Overnight headlines
Australian stocks are expected to begin up more than 1% higher, keeping up with strong gains elsewhere on growing rumours that China is getting ready to relax severe COVID-related restrictions.
As of 6976, ASX futures were up 91 points, or 1.32 percent. All three major US benchmarks closed at least 1.3 percent higher, and shares increased by more than 2% throughout Europe.
The local currency increased 2.88 percent to 64.70 US cents as a result of rising prices for basic metals, iron ore, gold, and other commodities.
The 10-year US Treasury yield increased by 1 basis point to 4.16 percent.
Market movements
- AUD up 2.88 percent to 64.70 US cents
- On Wall Street: Dow up 1.3%; S&P +1.4% Nasdaq rose 1.3%
- Stoxx 50 increased 2.7% in Europe. FTSE +2% CAC +2.8% DAX +2.5%
- Spot gold increased by 3.2% to US$1681.87/oz in New York;
- Brent crude increased by 4.1% to US$98.50/barrel;
- Iron ore increased by 5.1% to US$88.05/tonne;
- The 10-year yield was US$4.16%. 3.84% for Australia Europe 2.29 %
Today’s agenda
Wednesday RBA Michele Bullock’s Thursday address consumer predictions for inflation in MI November
Key week ahead overseas data: Monday China’s October trade balance; Wednesday’s CPI and PPI figures for China; Thursday’s CPI figures for the US; and Friday’s GDP figures for the UK
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