Highlights
- The Australian shares are likely to open in the green on Tuesday.
- The ASX 200 may open 16 points or 0.2% higher.
- The Dow Jones declined 0.6%, the S&P 500 dipped 0.7%, and the NASDAQ ended 1% lower.
The Australian shares are likely to open in the green on Tuesday despite Wall Street’s poor closing in the overnight trade. According to experts, the market sentiments may remain weak on concerns related with aggressive global interest rate hikes, along with a possible decline in mining shares on muted underlying prices.
According to the latest ASX futures, the ASX 200 may open 16 points or 0.2% higher. On Monday, the benchmark index closed 1.95% lower at 6,965.5 points.
BWX Ltd (ASX:BWX), Bubs Australia Ltd (ASX:BUB), Cettire Ltd (ASX:CTT), Harmoney Corp (ASX:HMY), Harvey Norman Holdings Ltd (ASX:HVN), Healius Ltd (ASX:HLS), IGO Ltd (ASX:IGO), Resimac Group Ltd (ASX:RMC), Sandfire Resources NL (ASX:SFR), Temple & Webster Group Ltd (ASX:TPW), Woodside Energy Ltd (ASX:WDS), and WISR Ltd (ASX:WZR) are a few ASX-listed firms which are set to announce their financial results today.
Global stocks
On Monday, global stocks declined amid rising risk of more aggressive US and European interest rate hikes inflicted more pain on debt markets. It also resulted in pushing the US dollar to new 20-year highs.
On Wall Street, the Dow Jones declined 0.6%, the S&P 500 dipped 0.7%, and the NASDAQ ended 1% lower.
In Europe, the Stoxx 50 fell 0.9%, the CAC dropped 0.8%, and the DAX slipped 0.6%.
Bond yields
The short-term bond yields rose globally amid aggressive chorus from central banks, while further inverting the Treasury curve as investors priced in an eventual economic downturn.
Two-year US yields rose to a high of nearly 3.49%. Similarly, the 10-year US bond yields surged to 3.11%. On the other hand, the US Dollar jumped to a fresh two-decade peak at 109.48 against a basket of major currencies.
Oil prices inch higher
On Monday, oil prices rose over 4% as potential OPEC+ output cuts and conflict in Libya helped to counter a strong US dollar.
- Brent crude finished 4.1% higher at US$105.09 a barrel.
- WTI crude rose 4.2%, to US$97.01.
Gold prices rise
Gold prices rose, recovering from a one-month low as a dollar rally lost its steam.
- Spot gold was steady at US$1,737.57 per ounce by 2:15 PM ET (1815 GMT).
Iron ore prices fall
On Monday, Dalian iron ore prices fell on concerns about steel production curbs in top producer China re-emerged.
The most-traded January iron ore contract on China's Dalian Commodity Exchange closed 1.4% lower at 714 yuan (US$103.19) a tonne.