Australian Shares Set to Dip After Record High as Market Awaits Fed Decision

1 min read | September 18, 2024 10:45 AM AEST | By Team Kalkine Media

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Australian Shares Set to Dip After Record High as Market Awaits Fed Decision — Image source: Pixabay

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Australian shares are poised to open slightly lower on Wednesday, following a record-breaking session the previous day. Investors are showing caution as they await the Federal Reserve's upcoming decision on interest rates, which could have a significant impact on global markets.

ASX 200 Retreats After Record High

Futures for the local share price index (YAPcm1) dropped by 0.5%, representing a 29.9-point discount to the underlying S&P/ASX 200 index, which closed at 8140.9 points on Tuesday. During the session, the ASX 200 touched a record high of 8150.5 points before paring gains and ending the day up 0.2%.

Despite the record-setting momentum, market sentiment is expected to cool slightly as traders anticipate the Federal Reserve's rate cut decision. The potential changes in U.S. monetary policy have created uncertainty, prompting a cautious approach in the market.

New Zealand Shares Also Decline

Across the Tasman Sea, New Zealand's S&P/NZX 50 index was down by 0.4% in early trading, settling at 12,618.25 points. This mirrors the cautious sentiment in Australia as both markets react to global economic factors and await the Federal Reserve's policy update.

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