US Equity Markets Poised for Second Consecutive Week of Gains

The US equity markets are poised for their second consecutive week of gains after Federal Reserve Governor Christopher Waller expressed dovish views, softening rate hike concerns.

This led to a decrease in the probability of a September Fed rate hike from 68% to around 50%, according to market expectations.

Closer to home, the ASX 200 is trading 70 points lower on the week and is set to lock in its third week of losses in four, following resilient Q2 GDP data with an annual growth rate of 2.1%.

The RBA's decision to increase interest rates has pushed up the probability of a fourth rate hike this year, combined with falling housing prices and profit-taking in big mining stocks.