Join our daily newsletter At The Bell to receive exclusive market insights
The ASX looks set to open lower as the impact of the US losing its Fitch ratings triple-A credit rating continues to ripple.
After its long rally, the Dow Jones dipped nearly a per cent and the S&P 500 1.34 per cent.
The NASDAQ took a 2.1 per cent hit.
As we reported yesterday, Fitch downgraded the United States’ credit rating to AA+, pointing to fiscal decline, mild recession and rising government debt. It is the second major agency to cut the country’s rating since Standard & Poor’s did the same in 2011.
Manufacturer Advanced Micro Devices declined 7 per cent as investors expressed concerns that the company’s goals for expanding AI capabilities might be overly ambitious. While Tesla, Meta and Amazon all finished the day in the red.
Back home
The Australian Bureau of Statistics revealed that about a million people worked multiple jobs in March – that’s a number up 2.1 per cent to the highest in 28 years. ABS retail trade figures are due to follow today.
After tumbling below 66 cents yesterday, the Aussie dollar is buying 65.3 US cents and 60 Euro cents.
Iron ore has fallen back another 2.2 per cent to $US103.75 a tonne, Gold is also down 0.5 per cent to US$1,933, crude oil is down nearly two per cent to $US83.48 a barrel and natural gas also lost three per cent to $2.48.
