Hello, I’m James Preston and welcome to the morning outlook exclusive to kalkine tv
– providing you with all the information you’ll need for a successful day of trading.
Australian shares are set to rise at open to close out the week of trading after Wall
Street witnessed a broad rally in the overnight trade.
The domestic market is expected to be supported by the commodity sub-indices, while investors
are set to welcome the likelihood of aggressive interest rate hikes to curb rising consumer
prices.
Meanwhile, oil prices surged on concerns related with supply and sterling rallied following
the resignation of UK Prime Minister Boris Johnson.
As per the latest ASX Futures, the ASX 200 is likely to open 52 points or 0.8% higher
on Friday.
On Thursday, the benchmark ASX 200 index surged 0.8% to 6,648 points.
On Wall Street, the Dow Jones advanced 1.1%, the S&P 500 surged 1.5%, and the NASDAQ ended
2.3% higher.
In Europe, the Stoxx 50 rose 2%, the FTSE advanced 1.1%, the CAC rose 1.6%, and the
DAX ended 2% higher.
For Asian markets, it was a see of green.
Japan’s Nikkei rose by 1.47%, China’s Shanghai Composite saw a marginal gain of
0.27% as did Hong Kong’s Hang Seng rising by 0.26%.
While emerging market stocks advanced 1.43%, MSCI's gauge of stocks across the globe rose
1.57%.
TIME now for a quick break before we take a look at the Aussie dollar, oil, gold and
the world
of crypto!
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Welcome back to the morning outlook where we give you all the information you’ll need
for a successful day of trading.
The Aussie dollar is trading 68.47 US cents at present and has been largely stable over
the past 5 days.
US treasury yields have risen with investors awaiting the release of jobs data – which
is scheduled to drop today.
The data is set to play a crucial role in the federal reserves next policy determination.
Benchmark 10-year notes last fell in price to yield 3.0075%, from 2.911% late on Wednesday.
The US dollar index rose 0.019%, while the euro fell 0.23% at
Moving on and oil prices rebounded on Thursday from the sharp losses recorded in the last
two sessions as supply concerns offset recession fears.
WTI crude rose 4.26% to US$102.73 per barrel.
Brent closed at US$104.65, up 3.93%.
Gold prices also rose.
The safe haven asset saw an increase as a result of a softer US dollar.
Spot gold advanced 0.1% to US$1,740.19 an ounce.
US gold futures gained 0.16% to US$1,737.60 an ounce.
Meanwhile, Dalian iron ore rose 5% on Thursday amid softening in the US dollar.
However, fears over a global recession and fresh coronavirus-induced restrictions persisted
in China.
On the other hand, the prices of copper rose on Thursday from the 20-month low hit on the
last day on reports of a possible economic stimulus in China.
And lastly, the crypto has experienced a minor resurgence.
In the past 24 hours the global crypto market capitalisation has increased by 3.66% to be
valued at approximately $US959B.
Flagship cryptocurrency Bitcoin has jumped by more than 5% to trade above 21k and has
increased by a whopping 13.7% over the past week.
Ethereum has also sky rocketed by more than 20% in the last 7 days to trade at more than
$1,200 per token.
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.