Investing.com - The Australian Securities Exchange (ASX) is expected to open on an upbeat note this Tuesday as investors look toward the critical earnings reports from leading tech behemoths Tesla Inc (NASDAQ:TSLA), Meta Platforms Inc (NASDAQ:META) and Microsoft Corporation (NASDAQ:MSFT).
Among commodities, Copper prices are on a sharp upward trajectory, approaching $US10,000 a tonne and marking a new two-year high. In contrast, gold saw its most significant fall since February 2023, dropping by as much as 2.5% to trade as low as $US2,331.22 an ounce following a five-week rally. West Texas Intermediate crude rebounded from a monthly low, trading above $US83 a barrel, still marking a 12% annual increase.
On the currency front, the recent rally of the US dollar could potentially impede the Australian dollar's recovery, creating a new obstacle for the Reserve Bank of Australia's ongoing battle against inflation.
- The Australian dollar experienced a 0.5% uptick, reaching 64.51 US cents.
- Bitcoin climbed by 2.5%, settling at $US66,358 as of 5am AEST.
- Wall Street indices showed positive trends: Dow Jones Industrial Average +0.9%, S&P 500 +1.2%, NASDAQ Composite +1.4%.
- In New York, BHP (ASX:BHP) Group Ltd ADR (NYSE:BHP) advanced by +0.7%, Rio Tinto ADR (NYSE:RIO) by +0.5%, and Atlassian Corp Plc (NASDAQ:TEAM) by +2.5%.
- Tech giants exhibited varied results: Tesla dropped by -3.2%, Microsoft increased by +0.7%, Apple Inc (NASDAQ:AAPL) by +0.8%, and NVIDIA Corporation (NASDAQ:NVDA) by a significant +4.6%.
- Spot gold experienced a considerable decline, dropping by 2.5% to $US2331.06 per ounce as of 3pm in New York.
- Brent crude saw a minor decrease, down by 0.3% to $US87.04 a barrel.
- Iron ore prices dipped slightly by 0.2% to $US116.20 a tonne.
- 10-year yields were reported at: US 4.62%, Australia 4.32%, Germany 2.48%.
Among local data releases, S&P's flash PMI and ABS government finance statistics are on the agenda. Internationally, key data to watch include the Euro zone Markit PMI for April, UK public sector borrowing for March, US Markit manufacturing and services PMI for April, and US new home sales for March.