ASX 200 to rise on strong US closing, investors eye earnings

Highlights

  • The Australian shares are expected to open on a positive note on Monday following a strong end to last week on Wall Street.
  • According to the latest SPI Futures, the ASX 200 may open the day 31 points or 0.4% higher after rising 0.7% to 7,362 points on Friday.
  • On Wall Street, the Dow Jones rose 1.1%, the S&P 500 climbed 0.75%, and the NASDAQ pushed 0.5% higher.

The Australian shares are expected to open on a positive note on Monday following a strong end to last week on Wall Street. According to the latest SPI Futures, the ASX 200 may open the day 31 points or 0.4% higher after rising 0.7% to 7,362 points on Friday.

On Wall Street, the Dow Jones rose 1.1%, the S&P 500 climbed 0.75%, and the NASDAQ pushed 0.5% higher. US stocks climbed amid solid third-quarter company earnings, and robust economic data. Investors are expected to keep focus on upcoming earnings data.

In addition, Friday's positive retail sales data helped reassure investors about the growth outlook.

                     

ASX softens to flat; NZ CPI rises 4.9pc in Q3

 

US retail sales rose by 0.7% in September on a seasonally adjusted basis from August. The solid sales numbers reflected strong demand.

Bond yields

  • Benchmark 10-year Treasury yield also rose to 1.5738%, from Thursday's 1.519%.
  • The dollar index was lower on the day, however, slipping 0.104%, and set for its first weekly decline versus major peers since the start of last month.

Oil prices rise

Image Source: @Kalkine Media

Gold price falls

  • Gold prices fell as investor sentiment improved.
  • Spot gold fell 1.6% to US$1,766.82 an ounce.
  • US gold futures fell 1.67% to US$1,766.70 an ounce.

On the other hand, the benchmark iron ore price declined 0.5% to US$125.22 a tonne.

Meanwhile, Bitcoin hit a six-month high of US$61,895.05 on Friday, approaching the record hit in April, as traders became increasingly confident US regulators would approve the launch of an exchange-traded fund based on its futures contracts.

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