ASX Preview: Australian Shares Set to Open Lower in Wake of Subdued Wall Street Session

MT Newswires Live
01/09

Australian shares are likely to open lower Thursday following a subdued session on Wall Street overnight.

Investors will keep an eye on retail sales for November 2024 scheduled for release at 11:30 am Sydney time. The consensus estimate is for a monthly increase of 1%, according to Trading Economics, versus October's 0.6% growth.

The international trade in goods data for November will be released at the same time.

Overnight, the Nasdaq Composite and the S&P 500 barely made a dent, while the Dow Jones Industrial Average eked out a 0.3% increase.

In corporate news, Fortescue (ASX:FMG) signed a memorandum of understanding with China Baowu Steel Group's subsidiary to push for the decarbonization of the steel industry via a green iron metal project, the company said Wednesday on its LinkedIn account.

Rio Tinto's (ASX:RIO) planned acquisition of Arcadium Lithium (ASX:LTM) cleared another hurdle with the receipt of the Committee on Foreign Investment in the United States' clearance, according to a Wednesday statement from Arcadium Lithium.

Australia's benchmark index rose 0.8%, or 64 points, Wednesday to close at 8,349.10.

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