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ASX futures turn negative on belated Wall St retreat

Thursday, March 5th, 2020

ASX futures turn negative on belated Wall St retreat

Australian stocks are poised to start straight down as Wall Street’s rally was cut quick by commentary from Federal Reserve president Jerome Powell.

ASX futures had been down 10 points or 0.1per cent to 6954 at about 8.30am AEDT. The currency that is local 0.2percent reduced.

Fed policymakers earlier instantly opted to help keep the main bank’s key rate range unchanged, as you expected. It made a few technical modifications to other prices. The policymaker statement that is latest had small initial effect on markets.

“the 2 small wording modifications recognising the cooling in household investing and below-target inflation go the financial characterisation extremely somewhat within the dovish way, but don’t tip the scales in a significant method, ” TD Securities senior economist James Marple.

“the choice to expand term and repos that are overnight whilst not a shock, will likewise be greeted absolutely by monetary areas. “

But, areas begun to move as Powell’s news meeting remarks were parsed.

The insurance policy conference “was supposed to be a non-event”, NAB’s Tapas Strickland said. ” when you look at the end it wasn’t. “

Mr Strickland stated Mr Powell “turned the songs up in the press meeting with dovish terms on inflation, saying the ‘Fed is certainly not pleased with inflation operating below 2% and it’s also perhaps perhaps not really a ceiling’.

“Markets interpreted that once the Fed envisaging cutting prices in the long term from the inflation outlook alone rather than the flat to higher rates outlook suggested at the December FOMC conference. (more…)