ASX 200 opens higher after strong US show; will rally sustain? | AU Market Updates

The Australian equity benchmark ASX 200 opened higher on Tuesday, up 24.30 points or 0.36 per cent to 6813.90, after all three major Wall Street indices closed higher overnight as the surge in Treasury bond yields appeared to have slowed down and concerns over Fed’s interest rate hike eased.

The rising bond yields had dragged down the blue-chip tech stocks and other high performers which had benefited from the easing of restrictions and economic recovery. Rising yields had also pushed up inflationary fears.

On Monday, the ASX 200 closed at 6,789.60, up 116.30 points or 1.74 per cent.

The Australian stock witnessed a rebound on Monday after the government bond yields fell following a short surge. The Reserve Bank of Australia (RBA) had stepped in to buy up to A$4 billion of government debt on Monday to ease rising yields. The central bank would also meet today.

Gainers and losers Austal Ltd (up 8.44 per cent) and Reece Ltd (up 7.04 per cent) were among the top gainers. The laggards were Fortescue Metals Group Ltd and Ramelius Resources Ltd, down 5.93 per cent and 3.53 per cent, respectively.

The index has lost 0.37 per cent for the last five days, but sits 1.79 per cent below its 52-week high.

The broader All Ordinaries index was up 1.471 per cent, while the ASX 200 VIX Index was down 8.919 per cent.

Most sectors were trading in green. While ASX 200 Information Technology was up 2.966 per cent, ASX 300 Metals and Mining was down 0.048 per cent.

Australian Dollar, Bonds, Oil and Bitcoin

AUD/USD was currently trading up 0.29 per cent to 0.7774.

WTI Crude Oil (Futures) last traded down 2.11 per cent to US$60.20 per barrel.

The Australian government’s 10-year bond yields stood at 1.674, up 0.30 per cent.

Bitcoin was trading up 8.50 per cent to US$49,113.89.


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