ASX set for gains despite mixed day on Wall Street; Apple event disappoints

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“The pullback we had is now behind us” probably, said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

“While the economy is slowing, the upcoming macro news should be friendly, which should indicate the Fed will have no change in terms of policy,” he said.

In its first policy meeting since Fed Chair Jerome Powell announced a more accommodative stance on inflation, the central bank could switch its Treasury purchases toward more long-dated debt to keep long-term yields low, some strategists said.

Data on Tuesday showed US factory output increased strongly in August. Separately, US import prices increased more than expected for the same month, supporting the view that inflation pressures were building up.

Earlier in the day data showed China’s industrial output accelerated the most in eight months in August.

Citigroup dropped 4.3 per cent following a report that federal regulators were preparing to reprimand the US lender for failing to improve its risk-management systems.

JPMorgan Chase & Co slipped 2.4 per cent as it lowered its full-year net interest income forecast.

Advancing issues outnumbered declining ones on the NYSE by a 1.92-to-1 ratio; on Nasdaq, a 1.72-to-1 ratio favoured advancers.

The S&P 500 posted 21 new 52-week highs and no new lows; the Nasdaq Composite recorded 63 new highs and 15 new lows.

A Global Asset Management Seoul Korea Magazine

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