Wall Street dips as consumer sentiment slumps, ASX set to slide further
Wilting consumer confidence has halted Wall Street's recent rally, and Australia's ASX is priced to open lower again today. Weak consumer data has heightened concerns over the US spending outlook, a mood that has spilled over into global markets.
Wall Street's rally in recent weeks has been halted by weakening consumer confidence data. Investors pulled back on risk appetite amid concerns over the spending outlook for US households.
Australia's ASX is bracing to open lower again today as a result, reflecting how the downbeat mood on Wall Street has spread to Asia-Pacific markets. Analysts note that consumer spending makes up a large share of the US economy, so any decline in confidence readings tends to be priced in quickly.
Market participants expect additional economic data in the coming days to clarify whether the current selling pressure is temporary or the start of a more lasting trend.
Read next
'A new Plaza Accord?' Japan's battle against yen weakness enters new phase
Persistent yen weakness has revived discussion among Japanese officials and market participants about the possibility of coordinated currency intervention reminiscent of the historic 1985 Plaza Accord. Investors are closely watching the next moves from the Bank of Japan and the Ministry of Finance on the currency market.
Argentina inflation rises to 2.1% in July, ending three-month slowdown
Iran moves to join BRICS bank as war with US drags on
Milei faces classic Argentine dilemma: revive the economy or keep the dollar stable
