Investing.com - Australian shares experienced a slight downturn at Thursday's open, reflecting minor losses on Wall Street as recent US data strengthens the Federal Reserve's inclination to delay rate cuts until further inflation information is available.
Investors are eagerly awaiting the release of US personal income, spending, and Core PCE inflation data for January, due at 12.30 am on Friday. Two influential Fed policymakers, Boston Fed president Susan Collins and New York Fed chief John Williams both emphasized the need for patience and caution in managing inflation, highlighting the importance of not easing policy too early or waiting too long.
Bitcoin experienced a significant surge, reaching as high as $US63,698 on bitstamp.net before reducing its gains and hovering around $US60,000. Cryptocurrency exchange, Coinbase Global Inc (NASDAQ:COIN), reported difficulties in meeting the growing demand.
The S&P 500 ended 0.17% lower at 5069.76. Despite this dip, the index is still predicted to rise over 6% at the start of 2024, with one final trading session left in February.
The U.S. gross domestic product (GDP) saw a slightly slower expansion at a 3.2% annualized rate in the fourth quarter, a minor decrease from the previous estimate of 3.3%. The Fed's preferred inflation measure, the personal consumption expenditures price index, rose at a 1.8% annual rate in the fourth quarter. Excluding food and energy, the gauge saw a 2.1% increase.
Among local earnings, Companies including Atlas Arteria (ASX:ALX), Cromwell Property Group (ASX:CMW), Karoon Energy (ASX:KAR), Pepper Money Ltd (ASX:PPM), Platinum Asset Management Ltd (ASX:PTM), Ramsay Health Care Ltd (ASX:RHC), Southern Cross Media Group Ltd (ASX:SXL), and Star Entertainment Group Ltd (ASX:SGR) are slated to report results on Thursday. Meanwhile, Beacon Lighting Group Ltd (ASX:BLX), Corporate Travel Managment Ltd (ASX:CTD), Medibank Private Ltd (ASX:MPL), Pro Medicus Ltd (ASX:PME), Suncorp Group Ltd (ASX:SUN), and Vulcan Steel Ltd (ASX:VSL) are due to trade ex-dividend.
Today's agenda includes local data on January retail sales and private sector credit, and fourth quarter private capex at 11.30 am. Overseas data includes NZ February ANZ business confidence, Japan January industrial production, China February manufacturing and services PMIs, and US January personal income, spending and PCE Core.