ASX set to open higher after volatile session overnight
Wall Street had a rocky session overnight. The Dow and Nasdaq recovered from earlier losses to close higher, up 0.20% and 0.37% respectively.
After giving up stronger gains early in the session, that were spurred by a request from the US Fed to Washington for more stimulus measures, S&P 500 closed up 0.30%.
In Europe, Germany's DAX fell 0.3% and France's CAC 40 fell 0.8%, while in London, the FTSE 100 lost 1.3%.
In Asia, Shanghai was down 1.72% and the Nikkei 225 fell 1.1%, while the Hang Seng dropped 1.8%.
The ASX 200 finished down 0.8%, or 48 points, on Thursday to 5875.9 points on relatively light volume and was down as much as 1.7% at the open.
Note, however, this down day was coming off the back of the strongest day in two months on Wednesday, in which the market gained 2.4%.
The local market is expected to open slightly higher with the ASX SPI200 futures up 7 points at 8:30 AEST.
ASX Technology stocks are down 6.5% lower since the start of the month. Buy now, pay later leader Afterpay lost $4.59 yesterday to close at $74.14, while Sezzle lost 5.6%. PointsBet fell 5.7%, weighing on the index.
ASX Resource stocks were down yesterday as commodity prices pulled back. The materials sector lost 1.5% with BHP, Rio Tinto and Fortescue Metals each down.
Gold hit a two month low which sent miners, Newcrest, Northern Star, and Evolution lower. Gold is now buying $US1,868/oz.
Iron ore lost more than 2% on Thursday for a more than 6% drop over the past week. Overnight, iron ore gained 0.8% to US$114.67/t.
Brent crude is flat at $US41.76 a barrel, while WTI (US) oil is up 0.7% to $US40.19 a barrel.
ASX listed Energy stocks have now lost more than 10% over the past month.
The Aussie dollar continue its slide, now at US$0.7054 after hitting a two month low overnight of US$0.7016.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
Publishers Notice
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.
