ASX 200 to fall at open; ResMed, IAG’s results ahead

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Highlights

  • The Australian shares are expected to open lower at the open.

  • The benchmark ASX 200 index is likely to open 19 points or 0.3% lower on Friday.

  • The Dow Jones surged 0.1%, the S&P 500 dipped 0.1%, and the NASDAQ fell 0.6%.

The Australian shares are expected to open lower at the open on last day of the week following mixed closing on Wall Street. However, robust iron ore and oil prices would boost local mining and energy shares.

The benchmark ASX 200 index is likely to open 19 points or 0.3% lower on Friday morning, as per the latest ASX Futures. On Thursday, the benchmark index ended 1.1% higher at 7,071 points.

Meanwhile, ResMed Inc (ASX:RMD) and Insurance Australia Group Ltd (ASX:IAG) are among the ASX-listed firms which are scheduled to announce their earnings on Friday.

Global markets

In the US, the major stock indices fell, dragged down by tech shares. The Dow Jones surged 0.1%, the S&P 500 dipped 0.1%, and the NASDAQ fell 0.6%. On Thursday, the US producer prices (PPI) unexpectedly declined for the month of July amid a dip in the cost of energy products.

In Europe, the Stoxx 50 rose 0.2%, the FTSE fell 0.6%, the CAC surged 0.3%, and the DAX ended 0.1% lower.

Treasury yields

The S&P 500 and NASDAQ closed in the red while Treasury yields gained amid signs of softening US inflation.

US Treasury yields rose on Thursday. Benchmark 10-year notes’ yields rose 2.89 on Thursday. Similarly, the 30-year bond yield surged 3.17%.

The US dollar index dropped 0.114%, while the euro rose 0.24% to US$1.0322.

Oil prices rise

Oil prices rose on Thursday after the International Energy Agency (IEA) hiked its oil demand growth forecast for the year 2022.

  • WTI crude finished up 2.6% at US$94.34 per barrel.

Gold price dips

Gold prices fell on Thursday after traders sold gold amid likelihood of further interest rate hikes by the US Federal Reserve despite signs that inflation was peaking.

  • Spot gold fell 0.3% to US$1,787.61 an ounce.

 

Meanwhile, the most-traded iron ore, for delivery in January next year, on China's Dalian Commodity Exchange closed 2.3% higher at 741 yuan (US$109.98) a tonne.


 


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