ASX 200 likely to gain despite weak start on Wall Street

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Highlights

  • The Australian share market is poised to open higher on Tuesday.

  • According to the latest SPI futures, the ASX 200 would open 9 points or 0.1% higher.

  • On Wall Street, the Dow Jones fell 1.45%, the S&P 500 dipped 1.54%, and the NASDAQ ended 1.58% lower.

The Australian share market is poised to open higher on Tuesday despite weak start on Wall Street. The global markets have been spooked by COVID protests in China.

According to the latest SPI futures, the ASX 200  would open 9 points or 0.1% higher. On Monday, the benchmark index ASX 200 ended 0.4% lower at 7,229.1 points.

On the other hand, Lynas Rare Earths Ltd and Ramsay Health Care Limited are a few ASX-listed firms which are scheduled to hold their annual general meetings (AGMs) today.

On Wall Street, the Dow Jones fell 1.45%, the S&P 500 dipped 1.54%, and the NASDAQ ended 1.58% lower.

In Europe, the Stoxx 50 fell 0.7%, the FTSE dropped 0.2%, the CAC dipped 0.7%, and the DAX ended 1.1% lower.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.5% having slumped 2.2% at the open, pulled lower by a selldown in Chinese markets.

Bond yields

Yields on benchmark 10-year Treasury notes reached 3.6314% on Monday from its US close of 3.702% on Friday. The two-year yield, which tracks traders' expectations of the US Federal Reserve fund rates, touched 4.4278% compared with a US close of 4.479%.

The dollar dropped 0.46% against the yen to 138.46 after initially trading higher earlier in the day. It remains well off this year's high of 151.94 on 21 October. The euro fell 0.4%, having gained 4.94% in a month, while the dollar index was up at 106.39.

Oil prices mixed

Oil prices remained mixed as they recovered from heavy intraday declines amid speculation OPEC could cut its output.

  • Oil remained deep in negative territory on Monday with WTI crude dipping 3% to US$73.99 a barrel.
  • Brent crude fell 2.86% to US$81.24 per barrel.

 

Gold prices fall

Gold prices fell on account of rising US dollar.

  • Gold traded slightly lower, with spot gold at US$1,749.54 per ounce.


 


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