futures just died in the proverbial, page-23

re: dow prediction up 120 Inflationary pressures persist. Fed unlikely to pause rate hikes just yet. Just wait till Aug 8 for the next Fed meeting.

US new housing starts indicate further weakening in the property market. This will be reflected in a drop in consumer confidence. This in turn will show in weaken consumer demand for goods. Weak demand for goods is not good for the world economy in general. This comes at a time when the Chinese government are deperate to rein in rampant growth in the economy. Unfortunately, Australia will get affected because it is heavily reliant on the commodities it sells to China. But the future weak US consumer demand and Chinese government's attempt to slow down its country will weigh heavily against Australia.