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Highlights
The Australian shares are likely to begin the week on a solid note.
The benchmark ASX 200 is likely to open 103 points or 1.6% higher on Monday morning.
In US, the Dow Jones rose 2.7%, the S&P 500 surged 3.1%, and the NASDAQ ended 3.3% higher.
The Australian shares are likely to begin the week on a solid note after strong closing by Wall Street last Friday. The domestic market is expected to trade higher as investors look to play down concerns around interest rate hikes. On the other hand, improving underlying prices could aid commodities. The benchmark ASX 200 is likely to open 103 points or 1.6% higher on Monday morning, as per the latest SPI futures.
Metcash Ltd (ASX:MTS) is among the ASX-listed firms which would release their full-year results today.
In US, the Dow Jones rose 2.7%, the S&P 500 surged 3.1%, and the NASDAQ ended 3.3% higher. Last week, the benchmark S&P 500 confirmed a bear market.
In the last week, the Dow gained 5.4%, the S&P 500 surged 6.4%, and the NASDAQ ended 7.5% higher.
The MSCI's gauge of stocks across the globe surged 2.63%.
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Bond yields
- 10-year bond yield: US 3.13%, Germany 1.43%, Australia 3.71%
The benchmark 10-year yields have declined from 3.498% on 14 June, the highest since April 2011. Furthermore, the US dollar recorded its first weekly fall this month. On the other hand, the Australian dollar surged 0.8% to US$0.6946.
Oil prices rise
Oil prices rebounded on Friday, rising by over US$3, buoyed by tight supply. However, oil recorded its second weekly fall on worries that surging rates could lead the global economy into recession.
- Brent crude ended up 2.8% at US$113.12 a barrel.
- WTI crude closed 3.2% higher at US$107.62.
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Gold prices inch higher
On Friday, gold prices rose as concerns around recession increased its appeal as safe haven.
- Spot gold gained 0.2% to settle at US$1,826.39 an ounce
Meanwhile, copper ended 0.5% lower at US$8.367 on Friday on London Metal Exchange. It earlier hit US$8,122.50, down 25% from a peak in March.
Similarly, Dalian iron ore futures settled on a higher note last Friday after an all-time high 10-session fall. However, iron ore prices were under stress in Singapore on account of weak demand outlook from China which is world’s top producer of steel.
