dow jones choppy wall st trade set to push asx lower

Written by The ReReport

A CHOPPY overnight session on Wall Street looks set to nudge Australian shares lower at the open, with the major US indexes fluctuating amid the increasing likelihood of further rate hikes.The SPI200 futures contract was down 25 points, or 0.42 per cent, to 5,902.0 at 0800 AEDT on Thursday, pointing to a dip at the open for the ASX, which closed more than one per cent higher for the first time in four months on Wednesday, buoyed by banking stocks.But the Australian dollar again met resistance around the 71.50 US cents mark on Wednesday, and by Thursday morning had dropped to 71.09 US cents, down from 71.35 US cents at Wednesday’s close.In overnight trade, Wall Street’s three major indexes edged slightly lower, with the S&P 500 zigzagging between positive and negative territory after the Fed’s minutes showed broad agreement on the need to raise borrowing costs further despite sharp criticism from US President Donald Trump over interest rate hikes.The Dow Jones Industrial Average fell 91.74 points, or 0.36 per cent, to 25,706.68, the S&P 500 lost 0.71 points, or 0.03 per cent, to 2,809.21 and the Nasdaq Composite dropped 2.7867 points, or 0.04 per cent, to 7,642.70. Copper and iron ore prices have jumped but the oil price has dipped, after US crude stockpiles rose 6.5 million barrels, almost triple what analysts had forecast, while exports dropped.The gold price is also down on a stronger US dollar.In Thursday’s finance news, Woodside Petroleum is expected to release its third quarter production report, while Treasury Wines Estate will hold its annual general meeting in Melbourne.The Australian Bureau of Statistics will detail labour force data for September.Originally published as Choppy Wall St to push ASX down

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