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Highlights
The Australian share market is poised for a muted open on Wednesday.
The latest SPI futures indicate that the ASX 200 would open 1 point lower.
On Wall Street, the Dow Jones fell 0.25%, the S&P 500 dipped 0.4%, and the NASDAQ ended 0.8% lower.
The Australian share market is poised for a muted open on Wednesday, tracking cues from a subdued night on Wall Street after Reserve Bank of Australia (RBA) raised its cash rate by 25 basis points to a nine-year peak of 2.85%. Additionally, rise in commodity prices is also expected to support mining and energy shares.
Meanwhile, investors are also closely tracking monetary policy statement scheduled to be released early Thursday AEDT from the US Federal Reserve.
The latest SPI futures indicate that the ASX 200 would open 1 point lower. On Tuesday, the benchmark index ended 1.65% higher at 6,976.9 points.
On Wall Street, the Dow Jones fell 0.24%, the S&P 500 dipped 0.41%, and the NASDAQ ended 0.89% lower. Data showed that US job openings unexpectedly rose in September and suggesting that demand for labour remains strong supported the view that the Fed will continue with its aggressive interest rate hikes.
In Europe, the Stoxx 50 rose 0.9%, the FTSE gained 1.3%, the CAC surged 1%, and the DAX ended 0.6% higher.
Bond yields
On Tuesday, Treasury yields fell as speculation mounted again the Federal Reserve might signal a slower pace of policy tightening this week.
- The yield on 10-year notes fell 5 bps to 4.027%.
- The two-year yield was unchanged at 4.501%.
Oil prices rise
On Tuesday, oil prices surged, recouping losses from the previous session, on optimism that China could reopen from strict COVID-19 curbs.
- WTI crude oil futures settled at US$88.37 per barrel, up US$1.84, or 2.13%.
- Brent crude futures settled at US$94.65, up US$1.84, or 1.98%.
Gold prices inch higher
Gold rose over 1% on Tuesday as the US dollar and bond yields slipped from session highs, with the focus turning to a key Federal Reserve announcement for cues on whether it would scale back or retain its aggressive stance on interest rates hikes.
- Spot gold rose 0.9% to US$1,647.24 per ounce by 3:14 PM ET (1914 GMT).
- Gold futures settled up 0.6%% at US$1,649.70.
