Australian shares are poised to edge higher. Shares were modestly lower in New York after data on the US services sector disappointed, and oil fell after a report that Russia is set to propose an air truce with Ukraine.
Corporate results expected on Wednesday include AMP, News Corp and REA Group.
The Institute for Supply Management’s index of services declined last month to 50.1, below all estimates in a Bloomberg survey of economists. The employment index contracted. The group’s measure of prices paid for materials and services climbed to the highest since October 2022.
“Spending on services has already slowed significantly from its solid pace last year, and the clear deterioration in the labour market and drag on real incomes from tariffs suggest a marked recovery is unlikely,” Pantheon Macroeconomics said. “Even so, we think stagnation in the coming months is far more likely than a collapse.”
Source: https://www.afr.com/markets/equity-markets/asx-set-to-rise-us-stocks-edge-broadly-lower-20250806-p5mkno