ASX 200 to rise ahead of CPI data; Woolworths, Blackmores in focus

Highlights

  • Australian shares are set to edge higher on Wednesday supported by strong night on Wall Street.
  • ASX 200 is expected to open 3 points higher this morning.
  • ABS will be releasing the third quarter consumer price inflation (CPI) data at 11.30 am AEDT.

Australian shares are set to edge up on Wednesday, likely helped by gains in domestic miners and energy stocks on the back of upbeat commodity prices, and strong night on Wall Street. The ASX 200 is expected to open 3 points higher this morning. The benchmark index rose marginally to 7,443.4 points on Tuesday.

Several ASX-listed companies are holding their annual general meetings (AGMs) on Wednesday including Blackmores Ltd, Netwealth Group Ltd, and Woolworths Group Ltd. The A2 Milk Company Ltd will be releasing an investor update.

The Australian Bureau of Statistics (ABS) will be releasing the third quarter consumer price inflation (CPI) data at 11.30 am AEDT.

ASX rises 0.1% in the opening trade; Woolworths, Blackmores in focus

On Wall Street, the Dow Jones rose 0.18%, the S&P 500 gained 0.47% and the NASDAQ added 0.9% on Tuesday. Upbeat corporate earnings continued to boost US stocks on Tuesday.

Bond yields and dollar

US Bond yields remained mixed as investors eyed next week's Federal Reserve meeting for cues on the first interest rate hike in three years.

The benchmark US 10-year yield was down at 1.6185%.

The US dollar traded in a narrow range.

The dollar index rose modestly and was up 0.1% at 93.9280 at 3:30 pm EDT (1903 GMT).

Oil prices rise

Oil prices have hit multi-year highs due to supply shortages and robust demand in US.

  • WTI crude oil price was up 1% to US$84.62 a barrel.
  • Brent crude oil price rose 0.5% to US$86.41 a barrel.

Gold prices inch lower

Gold prices were pulled down by a stronger US dollar and improving risk sentiment.

  • Spot gold was down 0.9% at US$1,790.54 per ounce by 01:46 p.m. EDT (1746 GMT).
  • US gold futures for December delivery settled down 0.7% to $1,793.40 per ounce.

Dalian iron ore jumped 3%, rising for a second day, while the benchmark contract on Singapore Exchange was up 3.6% by 0729 GMT.

Three-month copper on the London Metal Exchange had eased 1.2% to $9,748 a tonne by 1630 GMT.

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