ASX rises, Wall Street snaps three-day losing streak

Australian stocks are set to rise after US markets recovered from a three-day losing streak, triggered by signs of an economic slowdown in China, Europe’s energy crisis and concerns that the US Federal Reserve .can continue to aggressively raise interest rates.

ASX futures were up 0.4 percent at 6,933 points as of 8:25 a.m. AEST.

In corporate news, Qantas has roughly halved its full-year statutory loss to $860 million.

This was fueled by airline revenue rising 54 percent from 2021, when state and international border closures most severely impacted air travel.

But the company’s preferred measure, its underlying pretax loss, rose slightly to $1.86 billion.

Whitehaven Coal said it made a record full-year profit as a global energy squeeze following Russia’s invasion of Ukraine sent coal prices soaring.

The coal miner reported a profit of $1.95 billion for the year ended June 30. It was a big improvement from the $543.9 million loss the year before.

The Australian dollar was stable at 69.1 cents on the dollar.

On Wall Street, the S&P 500 rose 0.3% to close the session at 4,141 points, the Nasdaq gained 0.4% to 12,432, while the Dow Jones Industrial Average rose 0.2% to 32,969.

In Europe, the pan-regional STOXX 600 index closed 0.2% higher.

Spot gold rose 0.2 percent to $1,750.89 an ounce.

Market ‘waiting for its time’

Global markets have rallied sharply from their June lows on bets that US inflation has peaked, and the Federal Reserve may raise interest rates at a slower pace.

Some analysts argue that the stock market rally has been too exuberant.

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