Here is everything you need to know before the morning bell
The Australian stock market appears to be on the decline to begin the week. The ASX 200 is forecast to open the week 7 points or 0.1 percent lower this morning, according to the latest SPI futures. This comes after a disappointing week on Wall Street, with the Dow Jones falling 0.55 percent, the S&P 500 falling 0.7 percent, and the Nasdaq falling 0.85 percent.
The Dow Jones fell 0.55 percent, the S&P 500 fell 0.7 percent, and the Nasdaq fell 0.85 percent as the week came to a close on Wall Street.
The WTI crude oil price fell 2.2 percent to US$63.58 a barrel, according to Bloomberg, while the Brent crude oil price fell 1.9 percent to US$66.76 a barrel. Price pressures were exacerbated by concerns about India’s demand.
The spot gold price ended the week at US$1,767.0 an ounce, according to CNBC
Prior to three days of holiday shopping in major consumers China and Japan, the stock market dipped from a decade high. On the London Metal Exchange, benchmark copper dropped 0.6 percent to US$9,829 per tonne. For the UK’s Labour Day holiday, the exchange will close tonight. Aluminium was down 0.6 percent as well. Nickel was added at a rate of 2.4 percent, lead at 1.8 percent, zinc at 0.3 percent, and tin at 2.6 percent.
Coinbase might make a lot of money if cryptocurrency continues to expand at its current pace. COIN stock soared to a peak of $429 shortly after it was listed. Following that, some profit-taking occurred, and the stock is now trading at about $300. Given the widespread acceptance of cryptocurrencies, it appears that Coinbase is a good long-term investment. Fundamentals unique to the company also point to a bullish trend in the stock.
On Sunday morning, Bitcoin fell from two-week highs, dropping as much as 2.5 percent in London by 9.30 a.m. It had cleared a closely watched technical barrier on Friday, which is normally a sign of more gains to come. It had risen above its 50-day market average, which is commonly used as a momentum indicator.
Disappointing Finish For The ASX Month of April Recap
- April 30th ASX Wrap up earnings disappointments, and end-of-month profit-taking, a seventh consecutive winning month came to an end on a sour note.
- Despite the Chinese government’s recent policy move to reduce the country’s spending on record iron ore prices, Fortescue Metals CEO Elizabeth Gaines believes steel and iron ore demand will remain high.
- With just 85 days before the Games begin, the slow pace of Japan’s vaccine rollout in the face of a surging “fourth wave” of Coronavirus threatens to derail the Olympics.
- In the Mid Cap sector Brookside Energy Ltd (BRK.ASX) the biggest gainer with a 20.83% move today. Next week we will track its movements.
- Brent Crude Oil gave some of it is recent highs falling -0.59% to a 67.95 USD/BBL (Taken from Commsec data).
- Iron Ore remained the same with a price of 177.58 (USD/MT) according to Market Insider.
- Uranium saw a 0.34% rise to a price of 29.15 (USD/LBS).
- On the April 30th ASX Market Wrap up Gold experienced a -0.15% decrease heading into next month.
- To Keep up with the latest news and Commodity Prices make sure to check out our News Ticker Here.
That is today’s Morning ASX wrap up, as always have a wonderful weekend!
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