Morning Report 08 Aug 24: US stocks close lower as markets comeback attempt fizzles out

Wall Street ended lower overnight as recent volatility continues to subside. The US Federal Reserve is unlikely to make an emergency rate cut, while US bond yields rose after a weak 10-year auction and heavy corporate supply. The Japanese yen slumped after the Bank of Japan talked down rate hikes. Disney shares also dropped as demand for theme parks weakened. The ASX is expected to slip, dragged down by industrial metal prices, and the Aussie dollar eased on weak Chinese economic data. The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.See omnystudio.com/listener for privacy information.