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Highlights
The Australian share market is poised to end the week on a positive note.
According to the latest SPI futures, the ASX 200 is likely to open 80 points or 1.1% higher.
On Wall Street, the Dow Jones rose 1.3%, the S&P 500 surged 1.8%, and the NASDAQ ended 2.7% higher.
The Australian share market is poised to end the week on a positive note following a robust overnight trade on Wall Street. The domestic technology stocks are expected to follow Wall Street rally, and export-reliant miners gain on higher iron ore prices as broader sentiment would continue to be swayed on rate hike bets by US Fed. The rise in iron ore prices is expected to boost stocks of BHP and Rio Tinto.
According to the latest SPI futures, the ASX 200 is likely to open 80 points or 1.1% higher. On Thursday, the benchmark index fell 0.8% to 7,175.9 points.
On Wall Street, the Dow Jones rose 1.3%, the S&P 500 surged 1.8%, and the NASDAQ ended 2.7% higher.
Global equity markets rose on Thursday after lower-than-expected private payrolls data stirred hopes that the American economy was likely cooling, and the Federal Reserve might be persuaded to modify its aggressive stance on interest rates and inflation.
The ADP National Employment Report on Thursday showed that private payrolls in US rose by 128,000 jobs in May, which was much lower than the consensus estimate of 300,000 jobs and suggested that demand for labor was starting to slow.
In Europe, the Stoxx 50 rose 1%, the CAC surged 1.3%, and the DAX ended 1% higher.
The MSCI world equity index was up 1.42%. The pan-European STOXX 600 index gained 0.57%.
Bond yields
- 10-year yield: US 2.91%, Australia 3.49%, Germany 1.23% (US prices as of 4.20pm in New York)
The dollar index fell 0.78%, while the euro was up 0.94% to US$1.0746.
Oil prices rise
Oil prices settled higher after US crude inventories fell more than expected amid high demand for fuel and OPEC+ agreed to boost crude output to compensate for a drop in Russian production.
- Brent futures rose 1.69% to US$118.26 a barrel.
- WTI crude surged 1.97% to US$117.53.
Gold prices inch higher
Gold prices rose over 1%, supported by a dip in the dollar and the US private payrolls data.
- Spot gold added 1.3% to US$1,868.59 an ounce.
- US gold futures gained 1.38% to US$1,868.70 an ounce.
Meanwhile, Chinese iron ore futures logged their fifth session of gains on Thursday to scale more than six-week highs, as steel mills replenished inventories ahead of holidays and ramped up production as the virus-hit economy gradually recovers.
Benchmark iron ore futures on the Dalian Commodity Exchange for September delivery surged 3.8% to 936 yuan (US$140.19) a tonne at the close, the highest since 19 April 2022.
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