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With the soft-landing narrative for the world's biggest economy gaining traction, the majority of 331 respondents expect losses for S&P 500 Index to be contained to less than 10% should yields on the 10-year Treasury resume their climb and hit 4.5%. That would allow the US equities benchmark to hold on to some of its 18% year-to-date gains.
Australian shares are set to open lower after mixed US session. Alan Joyce to depart Qantas tomorrow. Follow updates here.
(Bloomberg) -- China’s lapse into deflation is fueling jitters across financial markets but money managers say it isn’t necessarily a bad thing.Most Read from BloombergRussia Calls Emergency Key Rate Meeting as Ruble PlungesHollywood Studios Offer Writers a New Deal With Push From Netflix, Iger to End StrikeRussia’s Emergency Rate Hike Fails to Lift Ruble After CrashS&P 500 Drops Below Key Level in Late-Day Slide: Markets WrapTrump Indictment Lays Out Sweeping Georgia Election PlotFalling prices
The prospect of slower global price pressures may be one of the few upsides of Chinas descent into deflation as the economy struggles to regain its footing after a post-Covid bounce faded. Inflation is likely to remain muted as a property slump and troubles in the shadow banking industry curb spending and investments by both consumers and companies.
Citigroup analysts calculate that the tax is equivalent to about 19pc of banks’ net income in 2023 and approximately 3pc of their 2023 tangible book value.