Australian Share Market Opens Lower After US Inflation Data Exceeds Expectations
· Business · ABC News (AU), Economic Times
The Australian share market opened lower following sharp losses on Wall Street after the US Federal Reserve released September inflation data that exceeded expectations. The Nasdaq plunged more than 2 per cent in response to the stronger than anticipated inflation figures. In morning trading, the Australian dollar rose 0.04 per cent to trade at 69.71 US cents. On Wall Street, the S&P 500 fell 1.1 per cent, the Dow Jones Industrial Average dropped 0.1 per cent, and the Nasdaq lost 2.0 per cent. Meanwhile, European markets traded higher with the DAX up 0.2 per cent and the FTSE gaining 0.7 per cent, while spot gold dipped 0.1 per cent to $US4,101 per ounce.
Why it matters
Spillovers from higher than expected US inflation and Wall Street declines directly pressure Australian equities and currency valuations.
Read the original report — ABC News (AU)
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