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.
The Australian share market is expected to begin the week
on an upbeat note following a robust closing on Wall Street.
As per the latest ASX Futures, the benchmark ASX 200 index may open on
Monday 96 points or 1.5% higher. Last Friday, the index declined 0.4% to 6,539.9 points.
Meanwhile, all will be on the Reserve Bank of Australia’s (RBA) July 5 monetary policy
meeting. According to economists, the RBA is expected to lift the official
cash rate from to 1.35% from 0.85% as it continues with its policy tightening approach.
On Wall Street, the Dow Jones rose 1.05%,
the S&P 500 surged 1.05%, and the NASDAQ ended 0.9% higher.
In Europe, the Stoxx 50 fell 0.2%, the FTSE was flat, the DAX surged 0.2%,
and the CAC ended 0.1% higher. The manufacturing activity in the euro
zone saw its first decline in June since the initial wave of COVID-19 in 2020.
MSCI's world stocks index rose 0.4%.
And in Asian markets, it was a sea of red. Japan’s Nikkei fell by 0.91%, China’s Shanghai
Composite dipped by 1.4% and Hong Kong’s Hang Seng endured the biggest loss falling by 1.88%.
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 has been largely stable over the past
five days and is currently buying 68.25 US cents.
Moving on and bond yields fell as investors anticipated that
the US Federal Reserve would implement policy to tackle inflation concerns.
The yield on 10-year notes closed down 8.5 basis points at 2.889%. The
two-year yield fell 8.8 basis points to 2.839%.
On Friday, the US dollar closed higher. The dollar
index advanced 0.36% against a basket of currencies to 105.12.
Oil prices rose amid concerns of likely shutdowns in Norway and supply outages in Libya.
Brent crude futures closed at US$111.63 a barrel, rising 2.4%.
WTI crude closed at US$108.43 a barrel, advancing 2.5%.
Much like Oil, Gold Prices also fell. The safe haven asset saw its price
decline as looming rate hikes soured appetite for the non-yielding asset.
US gold futures closed down 0.3% to US$1,801.5.
Three-month copper on the London Metal Exchange fell 2.6% to US$8,047 a tonne
amid concerns about a possible recession hitting metal demand.
Similarly, iron ore's most-traded September contract on China's
Dalian Commodity Exchange closed 6.9% lower.
And lastly, the crypto market has slumped once more. Over the weekend more value was
wiped from the market, however In the past 24 hours the global crypto market cap has
seen a marginal increase of 0.16% to be valued at approximately $US874B,
but this is still well down from the $US900B market cap on Thursday.
Flagship cryptocurrency Bitcoin once again dropped below the crucial 20k floor,
and is currently trading at around 19.2k having fallen by 8.75% over the past week.
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.