- ASX 200 is poised to open flat, up by a mere 0.1 per cent or almost 5 points.
- The US dollar softened and slipped toward a three-week low on Monday.
- Gold fell as the slight uptick in US Treasury yields dimmed safe-haven’s appeal.
On Monday, the ASX 200 did face some selling pressure from the top as the market cracked 0.3 per cent to 6974. Today, the benchmark index is poised to open almost flat, up by a mere 0.1 per cent or almost 5 points.
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Wall Street also faced the same fate and all the broader market indices closed in red. The Dow Jones was down by 0.16 per cent while the S&P 500 closed slightly lower by 0.02 per cent. Nasdaq fell almost 0.36 per cent to 13850.01.
Data on Tuesday is expected to show U.S. inflation jumped in March. The investors are expecting retail sales data to show an uptick, perhaps with a double-digit gain, when a report is released on Thursday.
The US dollar softened and slipped toward a three-week low on Monday and a gauge of global equity markets slid from record peak last week as market participants wait to see whether an expected jump in U.S. earnings will justify share prices already trading at exorbitant premiums.
JPMorgan Chase & Co, the largest U.S. bank by assets, would be coming out with its earnings on Wednesday, as do Goldman Sachs Group Inc and Wells Fargo & Co.
Gold prices fell
Gold fell as the slight uptick in US Treasury yields dimmed safe-haven’s appeal. The US gold futures settled down 0.7 per cent at US$1,732.70 an ounce.
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Australian gold stocks such as Newcrest Mining Limited (ASX:NCM) , De Grey Mining Limited (ASX:DEG), Resolute Mining Limited (ASX:RSG) and Silver Lake Resources Limited (ASX:SLR) could face some pressure in today’s session.
Crude oil traded flat
Crude oil prices had a rangebound trading session with a slight upward bias on Monday as growing expectations of an uptick in the U.S. economic activity were offset by the slow rate of vaccination in Europe and rising COVID-19 cases across the world.