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Highlights
The Australian share market is expected to rise on Tuesday.
According to the latest SPI futures, the ASX 200 is likely to open 47 points or 0.6% higher.
On Wall Street, the Dow Jones rose 0.3%, the S&P 500 was up 0.8%, and the NASDAQ ended 1.9% higher.
The Australian share market is expected to rise on Tuesday following a strong overnight trade on Wall Street. The iron ore miners and energy stocks look set to benefit from strong commodity prices.
The ASX-listed tech shares are set to rally after Twitter surged over 25% on news that Elon Musk has acquired a 9.2% stake in the social media company, boosting overall tech sector sentiment.
According to the latest SPI futures, the ASX 200 is likely to open 47 points or 0.6% higher. On Monday, the benchmark index rose 0.3% to 7,513.7 points.
Meanwhile, Reserve Bank of Australia’s (RBA) monthly meeting is scheduled for today and analysts assume rates would be kept at a record low of 0.1%. The market continues to expect the first hike to occur in May. RBA statement is expected at 2.30 PM (AEST).
On the other hand, the stocks on global indices rose on Monday, while the US dollar strengthened on talk of more sanctions against Moscow following international outrage over Ukraine civilian killings. On Wall Street, the Dow Jones rose 0.3%, the S&P 500 was up 0.8%, and the NASDAQ ended 1.9% higher.
The US currency also remained buoyed by a strong non-farm payrolls report for March that backed expectations for a half of a percentage point rate hike by the Federal Reserve next month.
The US factory orders fell 0.5% in February, in line with expectations. Data for January was revised slightly higher to show orders rising 1.5% instead of 1.4% as previously reported.
In Europe, the Stoxx 50 rose 0.8%, the FTSE surged 0.3%, the CAC gained 0.7%, and the DAX advanced 0.5%.
Bond yields
- 2-year yield: US 2.42%, Australia 1.81% (US prices as of 4.31pm in New York).
- 5-year yield: US 2.56%, Australia 2.62%
- 10-year yield: US 2.41% Australia, 2.83% Germany 0.50%
The dollar index rose 0.369%.
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Oil prices rise
Oil prices rose on speculation that further sanctions could be placed on Russian oil and coal.
- Brent crude jumped 3%, to settle at US$107.53 a barrel.
- WTI rose 4%, to settle at US$103.28 a barrel.
Gold prices jump
Gold prices rose on Monday as investors sought the safe-haven asset amid prospects of Western countries imposing more sanctions on Russia.
- Gold futures settled up 0.5% at US$1,934.
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