​EBC Markets Briefing | Aussie drops amid thin trading; Salesforce shares slid

Currency markets showed signs of fatigue early in Asian trade on Wednesday, with the Australian dollar on the back foot. Australian consumer prices were flat in February, while core reading fell short of expectations.

Employment rose by more than ‌expected in February, though the jobless rate ticked up to a 3-month high as more people joined the labour force, complicating the policy path ahead.

Russia has shelved plans to cut its oil-price threshold for topping up a reserves fund, Deputy Finance Minister Vladimir Kolychev said, ‌suggesting recent price rises are boosting the fund without the need to act.

Goldman forecasts the Indian economy will grow by 5.9% in calendar year 2026 compared to its pre-Iran war forecast of 7%, based on forecast for Brent crude averaging $115 in April.

Foreign investors have sold a net $50.45 billion worth of Asian equities so far this month, on track for the largest monthly outflows since at least 2008 – a sign of waning confidence in the region.

That is worrying as China, Japan, South Korea and India are the top destinations for Australian exports, though Australia and the EU have just agreed a sweeping free trade deal after eight years of negotiations.

The Australian dollar has largely consolidated so far this year, and the latest rally was capped by 50 SMA. The MACD suggested further declines towards the support around $0.6956.

Asset recap

As of market close on 24 March, among EBC major products, Phillips 66 shares led gain, driven by BofA's price target increase to $183 from $154 while maintaining Neutral rating.

Salesforce announced this week that it executed the first steps in its debt-fuelled $25 billion accelerated stock buyback plan. But software stocks faced sell-off again on AI disruption concerns.

Hong Kong stocks rebounded on Tuesday after Trump postponed a threat to strike Iran's power grid, offering a brief lift to risk appetite even as investors stayed wary following Tehran's denial that any talks had taken place.

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