ASX to rise; bitcoin leads crypto tumble
Australian shares are poised to rise but Wall Street fell as traders took a risk-off stance to the start of December.
Bitcoin slid more than 7 per cent to below $US85,000. That’s a decline of 33 per cent in just eight weeks. Stocks across the crypto industry tumbled. Oil rose as much as 2.4 per cent.
Treasuries fell amid high expectations that the US Federal Reserve will cut interest rates again next week — over the objection of several policy makers who are concerned that inflation could become entrenched above the central bank’s 2% target.
Traders are pricing in an 87.6% chance for a 0.25 percentage point cut in December, roughly doubling the odds from late last month, according to CME Group’s FedWatch Tool.
“There is little…
