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Highlights
The Australian share market is expected to open lower on Thursday.
According to the latest SPI futures, the ASX 200 is likely to open 53 points or 0.75% lower.
On Wall Street, the Dow Jones fell 0.8%, the S&P 500 slipped 1.1%, and the NASDAQ ended 0.7% lower.
The Australian share market is expected to open lower on Thursday following a disappointing overnight trade on Wall Street. The outlook for interest rate hikes by central banks worldwide negatively impacted investors’ sentiment, with domestic technology stocks expected to track weakness on Wall Street.
According to the latest SPI futures, the ASX 200 is likely to open 53 points or 0.75% lower.
The domestic mining stocks such as BHP Ltd (ASX:BHP) and Rio Tinto (ASX:RIO) could be under pressure after their US-listed shares slipped nearly 2.5% in the overnight trade.
On Wall Street, the Dow Jones fell 0.8%, the S&P 500 slipped 1.1%, and the NASDAQ ended 0.7% lower.
In Europe, the Stoxx 50 fell 0.5%, the FTSE plunged 0.1%, the CAC dipped 0.8%, and the DAX ended 0.8% lower.
MSCI's gauge of stocks across the globe fell 0.56%.
Trading was choppy as investors awaited an ECB meeting on Thursday and US consumer price data on Friday that will highlight the dilemma they face.
Meanwhile, the Organization for Economic Cooperation and Development (OECD) slashed its growth outlook to 3% this year from 4.5% forecast in December. The OECD also raised its inflation estimates, though it said there was a limited risk of "stagflation."
Bond yields
- 10-year yield: US 3.02%M Australia 3.54%, Germany 1.35% (US prices as of 4.42 PM in New York)
The dollar index rose, while the US currency hit a fresh 20-year high against the yen. The yen weakened to hit 134.47 per dollar. Against the dollar, the euro was up 0.12% to US$1.0712.
Oil prices inch higher
Oil prices rose about 1% as US crude hit a 13-week high despite a rise in domestic crude inventories, as supplies looked likely to tighten with China easing lockdowns and Norwegian oil workers planning to strike.
- US crude futures rose US$2.70 to settle at US$122.11 a barrel.
- Brent settled up US$3.01 to US$123.58 a barrel.
Gold prices rise
Gold prices rose in choppy trade as concerns over economic growth boosted the metal's safe-haven appeal.
- US gold futures settled up 0.2% at US$1,856.50.
Benchmark iron ore futures in Asia fell on Wednesday, with the key Dalian contract extending losses to a second session, as reduced profitability at Chinese steel mills following a recent rally in prices of steelmaking ingredients weighed on sentiment.
The most-traded iron ore for September delivery on China's Dalian Commodity Exchange settled daytime trading 0.5% lower at 926.50 yuan (US$138.85) a tonne.
Meanwhile, bitcoin fell 3.11% to US$30,147.80.
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