ASX 200 likely to open marginally higher; Wall Street gains

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Highlights

  • The Australian share market is expected to open modestly higher on Thursday.

  • ASX futures were up 5 points or 0.07% to 7254 near 7.10 AM AEDT.

  • On Wednesday, the benchmark index ended 0.7% higher at 7,231.8 points.

The Australian share market is expected to open modestly higher on Thursday following positive closing on Wall Street. The global shares gained as the meeting minutes from the US Federal Reserve for its November policy indicated likely slower rate hikes going forward.

“A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate,” according to the released minutes.

ASX futures were up 5 points or 0.07% to 7254 near 7.10 AM AEDT. On Wednesday, the benchmark index ASX 200  ended 0.7% higher at 7,231.8 points.

On Wall Street, the Dow Jones is up 0.28%, the S&P 500 has risen 0.59%, and the NASDAQ has climbed 0.99%. Minutes from the US Federal Reserve boosted stocks.

In Europe, the Stoxx 50 rose 0.4%, the FTSE gained 0.2%, the CAC surged 0.3%, and the DAX ended 0.04% higher.

The MSCI All Country stock index rose 0.85%, while European shares surged 0.6%.

Bond yields

US Treasury yields traded lower after the Fed minutes.

  • Benchmark 10-year notes were down to 3.713%.
  • The yields on two-year notes fell to 4.4876%.

On the other hand, the US dollar fell across the board after the Fed minutes. The dollar index fell 0.924%, while the euro was up 0.9% to US$1.0395.

Oil prices fall

Oil prices fell more than 3%, continuing a streak of volatile trading, as the Group of Seven (G7) nations considered a price cap on Russian oil above the current market level and as gasoline inventories in the United States built by more than analysts' expected.

  • Brent futures for January delivery fell 3.63% to US$85.15 a barrel.
  • WTI crude fell 3.8%, to US$77.82 per barrel.

 

Gold prices rise

Gold prices climbed as the US dollar fell.

  • Spot gold gained 0.7% to US$1,751.84 an ounce.
  • US gold futures gained 0.29% to US$1,743.30 an ounce.


 


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