Australian shares are poised to jump 1 per cent, amid optimism the US Federal Reserve may slow the pace of rate rises after data showed softer-than-expected wage growth.
P/ASX 200 Index is poised to jump 1 per cent, extending Friday’s gain of 0.7 per cent after a US jobs report showed a moderation in wage growth in December, easing concerns about the Federal Reserve’s interest rate path as it aims to bring down inflation without sparking mass layoffs.but average hourly earnings grew by a smaller-than-expected 0.3 per cent, the tiniest increase since August 2021, data from the US Labor Department showed.
The data also showed household employment rebounded by a massive 717,000 jobs last month, suggesting the labour market remains tight. The news sentP 500 jumping 2.3 per cent, the Dow Jones Industrial Average leaping 2.1 per cent and the Nasdaq Composite rising 2.6 per cent. Meanwhile, some of the biggest US banks, including JPMorgan and Bank of America, will kick off the fourth-quarter earnings season on Friday and may give clues on whether earnings estimates for the calendar year were cut enough.
“The Fed remains committed to bringing inflation down despite easing the pace of rate hikes in December,” said Tom Kenny, a senior economist at ANZ. “[Fed chairman Jerome] Powell said he is now focused on finding the restrictive terminal rate needed to get inflation back to 2 per cent. The pace of rate hikes is no longer relevant.”
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