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 likely to begin the week on a solid note after strong closing
by Wall Street last Friday.
The domestic market is expected to trade higher as investors look to play down concerns around
interest rate hikes.
On the other hand, improving underlying prices could aid commodities.
According to the latest SPI futures the benchmark ASX 200 is likely to open 103 points or 1.6%
higher.
Metcash Ltd (ASX:MTS) is among the ASX-listed firms that are set to release their full-year
results today.
In the US, the Dow Jones rose 2.7%, the S&P 500 surged 3.1%, and the NASDAQ ended 3.3%
higher.
Last week, the benchmark S&P 500 confirmed a bear market.
The MSCI's gauge of stocks across the globe surged 2.63%.
In Europe markets enjoyed a positive end to the week on Friday.
London’s FTSE rose by 2.68%, the German DAX rose 1.59%, and the French CAC 40 rose
by a staggering 3.23%.
Asian markets also finished the week in the green.
Japan’s Nikkei rose by 1.23%, China’s Shanghai Composite saw a marginal increase
of 0.89% and Hong Kong’s Hang Seng was the biggest gainer surging by 2.09%.
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!
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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 under 70 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 0.19%.
Moving on and Oil prices rebounded on Friday, rising by over US$3, buoyed by tight supply.
However, oil recorded its second weekly fall on the back of worries that surging rates
could lead the global economy into recession.
Brent crude ended up 2.8% at US$113.12 a barrel.
WTI crude closed 3.2% higher at US$107.62.
Gold prices also inched higher.
On Friday, gold prices rose as concerns around recession increased its appeal as safe haven.
Spot gold gained 0.2% to settle at US$1,826.39 an ounce
Meanwhile, copper ended 0.5% lower at US$8.367 on Friday on London Metal Exchange.
It earlier hit US$8,122.50, down 25% from a peak in March.
Similarly, Dalian iron ore futures settled on a higher note last Friday after an all-time
high 10-session fall.
However, iron ore prices were under stress in Singapore on account of weak demand outlook
from China which is world’s top producer of steel.
And lastly, the crypto market enjoyed some growth throughout Friday and Saturday, before
dipping on Sunday.
In the past 24 hours the global crypto market capitalisation has decreased by 1.51% to be
valued at approximately $US948B up from Friday mornings market cap of 926B us dollars.
Flagship cryptocurrency Bitcoin has fallen by 1.48% in the past 24 hours, but has increased
by 2.86% over the past week.
It currently sits just above 21k.
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.
**************ENDS ************
Title: ASX 200 to rise following strong Wall Street close on Friday