Futures markets point to another strong day on the ASX

By Trevor Hoey. Published at Jul 2, 2020, in Market Wrap

The S&P/ASX 200 index (XJO) made a solid start to the financial year, gaining 36 points or 0.6% to close at 5934 points.

The ASX SPI200 futures index is up 42 points to 5945 points, suggesting this positive momentum will be sustained on Thursday.

Other markets in the Asia-Pacific region were mixed with the Nikkei 225 shedding 166 points to close at 22,121 points.

The Hang Seng gained 0.5% or 125 points to close at 24,427 points.

Strong manufacturing numbers coming out of China provided a boost for the Shanghai Composite index which gained 41 points or 1.4%, pushing it through the 3000 point barrier to 3026 points.

It was a sea of red in the UK and European region with the FTSE 100 falling 0.2% to 6158 points.

The DAX also succumbed to negative sentiment, shedding 50 points to close at 12,260 points.

The CAC 40 came off 0.2%, closing at 4927 points.

It was a mixed bag in the US with the NASDAQ hitting a new record high of 10,221 points before closing at 10,154 points, a gain of nearly 100 points.

In contrast, the Dow slumped 0.3% to close at 25,784 points.

The main factors at play were encouraging manufacturing data set against below expectation employment figures.

The gold price pulled back from its US$1800 per ounce levels to close at US$1780 per ounce.

The Brent Crude Oil Continuous Contract is hovering in the vicinity of US$42 per barrel.

The iron ore price continues to hover just above US$99 per tonne.

Most base metals trended downwards but not to any great extent.

The Australian dollar is fetching US$0.69.

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