Australian shares are set to open lower after June data showed President Donald Trump’s tariffs are leading to higher consumer prices, bolstering the case for the Federal Reserve to hold rates steady for longer.
Traders further pared their bets on a potential quarter-point rate cut in September, lowering the probability to 54.4 per cent from 58.9 per cent a day ago and 60.8 per cent a week ago.
The yield on the 30-year US government bond rose about 4b basis points to 5.02 per cent.
Shares in Nvidia rose 4 per cent, pacing the Nasdaq Composite to a record high during the session. The Trump administration granted the company the right to sell advanced computer chips used to develop artificial intelligence to Chinese customers.
The S&P 500 earlier briefly topped 6300 points, though it ended the day lower as selling accelerated into the close. Nine of its 11 industry sectors were lower, with only information tech being higher.
Source: https://www.afr.com/markets/equity-markets/asx-to-fall-nvidia-lifts-nasdaq-20250716-p5mf8b