AU Morning Wrap: Miners Boost Shares; BHP, Rio Gain
G'day, mooers! Check out the latest news on today's stock market!
• Wall Street drop
• Miners boost shares; BHP, Rio gain
• Stocks to watch: South32, BlueScope Steel, MMA Offshore
• Wall Street drop
• Miners boost shares; BHP, Rio gain
• Stocks to watch: South32, BlueScope Steel, MMA Offshore
Wall Street Summary
Indexes opened cautiously green but fell after treasury yield pullbacks were insufficient to keep stocks afloat. $ASML Holding(ASML.US$, a maker of semiconductor chip manufacturing equipment, fell dramatically on earnings, spelled a warning for the semiconductor industry.
The $S&P 500 Index(.SPX.US$ traded -0.58%, the $Dow Jones Industrial Average(.DJI.US$ fell 0.12%, and the $Nasdaq Composite Index(.IXIC.US$ fell 1.15%.
$U.S. 2-Year Treasury Notes Yield(US2Y.BD$ fell by 0.5% to 4.92%, while the $U.S. 10-Year Treasury Notes Yield(US10Y.BD$ grew 1.41% to 4.61% as of 18: 00 ET on April 17.
AU Market Watch
At the opening bell, Australian shares rose by 0.2%, driven by a stronger iron ore price that resulted in gains for iron ore majors $BHP Group Ltd(BHP.AU$, $Fortescue Ltd(FMG.AU$, and $Rio Tinto Ltd(RIO.AU$.
Today, the focus will be on local interest rates as employment data is set to be released at 11.30am AEST. According to market analyst Josh Gilbert from eToro, there is an anticipation for unemployment to rise from 3.7 per cent in February to 3.9 per cent, but some experts estimate it may go as high as 4.2 per cent. In the event of such a high reading, expectations for rate cuts may once again be revised. A poor unemployment figure this month could delay rate cuts even further.
ASX 200 futures are currently trading at 7665, slightly down by 1 points, indicating a 0.01% decrease.
Commodity
US Reimposes Oil Sanctions on Venezuela for Broken Election Promises
The US government is reimposing oil sanctions on Venezuela, citing President Nicolás Maduro's failure to fulfill his commitment to hold a free and fair presidential election this year. Despite granting sanctions relief six months ago, the Biden administration recognizes that Maduro has not made genuine efforts to run a competitive election. To avoid increasing oil prices, particularly during an election year, Washington will permit Chevron to maintain its joint venture with Venezuela's national oil company PDVSA, which has been steadily increasing output.
Silver Outperforms Gold in 2021 and Predicted to Experience Fourth Consecutive Year of Supply Deficit
This year, silver has outperformed gold in terms of gains. The Silver Institute's World Silver Survey, created by researchers at Metals Focus and published on Wednesday, forecasts that the global market for silver will experience a fourth consecutive yearly supply deficit. This deficit will be attributed, in part, to the increase in global industrial demand for silver, which is expected to reach a new record high this year.
Crypto
As of latest data, $Bitcoin(BTC.CC$ is priced at $61384, down 3.78% in the past 24 hours, while $Ethereum(ETH.CC$ is priced at $2997, down 2.91% in the past 24 hours.
Stocks to Watch
$South32 Ltd(S32.AU$ climbed 2.5 per cent to $3.33 as copper and base metal prices climbed. The miner is due to provide an operational update on Monday including over the status of its stricken Groote Island manganese project.
Shares in $BlueScope Steel Ltd(BSL.AU$ added 1.2 per cent after US President Biden said the country would lift tariffs on Chinese steel imports.
$MMA Offshore Ltd(MRM.AU$ shares climbed after the shipping group upgraded its profit guidance for financial 2024.
Economic Calendar (AEDT):
11:30 am: Australia Unemployment Rate (Mar)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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