Australian shares are set to open flat after the latest data spotlighting the health of the US economy pointed to ongoing weakness and demand constraints to come.
ASX futures were pointing down just 1 point, or 0.01 per cent. Even still, a 1 point decline would put the S&P/ASX 200 Index just 15 points off a record closing high.
US stocks reversed earlier gains after a contraction in the US’ non-manufacturing businesses, and a deceleration in hiring across the private sector, drove bond yields lower. The benchmark 10-year Treasury yield slid as traders doubled down on bets the Federal Reserve will cut interest rates at least twice this year to avert a recession.
Source: https://www.afr.com/markets/equity-markets/asx-to-rise-s-and-p-500-edges-higher-despite-data-20250605-p5m526