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Highlights
The Australian share market is expected to fall once again on Wednesday.
According to the latest SPI futures, the ASX 200 is likely to open 34 points or 0.5% lower.
On Wall Street, the Dow Jones fell 0.7%, the S&P 500 dropped 0.6%, and the NASDAQ was down 0.4%.
The Australian share market is expected to fall once again on Wednesday following a poor night of trade on Wall Street as hawkish comments from a US Federal Reserve official dominated investors’ mood. Markets also weighed prospects of higher inflation following a phased ban of Russian oil imports by the European Union, which has lifted crude prices to new highs.
According to the latest SPI futures, the ASX 200 is likely to open 34 points or 0.5% lower. On Tuesday, the benchmark index fell 1% to 7,211.2 points.
Meanwhile, Australia’s first-quarter gross domestic product (GDP) is slated to be released at 11.30 AM (AEST) on Wednesday.
On Wall Street, the Dow Jones fell 0.7%, the S&P 500 dropped 0.6%, and the NASDAQ was down 0.4%.
In Europe, the Stoxx 50 fell 1.4%, the FTSE rose 0.1%, the CAC dipped 1.4%, and the DAX slipped 1.3%.
The MSCI world equity index was down 0.61%.
Bond yields
US Treasury yields rose, with most maturities hitting one-week highs, as inflation concerns dominated trading after euro zone inflation climbed to a record high this month.
- 10-year yield: US 2.85%, Australia 3.35%, Germany 1.12% (US prices as of 4.41 PM in New York)
The dollar index was up 0.345% to 101.770. The euro was down 0.41% to US$1.0733.
Oil prices trade mixed
Oil prices turned negative on Tuesday after a report that some producers were exploring the idea of suspending Russia's participation in the OPEC+ production deal.
- Brent crude futures for August settled down 1.7% at US$115.60 a barrel, after rising to US$120.80 earlier in the day.
- The front-month contract LCOc1 for July, which expired on Tuesday, closed up 1% at US$122.84.
Gold prices fall
Safe-haven gold fell 1%, making it the second consecutive month of declines, pressured by a rise in the dollar and US Treasury yields that dented the metal's appeal despite concerns over surging inflation.
- Spot gold fell 1.0% to US$1,837.30 an ounce.
- US gold futures fell 0.99% to US$1,833.00 an ounce.
Meanwhile, Chinese iron ore futures touched 900 yuan (US$135.00) per tonne for the first time in nearly six weeks and logged a monthly gain, as hopes of a recovery in demand rose after financial hub Shanghai was set to reopen its city from lockdowns.
The most-active iron ore futures on the Dalian Commodity Exchange for September delivery gained as much as 3.8% to 908 yuan per tonne in morning trade. They ended up 2.1% at 893 yuan per tonne and rose 2.6% in May.
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