ASX 200 to open flat;  energy, mining stocks likely to slip

Highlights

  • The Australian shares are looks set to end the week on a weak note, tracking a weak overnight closing from Wall Street.
  • According to the latest SPI futures, the ASX 200 is likely to open 2 points higher on Friday.
  • On Wall Street, the Dow Jones fell 0.37%, the S&P 500 lost 0.08%, and the NASDAQ added 0.21%.

The Australian share market looks set to end the week on a weak note, tracking a weak overnight closing from Wall Street. On the other hand, the energy stocks and major miners are likely to fall on the back of falling commodity prices.

According to the latest SPI futures, the ASX 200 is likely to open flat, just 2 points higher on Friday after rising slightly to 7,415.4 points on Thursday.

On Wall Street, the Dow Jones fell 0.37%, the S&P 500 lost 0.08%, and the NASDAQ added 0.21%.

The pan-European STOXX 600 lost 0.08% and MSCI's gauge of stocks across the globe shed 0.20%.

The global stocks were down marginally after US technology shares fell along with IBM, while risk-sensitive currencies including the Australian dollar weakened.

Image Source: @Kalkine Media

Bond yields and dollar

US Treasury yields surged as investors focused on when the Federal Reserve will raise interest rates. The yield on 10-year Treasury notes were up 3.9 basis points to 1.675%.

The dollar index fell 0.03% to 93.57. The Australian dollar fell 0.33% to US$0.7491.

Oil prices fall

Oil prices fell after a few investors booked profits amid signs the rally was looking overstretched.

  • Brent crude fell to US$84.61, after reaching a session high of US$86.10, highest since October 2018.
  • West Texas Intermediate (WTI) crude settled down at US$82.50.

Gold prices remain flat

Gold prices remained flat as traders appeared undecided in which direction the precious metal was going ahead. US gold futures gained 0.09% to US$1,785.70 an ounce.

Meanwhile, Bitcoin last fell 4.27% to US$63,171.33.

Newsmakers

  • Aurizon has offered an AU$2.35 billion deal to acquire One Rail Australia from Macquarie Group.
  • Nuix announced Jonathan Rubinsztein as its new CEO, who will replace Rod Vawdrey.
  • Lynas said that COVID-19-induced shutdowns contributed to sales slipping to AU$121.6 million in the September quarter.
  • Qantas said that its Australia based employees would return to work by early December 2021.

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