Australian shares are set to open little changed as Wall Street turned mixed before a big week for earnings.
US stocks edged higher in choppy trading, as investors assessed the outlook for monetary policy ahead of key inflation data later this week. Treasury yields pulled back from session highs.P 500 posted modest gains, with advances in energy and semiconductor shares helping offset losses in big tech names. The Nasdaq 100 traded off session lows. Boeing Co. and Chevron Corp. led the Dow Jones Industrial Average back toward the day’s highs. Peloton Interactive Inc.
Oil major Shell gained 1.2 per cent after multiple brokerages raised price targets, BP rose 0.7 per cent recording its highest closing levels since March 2020. “Today’s bounce is mostly due to the excessive selling before the holiday, but so far it appears like it lacks staying power,” said Wang Mingxuan, a fund manager at Quant Technology Investment Co. “The market is still taking a wait and see approach and funds are yet to turn proactive.”
The chief investment officer of Schroders says there’s now so much money chasing a limited universe of climate assets that clients need to be aware of the potential pricing risks they face.
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