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Highlights
The Australian share market is likely to inch lower on Tuesday.
According to the latest SPI futures, the ASX 200 may open the day 8 points or 0.1% lower.
Wall Street was closed for a public holiday on Monday.
The Australian share market is likely to inch lower on Tuesday after witnessing broad gains for two straight sessions, while global sentiments were lifted with further easing of COVID-19 curbs in China.
According to the latest SPI futures, the ASX 200 may open the day 8 points or 0.1% lower. On Monday, the benchmark index rose 1.45% to 7,286.6 points.
The data related with first quarter balance of payments, company profits and inventories in addition to April building approvals and private sector credit is scheduled on Tuesday.
On Wednesday, Australia’s March quarter gross domestic product data is slated to be released, for the period dominated by Omicron strain and heavy flooding.
Wall Street was closed for a public holiday on Monday but US derivative markets were open. S&P 500 e-mini futures rose 0.3%, having rallied 6.6% last week in their best run this year, while NASDAQ e-minis were up 0.7%.
Global share markets rose on Monday and the dollar was anchored at five-week lows on bets of a possible slowdown in US monetary tightening and after an easing of COVID restrictions in China.
Bond yields
- 10-year yield: US 2.74%, Australia 3.25%, Germany 1.05% (US prices as of 4.24 PM in New York)
The dollar index fell to a fresh five-week low of 101.35 and was last down 0.2% at US101.46, after shedding 1.3% last week.
Oil prices rise
Oil prices hit their highest in over two months, as traders waited to see whether a planned European Union meeting would reach an agreement on banning Russian oil imports.
- Brent rose 0.4% to US$119.91 per barrel.
- WTI gained 0.5% to US$115.64 per barrel.
Gold prices inch higher
- The pullback in the dollar helped gold off its recent lows, sending the metal up 0.4% at US$1,860.5 an ounce.
Meanwhile, iron ore futures in Dalian and Singapore climbed on Monday to their highest levels since 23 May 2022, extending a relief rally spurred by easing COVID-19 curbs in top steel producer China and government efforts to shore up the battered domestic economy.
The most-traded September iron ore on China's Dalian Commodity Exchange rose as much as 3.9% to 887.50 yuan (US$133.16) a tonne, before ending daytime trade at 878 yuan, up 2.8%.
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