Australian shares likely to fall on weakness in tech stocks - Kalkine Media

December 28, 2022 08:56 AM AEDT | By Ashish
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Highlights

  • The Australian share market is expected to fall at open on Wednesday.

  • According to the latest SPI futures, the ASX 200 would open 51 points or 0.7% lower.

  • On Wall Street, the Dow Jones rose 0.11%, the S&P 500 fell 0.40%, and the NASDAQ ended 1.38% lower.

The Australian share market is expected to fall at open on Wednesday following a dismal night on Wall Street. The market was weighed by weakness in tech stocks, even as investors observed prospects for growth and inflation from China’s rollback of COVID-19 isolation measures.

According to the latest SPI futures, the ASX 200 would open 51 points or 0.7% lower. On Tuesday, the benchmark ended 0.6% lower at 7,107.7 points.

On Wall Street, the Dow Jones rose 0.11%, the S&P 500 fell 0.40%, and the NASDAQ ended 1.38% lower.

The pan-European STOXX 600 rose 0.13% and MSCI's gauge of stocks across the globe shed 0.13%.

Markets in some regions including London, Dublin, Hong Kong, and Australia remained shut after the Christmas holiday. Emerging market stocks rose 0.26%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.53% higher, while Japan's Nikkei rose 0.16%.

Bond yields

US Treasury yields rose after data showed the advance goods trade deficit for November narrowed to US$83.35 billion from the prior month's US$98.8 billion, while a separate report pointed to continued struggles for the housing market as home prices fell under rising mortgage rates.

  • Benchmark 10-year notes were up 10.2 basis points at 3.849%, from 3.747% late on Friday.
  • The 30-year bond was up 11.7 bps to yield 3.939%.
  • The 2-year note was up 7.7 bps to yield 4.3998%.

The dollar index was flat, with the euro up 0.12% at US$1.0648.

Oil prices mixed

Oil prices were steady after hitting a three-week high on Tuesday as restarts at some US energy plants shut by winter storms offset gains stemming from hopes of a demand recovery as China eases its COVID-19 restrictions.

  • Brent crude was up 41 cents, or 0.5%, at US$84.33 a barrel.
  • WTI crude settled 3 cents lower at US$79.53 per barrel.

Gold prices edge higher

Gold prices rose, while resilient US yields cast a shadow over non-yielding bullion's advance.

  • Spot gold added 1% to US$1,816.20 an ounce.
  • US gold futures gained 1.17% to US$1,816.90 an ounce.

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