ASX 200 to rise at open; CSL, Santos’ results ahead

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ASX 200 to rise at open; CSL, Santos’ results ahead

 ASX 200 to rise at open; CSL, Santos’ results ahead
Image source: © Outline205 | Megapixl.com

Highlights

  • Australian shares are expected to rise at the open.

  • According to the latest ASX Futures, the ASX 200 is likely to open 11 points or 0.15% higher.

  • In the US, the Dow Jones surged 0.7% and the S&P 500 rose 0.2%, but the NASDAQ fell 0.2%.

Australian shares are expected to rise at the open on Wednesday after Wall Street ended higher in the overnight trade buoyed by positive retailer earnings. However, lingering recession concerns and muted crude oil prices are likely to weigh on the domestic market.

According to the latest ASX Futures, the ASX 200 is likely to open 11 points or 0.15% higher. On Tuesday, the benchmark index closed 0.6% higher at 7,105.4 points.

Meanwhile, CSL Ltd and Santos Ltd are a few ASX-listed firms which are set to announce their financial results today.

Global stocks

Global stocks traded on a flat note on concerns that the US Federal Reserve would continue its steep interest rate hikes despite early signs of a slowdown in inflation.

In the US, the Dow Jones surged 0.7% and the S&P 500 rose 0.2%, but the NASDAQ fell 0.2%.

In Europe, the Stoxx 50 rose 0.4%, the FTSE also gained 0.4%, the CAC surged 0.3%, and the DAX ended 0.7% higher.

Bond yields

US Treasury yields rose on encouraging data from US retail majors. Benchmark 10-year Treasury yields rose to 2.81%.

The US dollar index fell 0.009%, while the euro rose 0.1% to US$1.017.

Oil prices fall

Oil prices fell over 3% concerns over global crude demand amid looming recession.

  • Brent crude futures declined 2.9% to finish at US$92.84 a barrel.
  • WTI crude fell 3.2%, closing at US$86.53 a barrel.

Gold prices decline

Gold prices dipped on firmer US dollar.

  • US gold futures fell 0.5% to US$1,789.7.

Meanwhile, the most-traded iron ore, for delivery in January 2023, on China's Dalian Commodity Exchange closed 0.3% lower at 720.50 yuan (US$106.06) a tonne.

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