The Early Trades | ASX 200 takes a flight; Energy and Material Stocks Gain.

Well, ASX 200 is charged-up today given upbeat US economic data and robust commodity prices. Ahead of the quarterly GDP data release, ASX 200 soared 0.5 during the early trade session.

The top performing stocks in this index are Bluescope Steel (ASX:BSL) and BHP Group (ASX:BHP) amid iron ore price uptick. A2 Milk (ASX:A2M) is also leading per centage gainer on the ASX amid China’s shift to three-child policy, boosting the prospects of infant formula industry. Heavyweight miners such as RIO and FMG are also trading in the green zone. After two consecutive days of selling, today, Australian shares are set for a positive trade ahead of the country's first-quarter economic growth data, with strong commodity prices expected to lift local mining and energy stocks. While it is to be seen if the momentum in so-called commodity supercycle overpowers the virus woes.  Australian energy players such as Woodside Petroleum Limited (ASX:WPL), Santos Limited (ASX:STO) and Beach Energy Limited (ASX:BPT) may continue to face a green trading session. 

Crude oil prices settled higher on Tuesday, with Brent crude futures hitting above US$71 and trading at its highest level since March 2021.

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