Hello, I’m James Preston and welcome to the morning outlook exclusive to kalkine tv – where
we provide you with all the information you’ll need for a successful day of trading.
Australian shares are set to open lower on Wednesday following a dismal overnight
session of trade on Wall Street. Additionally, a fall in June consumer confidence in the US
reignited concerns around aggressive interest rate hikes by the Federal Reserve. On the other hand,
strong prices of commodities are set to keep boosting shares of energy and mining companies.
The benchmark ASX 200 index is likely to open 80 points or 1.2% lower, as per the latest
ASX futures. On Tuesday, the ASX 200 surged 0.85% to 6,763.6 points.
The share price of Carsales.Com Ltd (ASX:CAR) is set to be in focus today
as the stock returns from its trading halt.
On Wall Street, the Dow Jones fell 1.55%, the S&P 500 dipped 2%, and the NASDAQ ended 3% lower.
In Europe, the Stoxx 50 rose 0.3%, the FTSE gained 0.9%, the DAX surged 0.3%, and the CAC
ended 0.6% higher. On the other hand, MSCI's gauge of stocks across the globe fell 0.44%.
As for Asian markets, China saw its stocks rise as COVID-19 related restrictions
were eased in the country. The Shanghai Composite rose by 0.89%,
Japan’s Nikkei rose by 0.66% and Hong Kong’s Hang Seng saw an increase of 0.85%.
TIME now for a quick break on the Morning Outlook before we take a look at the Aussie dollar,
oil, gold and the world of crypto! @@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
Welcome back to the morning outlook on Kalkine TV where
we give you all the information you’ll need for a successful day of trading.
The Aussie dollar is trading just above 69 US cents at present and has been largely
stable over the past 5 days. Over the past 24 hours it’s seen a marginal increase of 0.03%.
Moving on and US Treasury yields were mostly flat on Tuesday
after a report showed consumer confidence slumped in June on
concerns that high inflation will likely weaken economic growth later this year.
The yield on 10-year Treasury notes fell 0.2 basis points to 3.20%, it was a similar
scenario for both 2 and 5 year yields. Also, Oil prices ended on a strong note
for the third day on Tuesday. It happened as the UAE and Saudi Arabia struggled to increase
production significantly while the West planned ways to cap the Russian oil prices.
Brent crude futures rose 2.5% to end at US$117.58 a barrel by 12:33 PM EDT (1633 GMT).
WTI crude closed 2% higher at US$111.76 a barrel.
Conversely gold prices inched lower. Gold prices fell on challenges posed by the
likelihood of higher interest rates. However, the concerns around recession also provided a boost.
US gold futures closed 0.2% lower at US$1,821.2.
And lastly, the crypto market has slumped once more. In the past 24 hours the global
crypto market cap has decreased by 3.1% to be valued at approximately $US910B
down from Tuesday mornings market cap of 938B us dollars.
Flagship cryptocurrency Bitcoin has fallen by 2.64% in the past 24 hours, indicating
a decrease of 1.74% over the past week. It currently sits just above the crucial 20k floor.
Well that’s all for the morning outlook. Have a great day trading and make sure to keep it locked
on Kalkine TV for the latest market insights and business news. I’m James Preston reporting for
Kalkine.