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Highlights
The Australian share market is poised to fall on Thursday.
According to the latest SPI futures, ASX 200 is likely to open 56 points or 0.8% lower.
On Wall Street, the Dow Jones fell 0.55%, the S&P 500 dropped 0.75%, and the NASDAQ fell 0.7%.
The Australian share market is poised to fall on Thursday following a disappointing overnight trade on Wall Street. The local technology stocks are likely to follow weak US stocks as investor sentiment remained bearish on US Federal Reserve's pace of interest rate hikes, influencing central banks elsewhere, and on recession woes.
According to the latest SPI futures, the ASX 200 is likely to open 56 points or 0.8% lower. On Wednesday, the benchmark index rose 0.3% to 7,234 points.
On Wednesday, data from the Australian Bureau of Statistics (ABS) showed gross domestic product rose 0.8% in the first quarter, topping market forecasts.
On Wall Street, the Dow Jones fell 0.55%, the S&P 500 dropped 0.75%, and the NASDAQ fell 0.7%. A report by the Institute for Supply Management (ISM) showed US manufacturing activity picked up in May as demand for goods remained strong even with rising prices.
In Europe, the Stoxx 50 fell 0.8%, the FTSE dipped 1%, the CAC slipped 0.8%, and the DAX plunged 0.3%.
The MSCI world equity index was down 0.81%. The pan-European STOXX 600 index fell 1.04%.
Bond yields
- 10-year yield: US 2.91%, Australia 3.41%, Germany 1.18% (US prices as of 4.30 PM in New York)
The dollar index rose 0.786%, while the euro was down 0.79% to US$1.0648.
Oil prices inch higher
Oil prices edged higher following the move by European Union leaders to gradually phase out Russian oil even as China ended its stiff COVID-19 lockdown in Shanghai, which could bolster demand for crude in an already tight market.
- Brent crude was up 0.18% at US$115.81 a barrel.
- WTI crude gained 0.04% to US$114.72.
Gold prices rise
Gold prices inched up from a two-week low, supported by worries over rising inflation, although a stronger dollar and rising US yields kept gains in check.
- Spot gold added 0.5% to US$1,845.70 an ounce.
- US gold futures gained 0.28% to US$1,847.90 an ounce.
Meanwhile, Chinese iron ore futures rose for the fourth straight session on Wednesday, as investor sentiment shored up after the state council rolled out package to rescue the economy, though the jump could be restrained by steel output controls.
Benchmark iron ore futures on the Dalian Commodity Exchange for September delivery leaped 1.1% to 906 yuan (US$135.52) a tonne at close, tracking spot 62% iron ore which increased US$2 to US$138.5 a tonne on Tuesday.
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