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