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. the US stocks pared gains after manufacturing data revealed expansion amid surging commodity prices and shortages of materials.
Crude oil prices traded higher, and the global equities market hit a record high as investors rode concerns of rising inflation. As traders awaited clues on Fed’s direction, the dollar index fell 0.012%, while the yield on US 10-year government debt increased to 1.6113%. However, during the early session, the dollar edged higher against a basket of peer currencies after US manufacturing data revealed a stronger-than-expected pickup in activity.