Good morning and welcome to the Morning Outlook. I’m Rachael Jones reporting live from Kalkine TV
Sydney studio. The Australian shares look set to continue with their rise today, likely supported
by gains in domestic miners and energy stocks on the back of robust commodity prices,
and strong overnight finish on Wall Street.
At the closing bell, the S&P/ASX 200 was 0.3 per cent or 26 points higher at
7,441.The ASX 200 is expected to open the day 21 points or 0.3% higher this morning
after rising 0.3% to 7,441 points on Monday. Tech shares such as Afterpay Ltd and
Xero Ltd are expected to do well today following a strong night on the tech-focused NASDAQ.
Yesterday on the ASX, all sectors closed in the green, except technology, down 0.7 per cent, and
industrials, down 0.4 per cent. Energy dominated today, closing 2.6 per cent higher, followed by
utilities, up 1.3 per cent, then materials, up 1 per cent. The best-performing stock was
Mineral Resources (ASX:MIN), closing 9 per cent higher following the restart of its MARBL lithium
joint venture at the Wodgina Lithium Mine. The worst-performing stock was Perpetual (ASX:PPT),
closing 5.2 per cent lower. In local business news from this morning, Fonterra Co-operative Group
today increased and narrowed its forecast Farmgate Milk Price range to NZD $7.90 - $8.90 per kg
milk solid, from NZD $7.25 - $8.75 per kgMS. The midpoint of the range, which farmers are paid off,
has increased to NZD $8.40 per kgMS, from NZD $8.00 per kgMS. Fonterra CEO Miles Hurrell
says the lift in the forecast is a result of continued demand for New Zealand dairy
relative to supply. Australian clinical-stage drug development company Noxopharm (ASX:NOX)
has treated the first patient into the IONIC-1 trial supported by Noxopharm and Bristol Myers
Squibb (BMS). A positive outcome would mean Veyonda resulting in more cancer types
and more patients being responsive to immune checkpoint inhibitor (ICI) therapy,
opening up the multi-billion-dollar ICI market to Noxopharm. The IONIC-1 trial is
a pilot Phase 1 trial in approximately 30 cancer patients, combining Veyonda® with the BMS drug,
Opdivo® (nivolumab), for the treatment of a range of tumour types. The trial is being
conducted at a number of sites in Australia. Wisr has reported that after a tenure of six
years, Non-Executive Director, Mr Christopher Whitehead, will be retiring from the Wisr Board
with effect from the end of the Wisr AGM, on 24 November 2021. Appointed on 18 September 2015,
he has decided not to seek re-election to allow for Board renewal, noting his long tenure
and taking on additional business interests.Let’s take a short break here. Stay tuned to Kalkine TV.
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Welcome back, Im Rachael jones and you are watching
the morning Outlook report Live on Kalkine TV.
Over in Europe the pan-European STOXX 600 gained
0.07%. Global stock markets were upbeat and US Treasury yields slipped as investors
eyed better-than-expected US corporate earnings season that kicks into gear this week. US Treasury
yields were lower as uncertainty about when the Federal Reserve would raise rates to curb
rising inflation weighed on market sentiment. The benchmark US 10-year yield fell to 1.6352%. The
US dollar rose from a one-month low on Monday, ahead of central bank meetings and economic
data coming later this week, boosted by the prospect of a tighter US monetary policy. Iron
ore prices were stable to start the week though market sentiment remained weak as China's State
Council proposed to strictly limit high-carbon steel projects according to a work document
released over the weekend. Copper prices recovered Monday after two consecutive negative sessions,
supported by low inventories and the metal acting as a hedge against rising global inflation.
Gold is trading ~1% higher against a retreat in U.S. bond yields and ahead of a raft of
major central bank meetings this week. Spot gold gained 0.8% to US$1,805.90 per ounce. Meanwhile,
iron ore's most-traded January contract on China's Dalian Commodity Exchange ended 1.7% higher
at US$107.85 a tonne. Oil prices continue to trade near multi-year highs against tight
global supply and strengthening fuel demand in the U.S. Brent crude futures gained 0.6%
to US$86.07 a barrel. West Texas Intermediate (WTI) crude futures rose 0.2% to US$83.96 a
barrel in early afternoon trading. Have a great day trading and stay tuned for more market updates
and economic news live throughout the day. This is Rachael Jones signing off for now.