ASX 200 to open lower on mixed US closing; Megaport, NAB in focus

Image Source: © Outline205 | Megapixl.com

Highlights

  • The Australian shares are expected to fall at the open on Tuesday.

  • According to the latest SPI futures, the ASX 200 would open 13 points or 0.2% lower.

  • The Dow Jones rose 0.089%, but the S&P 500 and NASDAQ both dropped 0.1%.

The Australian shares are expected to fall at the open on Tuesday, tracking weak cues from Wall Street. However, strong commodity prices are likely to boost domestic mining and energy shares.

According to the latest SPI futures, the ASX 200  would open 13 points or 0.2% lower. On Monday, the benchmark index closed 5 points higher at 7,020.6 points.

On earnings front, ASX-listed firms including Charter Hall Long WALE, Computershare, Coronado Mining, Megaport, National Australia Bank, News Corp and REA Group are set to release their financial results today.

Global stocks

The US stocks dipped as investors weighed mixed messages on inflation and how aggressively the Federal Reserve would fight it. The Dow Jones rose 0.089%, but the S&P 500 and NASDAQ both dropped 0.1%.

In Europe, the Stoxx 50 rose 0.9%, the FTSE gained 0.6%, the CAC surged 0.8%, and the DAX ended 0.8% higher.

Bond yields

  • Benchmark 10-year US note yields fell to 2.751% on Monday.
  • Two-year yields were at 3.211%.

On the other hand, the US dollar dropped nearly 0.2% to 106.4. The euro fell marginally to US$1.019.

Oil prices rebound

On Monday, oil prices rebounded some on Monday following upbeat economic data from China and the US which triggered hopes for demand growth despite concerns over looming recession.

  • Brent crude futures finished 1.8% higher at US$96.65 a barrel.
  • WTI crude was at US$90.76 a barrel, up 1.97%.

Gold prices rise

Gold prices rose on softening on bond yields and US dollar.

  • Spot gold rose 0.8% to US$1,788 per ounce.
  • US gold futures were 0.76% higher at US$1,786.

 

Iron ore's most-traded January 2023 contract on China's Dalian Commodity Exchange finished 4.3% higher at 737.50 yuan (US$109.06) a tonne.

Meanwhile cryptocurrencies gained on Monday. Bitcoin was last up 3.25% at US$23,942.


 


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