ASX 200 set for mixed open amid declining oil and iron ore prices

June 04, 2024 08:54 AM AEST | By Investing

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ASX 200 set for mixed open amid declining oil and iron ore prices

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Investing.com - The Australian Stock Exchange (ASX) is projected to open in a tight range on Tuesday, following a mixed performance on Wall Street, disappointing ISM manufacturing data, and a decrease in iron ore and oil prices.

ASX 200 Futures remained flat around 9 am AEDT, indicating a potentially weak opening. The dip in iron ore prices by 4.2% to $US110.65 per tonne in Singapore, coupled with a lack of increased demand despite property support measures in China, is expected to further dampen market sentiment.

On Wall Street, the S&P 500 index saw a minor increase of 0.1%, the Dow Jones Industrial Average dipped by 0.3%, and the NASDAQ Composite rose by 0.6%.

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The yield on the US 10-year note dropped by 11 basis points to 4.39%, reaching its lowest in two weeks. This decrease comes in the wake of data indicating that US manufacturing activity has slowed for the second consecutive month in May, with new goods orders experiencing their most significant drop in nearly two years. These developments have led to speculation that the Federal Reserve may implement rate cuts this year.

Gold saw a 1% increase to $US2350.17 an ounce, while European natural gas prices rose over 8% to reach a yearly high due to a supply outage in Norway.

NVIDIA Corporation (NASDAQ:NVDA), a leading player in the US equity market, experienced a further 4.9% increase.

In Australia, the focus will shift to the Q1 2024 balance of payments and business indicators set to be released at 11.30 am AEDT. Some of this data will be included in the gross domestic product report due on Wednesday.

In corporate news, Newmont Corporation (ASX:NEM) is set to trade ex-dividend, while Life360 Inc (ASX:360), the maker of a popular family-tracking app, has announced a US initial public offering to fund its operations.

This article first appeared in Investing.com

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