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Highlights
The Australian share market is poised to fall at the open on Wednesday.
The latest SPI futures indicate that the ASX 200 would open 25 points or 0.4% lower.
While the Dow Jones rose 0.12%, the S&P 500 dipped 0.65%, and the NASDAQ ended 1.10% lower.
The Australian share market is poised to fall at the open on Wednesday after volatile overnight trade on Wall Street ahead of key US earnings and inflation data. Additionally, there were concerns after International Monetary Fund (IMF) slashed its forecast for global growth next year to 2.7%, from 2.9% estimated in July. The concerns intensified further following news from China that Shanghai and other cities had seen COVID-19 infections surge.
The latest SPI futures indicate that the ASX 200 would open 25 points or 0.4% lower. On Tuesday, the benchmark index ended 0.35% lower at 6,645 points.
Reserve Bank of Australia’s (RBA) assistant governor (economic) Luci Ellis is scheduled to speak today at 9 AM AEDT on “The neutral rate: the pole-star casts faint light”. The US Federal Reserve will also release minutes from its last monetary policy meeting on Wednesday (early Thursday AEST).
Meanwhile, the Bank of Queensland Ltd shares would be closely tracked today ahead of the release of bank’s full year results for FY2022. The Commonwealth Bank of Australia is scheduled to hold its annual general meeting (AGM) today.
The pan-European STOXX 600 index shed 0.56% and MSCI's gauge of stocks across the globe fell 0.79%.
Bond yields
On Tuesday, longer-dated US Treasury yields surged to multi-year highs as bonds were slammed globally by a rout in the UK gilts market. The benchmark 10-year notes rose 3.7 basis points to yield 3.923%, from 3.885% late on Friday.
Oil prices fall
On Tuesday, oil prices fell on global recession fears and a COVID-19 outbreak in China.
- US crude fell 1.95% to US$89.35 per barrel.
- Brent closed at US$94.29, down 1.98%.
Gold prices inch higher
Gold prices rose marginally after the US dollar eased.
- Spot gold gained 0.2% to US$1,672.00 an ounce.
- US gold futures rose 0.26% to US$1,678.70 an ounce.
Meanwhile, the most-traded January iron ore on China's Dalian Commodity Exchange closed 2.5% lower at 721 yuan (US$100.29) a tonne.
