ASX 200 to rise on Wall Street rally; NASDAQ jumps over 2.5%

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ASX 200 to rise on Wall Street rally; NASDAQ jumps over 2.5%

 ASX 200 to rise on Wall Street rally; NASDAQ jumps over 2.5%
Image source: © Outline205 | Megapixl.com

Highlights

  • The Australian shares are expected to rise on Thursday.

  • As per the latest ASX Futures, the ASX 200 is likely to open 32 points or 0.5% higher.

  • The Dow Jones rose 1.3%, the S&P 500 gained 1.6%, and the NASDAQ ended 2.6% higher.

The Australian shares are expected to rise on Thursday, tacking strong cues from Wall Street. The gains made by tech shares such as Apple, Amazon and Microsoft boosted major US stock indices which ended higher in the overnight trade. However, domestic mining shares may weigh on the ASX 200 amid concerns from China's property sector.

As per the latest ASX Futures, the ASX 200 is likely to open 32 points or 0.5% higher. On Wednesday, the benchmark index declined 0.3% to 6,975.9 points.

Meanwhile, Centuria Industrial REIT (ASX:CIP) would be among the major ASX stocks which are scheduled to release their full year results on Thursday.

Global equities

On Wall Street, strong US economic data, positive corporate guidance and softening geopolitical concerns, helped the Dow Jones rise 1.3%, the S&P 500 gain 1.6%, and the NASDAQ end 2.6% higher. The latest economic data revealed unexpected rise in services activity and a robust surge in factory orders.

In other major development, US House of Representatives Speaker Nancy Pelosi's completed her brief visit to Taiwan.

In Europe, the Stoxx 50 rose 1.3%, the FTSE gained 0.5%, the CAC surged 1%, and the DAX ended 1% higher.

Bond yields

US Treasury yields hit their two-week highs on strong economic data.

  • The yield on benchmark 10-year notes fell to 2.7028%.
  • Similarly, 30-year bond yield declined to 2.9461%.

The US dollar index fell to 0.13%, while the euro rose 0.04% to US$1.0168.

Oil prices fall

On Wednesday, oil prices declined on surprise rise in inventories of US crude and gasoline stocks.

  • WTI crude fell 3.98% to settle at US$90.66 per barrel.
  • Brent crude finished at US$96.78 per barrel, down 3.74%.

Gold prices fall

Gold prices fell on Thursday on account of rebound by the US dollar and Treasury yields.

  • US gold futures fell 0.7% to US$1,776.4.

 

Meanwhile, three-month copper reported the third straight day of losses on the London Metal Exchange, falling 1.6% to US$7,683 a tonne by 1610 GMT.

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