Binance details $5.1b in net outflows after theft
Westpac reports $6.8b of full-year profit
Big oil grapples with how to spend its windfall
Westpac, NAB, Macquarie to report this week
ASX on hold ahead of RBA’s fifth rate rise to crush inflation
The Australian sharemarket is set for a cautious start on Monday as investors brace for a fifth interest rate rise on Melbourne Cup day, amid fears the central bank will do whatever is necessary to beat stubborn inflation.
Futures indicate the S & P/ASX 200 Index will open 4 points lower after on Friday posting its biggest weekly gain since August. The sharemarket is up more than 2 per cent this year but lags far behind Wall Street, where the artificial intelligence boom has powered big gains despite a recent pullback.
All three US benchmarks fell on Friday over fears that hefty cash-burning AI investments may not deliver sufficient returns, sending investors to the safety of bonds.
The Dow Jones Industrial Average lost 1.1 per cent to 51,770.31, the S & P 500 shed 1.8 per cent to 7580.07, and the Nasdaq Composite dropped 2.9 per cent to 25,437.00.
