The ASX is tipped to open higher this morning — the ASX SPI Futures are up 0.10% at 8,335 points — following a mixed session on Wall Street overnight.
The Dow Jones index fell by 55 points or 0.1%, but the S&P 500 index gained 0.4% and the Nasdaq index added 112 points or 0.6%.
The S&P 500 and the Nasdaq indexes rebounded as investors awaited quarterly results from artificial intelligence leader Nvidia on Wednesday. The chip giant's shares fell 1.3%.
Tesla (NASDAQ:TSLA) jumped 5.6% following a report that members of US President-elect Donald Trump's transition team were seeking to ease US rules for self-driving cars. Shares of Uber and Lyft (NASDAQ:LYFT) fell 5.4% and 4.5%, respectively.
Apple (NASDAQ:AAPL) and Netflix (NASDAQ:NFLX) rose 1.3% and 2.8%, respectively, while Advanced Micro Devices (NASDAQ:AMD) surged 3%.
Chipmaker Super Micro is expected to file a plan for its annual report by Monday so as to avoid having its listing removed from the Nasdaq.
Nike (NYSE:NKE) slid 2.3%, weighing on the Dow Jones index, as did TD Cowen after meeting with channel contacts and field work.
European markets kicked-off the week on a dour note on Monday, weighed down by declines in real estate stocks, which fell 1.7%.
Basic Resources was the best-performing sector, gaining 0.6% as copper prices ticked up.
- The continent-wide FTSEurofirst 300 index inched up 0.1%.
- In London, the UK FTSE 100 index gained 0.6%, buttressed by a 3.2% jump in precious metal miners.
Currencies
Currencies were mixed against the US dollar in European and US trade.
- The Euro rose from US$1.0532 to US$1.0606 and was near US$1.0595 at the US close.
- The Aussie dollar lifted from 64.47 US cents to 65.10 US cents and was near 65.05 US cents at the US close.
- The Japanese yen eased from 154.31 yen per US dollar to JPY155.32 and was near JPY154.60 at the US close.
Commodities
Global oil prices gained over US$2 a barrel on Monday after news of halted crude production at Norway's Johan Sverdrup oilfield, which added to earlier gains stemming from escalation in the Russia-Ukraine war.
- The Brent crude price rose US$2.26 or 3.2% to US$73.30 a barrel.
- The US Nymex crude price added US$2.14 or 3.2% to US$69.16 a barrel.
Base metal prices were mixed on Monday. The US dollar weakened, but the upside was limited due to uncertainty about potential US tariffs and Chinese stimulus.
Copper futures rose 1.4% but aluminium futures fell 1.2% as the market digested news about China's scrapping of export rebates.
The gold futures price rose US$44.50 or 1.7% to US$2,614.60 an ounce on Monday, after six days of losses, as the US dollar's surge stalled and heightened uncertainty over the Russia-Ukraine conflict rekindled safe-haven demand.
- Spot gold was trading near US$2,610 an ounce at the US close.
Iron ore futures gained 13 US cents or 0.1% to US$101.76 a tonne on Monday, underpinned by firm near-term demand and revived hopes of further economic stimulus from China.
What’s on today?
The RBA Board issues the minutes from the November 5 monetary policy meeting.
ALS and Technology One release earnings. BlueScope Steel (ASX:BSL), KMD Brands, SEEK and Sonic Healthcare all host AGMs. Santos holds an investor briefing.
What’s happening in small caps?