Australian shares are set to edge higher on Wednesday morning, after a mixed day on Wall Street on falling tech stocks and data.
Wall Street was mixed, with the only main index to finish higherASX SPI 200 futures was slightly up, at 7,126, by 6:35am AEST.The S&P 500 and the Nasdaq finished in the red on Tuesday as worries that aggressive moves to curb decades-high inflation might tip the US economy into recession dampened investors' appetite for risk.
"In the last two weeks, we’ve seen some degree of macroeconomic deterioration starting to be manifested in corporate earnings and economic releases." Global supply chain disruptions have been exacerbated by Russia's war with Ukraine and restrictive measures in China to control its latest COVID-19 outbreak, sending inflation to multi-decade highs.
"Tomorrow we look to the FOMC minutes for any signs that the approach to monetary policy may lean further hawkish or dovish than was laid out at the last meeting," US Bank Wealth Management's Northey said. Apparel retailer Abercrombie & Fitch Co tumbled after posting a surprise quarterly loss and cutting its annual sales and margins outlook.
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