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Highlights
The Australian share market is expected to extend its losses to Thursday.
According to the latest SPI futures, the ASX 200 is likely to open 54 points or 0.8% lower.
The Dow Jones fell 1%, the S&P 500 dipped 1.65%, and the NASDAQ ended 3.2% lower.
The Australian share market is expected to extend its losses to Thursday after higher-than-expected inflation in US weighed on Wall Street, fueling worries about faster rate hikes.
According to the latest SPI futures, the ASX 200 is likely to open 54 points or 0.8% lower. On Wednesday,
the benchmark index rose 0.2% to 7,064.7 points.
Meanwhile, the share prices of Xero Ltd (ASX:XRO) and Commonwealth Bank of Australia (CBA) would be closely tracked as the ASX-listed firms are slated to release their full-year and third-quarter results today.
Wall Street ended sharply lower in the overnight trade and Treasury yields fell in the volatile session as oil prices rallied and investors worried about the potential for an economic slowdown.
The annual consumer price growth changed to 8.3% in April from 8.5% in March even though it was above the 8.1% analyst estimate.
The Dow Jones fell 1%, the S&P 500 dipped 1.65%, and the NASDAQ ended 3.2% lower.
In Europe, the Stoxx 50 rose 2.6%, the FTSE surged 1.4%, the CAC gained 2.5%, and the DAX ended 2.2% higher.
MSCI's gauge of stocks across the globe shed 0.88%, registering its lowest close since November 2020.
Bond yields
In early trade, benchmark 10-year Treasury yields had fallen to their lowest levels in a week. But after the inflation data, yields marched back up toward the three-year high of 3.203% hit on Monday before falling again.
- 2-year yield: US 2.64%, Australia 2.63% (US prices as of 4.59 PM in New York)
- 5-year yield: US 2.90%, Australia 3.15%
- 10-year yield: US 2.92%, Australia 3.50%, Germany 0.98%
The dollar index was 0.067%, and the euro was down 0.13% to US$1.0513.
Oil prices rise
On Wednesday, the oil prices rose after flows of Russian gas to Europe fell and Russia sanctioned some European gas companies, adding to uncertainty in world energy markets.
- WTI futures settled at US$105.71 per barrel, up US$5.95 or 5.96%.
- Brent crude futures ended at US$107.51/barrel up US$5.05 or 4.93%.
Gold prices inch higher
Gold resumed its surge on Wednesday after a knee-jerk retreat tied to the release of US inflation data, as the dollar slipped with investors latching on to a slight cooling of consumer prices.
- Spot gold added 0.8% to $1,852.79 an ounce.
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