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Highlights
The Australian share market is likely to extend its losses to Tuesday.
According to the latest SPI futures, the ASX 200 is expected to open 25 points or 0.35% lower.
On Wall Street, the Dow Jones rose 0.26%, the S&P 500 climbed 0.57%, and the NASDAQ rose 1.63%.
The Australian share market is likely to extend its losses to Tuesday despite Wall Street rebounding in the overnight trade. According to the latest SPI futures, the ASX 200 is expected to open 25 points or 0.35% lower. The benchmark index fell 1.2% to 7,347 points.
Santos, TPG Telecom, and Nickel Mines are scheduled to hold their annual general meetings (AGMs) today. Woolworths and SSR Mining are slated to release their earnings update.
Meanwhile, all eyes would be on the Reserve Bank of Australia (RBA) as it would be holding an important cash rate meeting this afternoon. As per a Reuters poll, the RBA may raise rates for the first time in more than a decade on Tuesday and join a long list of central banks now expected to tighten policy at a much faster pace than previously thought.
Global stocks
Wall Street ended a volatile trading day higher on Monday and benchmark US Treasury yields breached the 3% mark as investors braced for a widely anticipated US Federal Reserve interest rate hike.
A report from the Institute for Supply Management showed US factory activity losing steam, its purchasing managers' index (PMI) coming in well below consensus. This followed a PMI report from China showing factory activity contracting for the second straight month as widespread COVID-19 shutdowns disrupted production and supply chains.
On Wall Street, the Dow Jones rose 0.26%, the S&P 500 climbed 0.57%, and the NASDAQ rose 1.63%.
In Europe, the Stoxx 50 fell 1.9%, the CAC dipped 1.7%, and the DAX dipped 1.1%.
Emerging market stocks lost 0.47%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.47% lower, while Japan's Nikkei lost 0.11%.
Bond yields
- 2-year yield: US 2.73%, Australia 2.52% (US prices as of 4.31 PM in New York)
- 5-year yield: US 3.01%, Australia 3.01%
- 10-year yield: US 2.97%, Australia 3.26%, Germany 0.96%
The dollar index rose 0.65%, with the euro down 0.36% to US$1.0503.
Oil prices rise
Crude prices turned around mid-session, as worries over weak demand due to bleak factory data from China were overshadowed by a potential European ban on Russian oil that stoked fears of tightening supply.
- WTI settled at US$105.17 per barrel for a 0.46% gain on the day.
- Brent gained 0.41% to settle at US$107.58 per barrel.
Gold prices inch lower
Gold prices plunged to near 3-month lows as the prospect of faster-than-anticipated interest rate hikes from the Fed lifted Treasury yields and the greenback.
- Spot gold fell 1.8% to US$1,862.22 an ounce.
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