ASX set to fall, Wall Street and European markets tumble on recession signals

Australian stocks are set to fall on growing fears that the central bank’s efforts to rein in consumer price inflation with anti-inflation interest rate hikes could weaken the global economy and lead to a recession. .

ASX futures slid 0.6% to 6,910 points, as of 8:25 a.m. AEST.

The Australian dollar remained stable at 68.8 US cents.

Wall Street and European markets plummeted overnight after Russian energy giant Gazprom announced it would cut off natural gas supplies to Europe for three days at the end of the month.

The S&P 500 fell 2.1%, to end the session at 4,138 points.

The Nasdaq fell 2.6% to 12,3812, while the Dow Jones index fell 1.9% to 33,064.

Spot gold fell 0.8% to US$1,734.32 an ounce.

Markets await Powell’s speech

A closely watched signal of recession — the inversion of the US Treasury yield curve — widened overnight.

Leave a Comment

Your email address will not be published.