASDAQ ended 3.2% lower.
The Australian share market is set to fall on the last day of the week after a selloff on Wall Street which was weighed by interest rate hike concerns. Meanwhile, US retail sales fell more than expected in November, while the labour market remained tight.
According to the latest SPI futures, the ASX 200 is expected to open 85 points or 1.2% lower on Friday. On Thursday, the benchmark index ended 0.65% lower at 7,204.8 points.
On Wall Street, the Dow Jones fell 2.25%, the S&P 500 dipped 2.49%, and the NASDAQ ended 3.23% lower.
In Europe, the Stoxx 50 fell 3.5%, the FTSE dipped 0.9%, and the CAC dropped 3.1%, and the DAX ended 3.3% lower.
The Bank of England (BoE) delivered its ninth straight rate rise and the eighth of 2022. The European Central Bank (ECB) also raised rates by half a percentage point, its fourth successive hike.
The MSCI All-World index also slumped, down 2.5%, a second straight day of declines.
Bond yields
On Thursday, US Treasury yields fell on the back of weak economic data and despite spiking bond yields in Europe.
- The yield on 10-year Treasury notes was down 4.9 basis points at 3.454%.
- The 30-year was down 3.4 basis points at 3.505%.
Oil prices fall
Crude oil gave back some of the previous session's 2.5% rally that was driven by forecasts of a rebound in energy demand next year on the back of China reopening after COVID lockdowns. China's economy, however, lost more steam in November as factory output slowed and retail sales fell again, hobbled by surging COVID-19 infections.
- WTI crude fell 1.37% to US$76.22 per barrel.
- Brent crude was at US$81.39, down 1.58% on the day.
Gold prices fall
Gold prices retreated as the dollar strengthened, with spot gold down 1.7% at US$1,776.61 an ounce.
