This is THE EARLY TRADES SHOW. Let us cast an eye over how market charter is panning out today. • Overnight, the US stock market seesawed while global equities markets rallied ahead of a closely watched Federal Reserve report that will glean insights into how companies are coping with rebounding consumer demand.
• The ASX 200 index climbed point 7 percent to reach 7,266 during early trade session, after having closed 1 point 1% higher on Wednesday.
• The energy index climbed above 2% to gain the most on the benchmark and to its highest position since mid-April, as oil prices hit a more than 1-year high on OPEC+ decision to stick with its plan to ease supply cuts through July.
• the energy sector has gained 7.5 per cent for the past five days over favourable oil price dynamics.
• Financial stocks followed suit, rising point 9%, with the "big four" banks gaining between point 7% and 1%. Meanwhile, Tech stocks tracked the Nasdaq higher to rise point six per cent .
• iron ore miners Fortescue Metals Group and Rio Tinto are trading in green with the mining index - hitting their highest in two weeks as iron ore prices jumped on hopes of easing production curbs for steel products.
• Shares of the pathology services provider Australian Clinical Labs skyrocketed on the back of an upgrading earnings forecast.
• Global lithium company Galaxy Resources edged lower despite upgrading its production guidance for the full year.
• Australian-based regenerative medicine company Mesoblast’s revenue has dipped.