ASX 200 likely to rise; Wall Street rallies

November 07, 2022 10:15 PM CET | By Ashish
 ASX 200 likely to rise; Wall Street rallies
Image source: ©Shimanovichs | Megapixl.com

Highlights

  • Australian shares are expected to rise at the open.

  • The latest SPI futures indicate that the ASX 200 would open the day 29 points or 0.4% higher.

  • On Monday, the benchmark index surged 0.6% to 6,933.7 points.

Australian shares are expected to rise at the open on Tuesday after Wall Street rallied broadly in the overnight trade, on a rising risk-on sentiment triggered by hopes that the US Federal Reserve could pull brakes on its rate-hike policy.

The latest SPI futures indicate that the ASX 200  would open the day 29 points or 0.4% higher. On Monday, the benchmark index surged 0.6% to 6,933.7 points.

On Wall Street, the Dow Jones rose 1.31%, the S&P 500 gained 0.96%, and the NASDAQ ended 0.85% higher.

In Europe, the Stoxx 50 rose 0.6%, the FTSE fell 0.5%, the CAC was flat, and the DAX ended 0.6% higher.

MSCI's all-country world index gained 1.12%, and the broad pan-European STOXX 600 index closed up 0.33%.

Bond yields

US Treasury yields surged in choppy trading on Monday after a highly volatile week, as bond investors turned their focus to the all-important inflation data and the US mid-term elections.

  • The yield on two-year notes rose 7.4 basis points at 4.726%.
  • The 10-year yield was up 5.6 basis points to 4.214%.

Oil prices fall

Oil prices fell on concerns over weak Chinese demand.

  • US crude fell 82 cents to settle at US$91.79 a barrel.
  • Brent crude fell 65 cents to US$97.92 a barrel.

Gold prices rise

Gold prices steadied near a three-week peak hit on Friday, buoyed by a weaker dollar as investors awaited the CPI report that could influence the Fed's interest rate policy.

  • US gold futures settled up 0.2% to US$1,680.50 an ounce.

Meanwhile, iron ore futures in Singapore retreated on Monday after a four-session rally, while the steelmaking ingredient's contracts on the Dalian Commodity Exchange stretched gains, even as China adhered to a strict COVID-containment approach.

Benchmark December iron ore on the Singapore Exchange was down 0.6% at US$85.40 a tonne, as of 0703 GMT, after a weekly rise of more than 8%. But the Dalian exchange's most-traded January iron ore ended 2.1% higher at 661.50 yuan (US$91.51) a tonne.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Limited, Company No. 12643132 (Kalkine Media, we or us) and is available for personal and non-commercial use only. Kalkine Media is an appointed representative of Kalkine Limited, who is authorized and regulated by the FCA (FRN: 579414). The non-personalised advice given by Kalkine Media through its Content does not in any way endorse or recommend individuals, investment products or services suitable for your personal financial situation. You should discuss your portfolios and the risk tolerance level appropriate for your personal financial situation, with a qualified financial planner and/or adviser. No liability is accepted by Kalkine Media or Kalkine Limited and/or any of its employees/officers, for any investment loss, or any other loss or detriment experienced by you for any investment decision, whether consequent to, or in any way related to this Content, the provision of which is a regulated activity. Kalkine Media does not intend to exclude any liability which is not permitted to be excluded under applicable law or regulation. Some of the Content on this website may be sponsored/non-sponsored, as applicable. However, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music/video that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music or video used in the Content unless stated otherwise. The images/music/video that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Sponsored Articles