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Highlights
The Australian share market is set to open flat on Wednesday.
The latest ASX Futures are indicating that the ASX 200 may open 0.05% lower.
The Dow Jones slipped 0.6%, the S&P 500 dipped 0.9%, and the NASDAQ ended 0.95% lower.
The Australian share market is set to open flat on Wednesday following a poor overnight trading session on Wall Street. The domestic market is expected to see weakness in commodity shares following renewed COVID-19 restrictions in China, which may limit gains on the resource-heavy ASX.
The latest ASX Futures are indicating that the ASX 200 may open 0.05% lower or at a 103.3-point discount to the last close. On Tuesday, the benchmark ASX 200 index closed 4.1 points higher at 6,606.3.
Global equities
Global equities traded on a mixed note as bond yields and oil prices fell on Tuesday. Investors calculated prospects of further central bank tightening. There were also concerns on the health of economies globally.
On Wall Street, the Dow Jones slipped 0.6%, the S&P 500 dipped 0.9%, and the NASDAQ ended 0.95% lower. The US investors were anxious ahead of the release of a key US inflation report. A high inflation data would add pressure on Fed to fasten its already aggressive pace of rate hikes.
In Europe, the Stoxx 50 rose 0.4%, the FTSE surged 0.2%, the CAC gained 0.8%, the DAX ended 0.6% higher.
MSCI's broadest index of Asia-Pacific shares outside Japan ended 1.04% lower. Japan's Nikkei shed 1.77%.
Bond yields
- The yield on 10-year Treasury notes fell 3.1 basis points to 2.960%.
- The two-year Treasury note’s yield declined 3.1 basis points to 3.039%.
The US dollar index declined 0.148%, while the euro rose 0.12% to US$1.0051. The yen was almost near to its weakest level in over twenty years.
Oil prices fall
Oil prices fell sharply on Tuesday as demand concerns weighed heavily on the prices. The prices declined due to strong dollar, fresh COVID-19 curbs in China and concerns of a global economic slowdown.
- Brent crude futures finished 7.1% lower at US$99.49 a barrel.
- WTI crude fell 7.9% to US$95.84.
Gold prices inch lower
Gold prices dipped as looming interest rate hikes weighed on the yellow metal.
- Gold fell with spot prices down 0.4% to US$1,726.89 an ounce.
Meanwhile, cryptocurrency prices declined, with bitcoin last down 0.9% to US$19,769.95.
