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Highlights
The Australian share market is expected to fall on Thursday.
According to the latest SPI futures, the ASX 200 is likely to open 64 points or 0.9% lower.
On Wall Street, the Dow Jones fell 0.42%, the S&P 500 dipped 0.61% and the NASDAQ ended 0.76% lower.
The Australian share market is expected to fall on Thursday following a dismal overnight trade on Wall Street. The weakness in the global markets was on account of US Federal Reserve’s decision to raise interest rates by 0.5% overnight. Fed also revealed through its “dot-plot” that it expects the interest rates to peak at 5.1%.
Fed chairman Jerome Powell said, “We still have some ways to go. Restoring price stability will likely require maintaining a restrictive policy stance for some time.”
"The inflation data received so far in October and November show a welcome reduction...but it will take substantially more evidence to give confidence inflation is on a sustained downward path," Fed Chair also said.
According to the latest SPI futures, the ASX 200 is likely to open 64 points or 0.9% lower. On Wednesday, the benchmark index ended 0.7% higher at 7,251.3 points.
On Wall Street, the Dow Jones fell 0.42%, the S&P 500 dipped 0.61% and the NASDAQ ended 0.76% lower.
In Europe, the Stoxx 50 fell 0.3%, the FTSE dipped 0.1%, the CAC dropped 0.2%, and the DAX ended 0.3% lower.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan rose nearly 1%, with easing Chinese COVID-19 curbs boosting sentiment.
Bond yields
US Treasury yields were little changed to slightly lower in choppy trading after the Fed news. The yield on benchmark 10-year US Treasuries rose 2 basis points to 3.481% after tumbling 11 basis points on Tuesday.
Oil prices rise
Oil settled up more than US$2 a barrel after OPEC and the International Energy Agency (IEA) forecast a rebound in demand over the course of next year.
- WTI crude settled up US$1.94 at US$77.28 per barrel.
- Brent crude finished US$2.02 higher at US$82.70 per barrel.
Gold prices fall
Expectations for a less aggressive monetary policy by the Fed also helped gold prices hold above the US$1,800 per ounce pivot.
- Spot gold dropped 0.2% to US$1,807.65 an ounce.
