ASX Market Open: Local Bourse Set to Surge Following Positive US PPI Data | August 14, 2024

2 min read | August 13, 2024 04:57 PM PDT | By Team Kalkine Media

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ASX Market Open: Local Bourse Set to Surge Following Positive US PPI Data | August 14, 2024 — Image source: shutterstock

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Highlights:

ASX 200 Futures Signal a 0.8% Rise: The local market is expected to open higher, following a rally on Wall Street driven by lower-than-expected US producer inflation data.

Aussie Dollar at 66 US Cents: The Australian dollar is currently trading at 66 US cents, reflecting steady forex market conditions.

Commodity Prices in Focus: Brent crude is at $81 per barrel, gold is at $2,465 per ounce, and iron ore is trading at $98 per tonne in Singapore—all in US dollars.

The Australian stock market is expected to open strongly today, buoyed by favorable US Producer Price Index (PPI) data that has sparked optimism among investors. The softer-than-expected PPI figures from the US have eased concerns over inflation, reinforcing expectations for potential rate cuts by the Federal Reserve, which in turn is likely to support the ASX's upward momentum at the opening bell.

The ASX 200 futures market indicates that the local bourse is set to climb by 0.8% on Wednesday, driven by positive sentiment from Wall Street. US markets rallied overnight as producer inflation data came in lower than anticipated. Although this data series isn’t a direct predictor of CPI inflation—set to be released tonight—it does influence the PCE inflation measure, which is closely watched by the Federal Reserve.

The recent concerns over a potential recession seem to have faded quickly in light of the latest data.

In the forex market, the Australian dollar is currently trading at 66 US cents.

Turning to commodities, Brent crude is priced at $81 per barrel, gold is trading at $2,465 per ounce, iron ore is valued at $98 per tonne in Singapore, and US natural gas futures are at $2.16 per gigajoule—all quoted in US dollars.

That's your Market Open update. I'm Jonathon Davidson, and we'll be back later in the trading day with more updates.

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