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Steady State Markets

Published 17/05/2018, 10:24 am
Updated 04/08/2021, 01:15 am

Originally published by CMC Markets

A modestly positive pulse in overnight trading should see Asia Pacific markets marking time today. A weaker euro is boosting other major currencies, while firmer energy and base metals prices are supporting commodity currencies like the Australian dollar. Disappointing capital goods data from Japan may weigh on regional shares, although Australian employment numbers due later this morning could see the S&P/ASX 200 index find its own direction.

US bonds continued their sell off. The 10-year benchmark closed just below 3.1%, a crucial inflection point. However US investors shrugged off the impact of higher interest rates, keeping key indices in the green throughout the trading session.

Resource stocks are in the spotlight. Copper and iron ore miners may find support at the expense of gold miners.

Reports of a revised and binding takeover bid for Santos (AX:STO) from the Harbour Energy consortium may explain yesterday’s energy sector’s gains.

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