ASX 200 to rise; iron ore, oil prices jump; APE, HVN to go ex-dividend

3 min read | March 31, 2022 08:52 AM AEDT | By Ashish

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ASX 200 to rise; iron ore, oil prices jump; APE, HVN to go ex-dividend — Image source: © Aoutphoto | Megapixl.com

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Highlights

The Australian share market is expected to rise at open on Thursday.

According to the latest SPI futures, the ASX 200 is expected to open 15 points or 0.2% higher.

On Wall Street, the Dow Jones fell 0.19%, the S&P 500 declined 0.63%, and the NASDAQ ended 1.21% lower.

The Australian share market is expected to rise at open on Thursday despite weak closing on Wall Street. The energy and mining stocks may gain on strong commodity prices, offsetting possible sell-off as broader sentiment remained under check on the prospect of more Russian sanctions.

The global stock rally wavered a bit on Wednesday as investors reviewed economic and geopolitical risks, while oil prices jumped more than US$2 on the prospect of more Russian sanctions. Russia is one of the leading producers of aluminium, copper, and nickel, as well as the gas and coal used to power smelters.

According to the latest SPI futures, the ASX 200 is expected to open 15 points or 0.2% higher. On Wednesday, the benchmark index rose 0.7% to 7,514.5 points.

Meanwhile, the share prices of Eagers Automotive Ltd (ASX:APE) and Harvey Norman Holdings Ltd (ASX:HVN) are expected to trade lower today as these are scheduled to go ex-dividend.

On Wall Street, the Dow Jones fell 0.19%, the S&P 500 declined 0.63%, and the NASDAQ ended 1.21% lower.

In Europe, Stoxx 50 fell 1.1%, the FTSE rose 0.6%, the CAC declined 0.7%, and the DAX dipped 1.5%.

Bond yields

2-year yield: US 2.30%, Australia 1.78% (US prices as of 4.19 PM in New York)
5-year yield: US 2.43%, Australia 2.59%
10-year yield: US 2.34%, Australia 2.79%, Germany 0.64%

Meanwhile, rising US yields have also lifted government bond yields in Japan, where inflation is running below target and where the central bank wants yields to stay low.

The Bank of Japan increased efforts to defend its key yield cap on Wednesday, offering to ramp up buying of government bonds across the curve, including unscheduled emergency market operations.

The dollar index was down 0.57% at 97.861 at 2:20 PM.

Oil prices rise

Oil prices jumped more than US$2 on supply tightness and the growing prospect of new Western sanctions against Russia even as Moscow and Kyiv held peace talks.

Brent crude futures surged 2.1%, to US$112.51.

WTI crude rose 2.9% to US$107.3 per barrel.

Gold prices inch higher

Gold prices rose as a weaker US dollar gave lift to the yellow metal.

Spot gold added 0.8% to US$1,935.38 an ounce.

Meanwhile, iron ore prices in Asia rose on Wednesday, with the benchmark Dalian contract advancing for a fifth straight session, as markets expect robust restocking demand in China when COVID-19 restrictions are lifted.

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