US Markets
US stocks tumbled on Friday amid fresh economic data that heightened fears of a slowing economy and stubborn inflation.
The Dow dropped 1.69% to 43,428.02, the S&P 500 fell 1.71% to 6,013.13, and the Nasdaq slid 2.2% to 19,524.01, marking its worst day this year.
Concerns grew after the University of Michigan’s consumer sentiment index fell nearly 10% to 64.7, with a five-year inflation outlook at 3.5% – the highest since 1995.
Weaker-than-expected existing home sales and a contracting U.S. services PMI further dented market confidence, while Walmart shares dropped 2.5% following a disappointing forecast.ASX Futures Point to Decline
Brent crude oil prices dropped by 2.7% amid concerns about the global supply outlook.
Australian markets
The Australian share market is expected to open lower, mirroring declines on Wall Street on Friday. The ASX futures indicate a potential fall of 0.8%.
Company News
Plumbing and bathroom supplier Reece has reported declines in both revenue and profit. The company attributes these results to challenging trading conditions, highlighting the impact of the economic slowdown on businesses.
Rio Tinto is reportedly considering issuing new shares to increase its liquidity.
Chorus, a New Zealand telecommunications company, has reported a half-year loss, citing slow economic growth in the country.
