ASX to open down; Wall St falls amid trade uncertainty
Australian shares are poised to open down, mirroring US markets after some of the country's biggest retailers gave mixed profits forecasts in the wake of Donald Trump's trade uncertainty.
Target slumped 5.8% after the retailer reported weaker profit and revenue than analysts expected for the start of the year. The company said it felt some pain from boycotts by customers. It had scaled back many diversity, equity and inclusion initiatives early this year following criticism by the White House and conservative activists, which drew its own backlash.
Perhaps more worryingly for Wall Street, Target also cut its forecast for profit over the full year.
In the bond market, the yield on the 10-year Treasury rose to 4.54% from 4.48% and from just 4.01% early last month.
Market highlights
ASX futures are pointing down 68 points or -0.8 per cent to 8340
All US prices are as of 2.30pm New York time.
Today's agenda
Karoon Energy holds its AGM. New Zealand's Finance Minister Nicola Wills delivers the NZ budget. Reserve Bank of Australia deputy governor Andrew Hauser is set to make a speech.
Overseas data includes US unemployment claims and flash PMI.
Top stories
Qld asks Chalmers to rethink GST so it doesn't pay for Vic mistakes | State Treasurer David Janetzki says the boost to Victoria's share due to its COVID-19 failings was unfair.
Airwallex value grows to $9.6b after new funding round | The global payments group has raised $467 million from investors, who include all three of the country's major venture capital firms.
Superannuation tax hike on me is 'fair': industry super godfather | One of the founders of industry super, Garry Weaven, has backed the plan to impose extra tax on $3 million-plus super balances, even though he'll be affected.
'Tis the season for strategy days. But don't be fooled, they're not all created equally.
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