After a third straight decline on Wall Street, Australian shares are expected to dip.
The S&P fell 0.5 per cent after US Federal Reserve Chair Jerome Powell warned further rate hikes are likely. According to CME’s FedWatch tool, the odds of a rate rise occurring next month are nearly 75 per cent.
Big tech stocks weighed down the NASDAQ, sinking it by nearly one and a half per cent.
Tesla stocks skidded 5.46 per cent, and Nvidia was down 1.74 per cent. Delivery service FedEx also gave up 2.51 per cent after warning of fading global demand.
Back on Australian soil, research by property marketplace Domain suggests Australia’s housing market will recover from its 2022 downturn in the coming financial year.
The data suggests some capital cities will see house prices reach record highs in Sydney, Perth and Adelaide. Unit prices are also expected to climb in Brisbane, Adelaide and Hobart.
The Australian dollar edged up marginally. One Aussie dollar is buying 68 US cents and 53 British pence.
To commodities, and iron ore retreated following People’s Bank of China lending cuts.
Natural gas rose 3.81 per cent, while crude oil gained a 2.02 per cent uptick to US$72.62 per barrel.