‘Volatile’ market day
AUSTRALIAN stocks are set for a volatile start to the week following US and European falls over concerns about the Turkish currency.
AMP Capital’s chief economist Shane Oliver said yesterday that local stocks are in for a “fairly volatile day” today.
“We’ll probably have a bit of a gain at the start, maybe 10 points, but I think those worries about Turkey and flow-on to other emerging markets will probably linger,’’ he said.
The Turkish Iira hit an alltime low on Friday following an ongoing diplomatic standoff with the US over the detention of American pastor Andrew Brunson on terror-related charges. Amid the stoush, US President Donald Trump has doubled tariffs on Turkish steel and aluminium imports.
Locally, the National Australia Bank’s business survey tomorrow is expected to reveal confidence remaining fairly solid, Dr Oliver said.
A gain of around 10,000 jobs and unemployment rate remaining at 5.4 per cent was expected from Thursday’s employment figures.