ASX Expected to Rise Due to Rising Commodity Prices, US Equities Regain Lost Ground

The Australian stock market is expected to open higher amid rising iron ore and copper prices, and Wall Street has regained some of this week’s losses.

As of 7:05 am AEDT, the futures index, the ASX SPI 200, was up 0.4% to 7,403.

The Australian dollar slipped again overnight and lost 0.5 percent to 72.92 cents US.

The S&P 500 and Nasdaq edged higher overnight, with chipmakers helping indexes resume their ascent after warmer-than-expected inflation reports weakened investor sentiment and interrupted a series of closing highs record.

Walt Disney fell on a disappointing earnings report, dragging the Dow Jones into the red.

Oliver Pursche, senior vice president of Wealthspire Advisors in New York City, said the market was rebounding after yesterday’s liquidation.

“This story hasn’t changed much,” he said.

“We will continue to make improvements in the economy, to have fairly strong earnings growth.”

The bond market was closed for Veterans Day. In the absence of economic data and with the end of the third quarter earnings season, there were few catalysts to move markets either way.

Investors favored growth over value and small, economically sensitive companies outperformed the overall market.

With US inflation surging last month, investors fear the US central bank, the Federal Reserve, will raise interest rates sooner rather than later.

The Dow Jones Industrial Average fell 0.4% to 35,944, the S&P 500 gained 0.14% to 4,653 and the Nasdaq Composite added 0.6 to 15,720.

Miners led the gains on the S&P 500, while utilities led the fall.

Walt Disney shares fell 7% to US $ 162.23 and were the biggest drag on the Dow Jones after the publication of its disappointing results, in which the media company reported deficits of streaming subscribers and theme park revenues.

Shares of electric car maker Rivian Automotive jumped a fifth a day after closing 29% above its offer price when it debuted as a publicly traded company.

Rival Lucid Group shares jumped 9.6%.

But Tesla slipped 0.2% after news CEO Elon Musk sold about $ 5 billion ($ 6.9 billion) of the company’s stock in the past few days, following its infamous Twitter poll on whether to sell 10% of its shares. in the company he founded.

European equities on the rise

European equities gained ground.

The FTSE 100 in London rose 0.6% to 7,384, the DAX in Germany rose 0.10% to 16,083 and the CAC 40 in Paris gained 0.2% to 7,060.

Oil prices edged down as Brent crude edged down 0.02% to US $ 82.62 per barrel.

Spot gold rose 0.6% to US $ 1,861.50 an ounce.

ABC / Reuters