Wall Street struggled to gain traction as traders gearing up for key economic data and awaited Facebook parent Meta’s result,which sent the stock tanking in after-hours trading.
The Australian sharemarket forfeited all of its gains on Wednesday as the latest inflation figures dampened expectations of interest rate cuts.
The former US president’s sizable stake in his social media company is set to jump even more as he’s rewarded with additional shares in its parent company. But he can’t sell any of them for months.
The Australian sharemarket extended its gains on Tuesday after US stocks rebounded from last week’s sell-off,as worries over a wider Middle East conflict eased.
Mining heavyweights BHP and Rio Tinto boosted the Australian sharemarket,which also benefited from the latest unemployment figures showing a slowdown in the labour market.
The Australian sharemarket was a sea of red on Tuesday,weighed down by a “perfect storm” of factors.
The Australian sharemarket dropped on Monday following rising tensions in the Middle East and a mixed start to the US profit reporting season which dragged down Wall Street over the weekend.
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Rate-sensitive sectors including consumer stocks dragged the local sharemarket lower,despite a US equities rebound overnight following its steep sell-off.
Interest-rate sensitive sectors drag the local bourse lower after US stocks slump following a report revealing larger-than-expected US inflation.
The Australian sharemarket stepped up on Wednesday,despite US stock indices slipping ahead of some potentially market-moving reports later in the week.