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ASX Today on The Rise as Treasurer Presents Federal Budget Focus

Good morning!

Here is today’s morning wrap up for Thursday 29th April

US Exchange Overnight

The Dow Jones fell 0.5 percent overnight, the S&P 500 fell 0.1 percent, and the Nasdaq fell 0.3 percent. This comes after the meeting of the US Federal Reserve. For live prices visit our Live Tracker here

ASX Today

Today the Australian stock market is expected to grow once more. The ASX 200 is forecast to open 17 points or 0.25 percent higher this morning, according to the latest SPI futures.

Federal Budget

Next month’s budget, according to Josh Frydenberg, would seek to lower the unemployment rate to below 5% while avoiding a dramatic shift towards “austerity.” Despite a drop in the unemployment rate to 5.5%, the treasurer says in what is likely to be his last big speech before delivering his May 11 budget.

Iron Ore

The price of iron ore, Australia’s most valuable export, has risen to an all-time high as China’s ambitious infrastructure-focused stimulus programs boost growing demand for the primary steel-making raw material.

Brent Crude OIl

WTI crude oil is down -0.19% percent to US$63.74 per barrel, according to Bloomberg

Gold

The spot gold price is up +1.01% percent to US$1,782.69 per ounce, according to CNBC. With the positive outcome of the fed meeting could outlay an opportunity for growth.

Copper

Copper drew closer to a ten-year high of US$10,000 per tonne. On the London Metal Exchange, benchmark copper gained 0.2 percent to US$9,880.25 per tonne. Aluminium was up 0.2%, nickel was up 2.8%, and lead was up 0.7%. Zinc prices fell by 0.1 percent.

That is today’s morning ASX wrap up as always safe and happy trading

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