ASX 200 to rise after S&P 500 falls just short of all-time high

Highlights

  • The Australian share market is expected to rise on Thursday following a decent trading session on Wall Street overnight.
  • According to the latest SPI futures, the ASX 200 is likely to open the day 23 points or 0.3% higher after rising 0.5% to 7,413.7 points.
  • A few ASX-listed companies scheduled to hold their annual general meetings (AGM) are Crown Resorts Ltd and APA Group and Wesfarmers Ltd.

Australian share market is expected to rise on Thursday following a decent trading session on Wall Street overnight. According to the latest SPI futures, the ASX 200 is likely to open the day 23 points or 0.3% higher. The index on Wednesday edged up 0.5% to 7,413.7 points.

A few ASX-listed companies scheduled to hold their annual general meetings (AGM) are Crown Resorts Ltd, APA Group and Wesfarmers Ltd.

On Wall Street, the Dow Jones was up 0.4%, the S&P 500 was up 0.35%, and the NASDAQ ended 0.05% lower. The Dow Jones hit a record high during the trading session. The S&P 500 recorded its sixth consecutive gain, However, it ended short of a record high after a Federal Reserve official expressed concerns over inflation.

“If inflation does remain more than moderately above 2 percent, be assured that the F.O.M.C. has the framework and the tools to address it,” Federal Reserve official Quarles said.

In Europe, the regional Stoxx 600 index closed 0.3% up.  In Asia, the Shanghai Composite  moved 0.2% down, while Hong Kong’s Hang Seng Index surged 1.4%.

Investors have lapped up stocks in the past two days on strong earnings reports. According to experts, the concerns over labour shortages and higher prices for raw materials haven’t impacted profits much. 

Bond yields and dollar

The yield on the benchmark 10-year Treasury note settled at 1.635%, up slightly from 1.634% Tuesday. 

The dollar index, which measures the US currency against six others, eased in afternoon trading, moving 0.2% lower.

Oil prices inch higher

Oil price climbed after US crude stockpiles fell.

  • WTI crude oil price was up 1.6% to US$84.25 a barrel.
  • Brent crude oil price rose 0.7% to US$85.71 a barrel.

Gold prices rise

The spot gold price was up 0.9% to US$1,785.5 an ounce.

Meanwhile, Bitcoin hit an all-time high, trading as high as US$66,975, according to CoinDesk. The cryptocurrency has surged over 50% this month.

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