The Opening Bell || ASX 200 Struggles For Direction; Pulled Down By Miners

Hi,You are watching ‘The Opening Bell’.  Let us cast an eye over how market charter is panning out today. 

• The ASX 200 edged lower during early trade hours today amid sliding commodity prices, with sentiment dented by a weaker Wall Street finish overnight.

• Gold miners are leading the decline. Silver Lake Resources, Ramelius Resources, Persues Mining dropped more than 5 per cent. While, Northern Star Resources and Evolution Mining also tumbled. The iron ore majors also fell; Fortescue Metals Group, Rio Tinto and BHP all fell close to 2 per cent.

• Appen and Auckland International Airport also slid. According to the latest update, Mark Brayan, CEO and Managing Director of Appen has sold 109,430 shares.

• , On Thursday, the benchmark index was in an uptrend and closed the session 0.59 per cent higher, at the 7260 level, an all-time high closing for the index. Today, the ASX 200 may face some pressure as reverting commodity prices from the higher levels are likely to weigh on resource-heavy sectors, with sentiment dented by a weaker Wall Street closing. 

• On that note, lets explore some important updates from the US markets. The global stock markets were little changed yesterday after retracing from near-record levels earlier in the week, as market participants studied robust US data reports for economic recovery and inflation signals. 

• On Wall Street, the Dow Jones closed 0.06 per cent down, while the S&P 500 shed 0.36%. The NASDAQ Composite index lost 1%. 

• However, US stocks pared back some losses from the lower levels on Thursday after reports that President Joe Biden has offered to scrap his proposed corporate tax hike. 

• A better-than-forecast US private payrolls numbers for May drove market sentiments, while weekly unemployment data revealed strength in the labour market. On top of that, a measure of service sector activity rose to a record high, pointing to a solid economic recovery. 

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