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ASX poised for lower opening, Wall Street rallies amid soft landing hopes

Published 16/11/2023, 09:18 am
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Investing.com - Despite Wall Street's extended gains and growing confidence in the Federal Reserve's ability to orchestrate a soft landing, Australian shares are expected to open lower.

ASX 200 Futures were down 17 points or 0.1% to, indicating a potential dip in the market. The Australian dollar showed a slight increase of 0.1% cents as of 9.20 am AEDT.

Overnight, investors scrutinized a slew of U.S. economic data. October retail sales growth slowed down, but previous months were revised upwards, indicating some resilience as we approach the holiday season. Producer prices surprisingly experienced their most significant decline since April 2020.

Retail giant Target Corporation (NYSE:TGT) saw its shares skyrocket by 17.6% following strong earnings results. However, market favorite NVIDIA Corporation (NASDAQ:NVDA) fell 1.2%, ending a 10-day winning streak. The company is scheduled to report its earnings on November 21.

Treasuries fell after a surge that put global bonds on the verge of erasing their 2023 losses. The yield on the 10-year Treasury rose to 4.54% from 4.45%. Europe’s STOXX 600 reached a more than one-month high.

All attention is now on the highly anticipated meeting between U.S. President Joe Biden and China's Xi Jinping this morning, marking their first encounter in over a year.

Investors are adopting a bullish stance as economic data suggest that inflationary pressures are easing and a tight labor market could boost consumer spending.

Today's agenda includes the release of MI consumer inflation expectations for November and the Labour force survey for October. Overseas data includes Japan's machinery orders for September, U.S. October import prices and industrial production. November Philly and Kansas City Fed indices and NAHB housing market index are also due to be released.

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