The Australian share market is likely to begin on a muted note.
The latest ASX Futures indicate that the ASX 200 would open 40 points or 0.6% lower.
The S&P 500 dropped 0.4%, the Dow Jones dipped 0.2% and the NASDAQ ended 1% lower.
The Australian share market is likely to begin on a muted note on Wednesday, tracking weakness on Wall Street amid uncertainty ahead of the release of July’s US consumer price data. The upcoming inflation data would give clues about any further aggressive interest rate hikes by the US Federal Reserve.
As per the latest SPI Futures, the ASX 200 would open 40 points or 0.6% lower. On Tuesday, the benchmark index ASX 200 closed 0.1% higher at 7,029.8 points.
On Wednesday, ASX-listed firms such as Alliance Aviation, Centuria Capital, Commonwealth Bank of Australia (CBA), Computershare and Reckon are scheduled to release their financial results.
In Europe, the Stoxx 50 fell 1.1%, the FTSE gained 0.1%, the CAC dropped 0.5%, and the DAX ended 1.1% lower.
US Treasury yields surged on Tuesday ahead of the inflation data. Benchmark 10-year note yields rose to 2.78%.
On the other hand, the dollar index was up 0.047% at 106.38 at 3:15 PM Eastern time (1915 GMT).
Oil prices fall
Oil prices finished lower on Tuesday on reports that some oil exports had been suspended on the Russia-to-Europe Druzhba pipeline that transits Ukraine. During Tuesday’s trading session, both brent and WTI crude rose and fell by over US$1 per barrel.
- Brent crude closed at US$96.31 per barrel, down 0.4%.
- WTI crude finished at US$90.50 a barrel, down 0.3%.
Gold prices surge
Gold prices rose on Tuesday after traders bought gold as the US dollar softened.
- Spot gold surged 0.4% to US$1,794.64 per ounce by 2:11 PM ET (1811 GMT).
Iron ore dips
Dalian and Singapore iron ore futures dipped on Tuesday on concerns around fresh coronavirus cases in China and muted demand for steel, specially by the country’s struggling property sector.