Here is today’s morning wrap up
US Exchange Overnight
Overnight the American Indices finished in the green with the Dow finished 1.0% Higher to a total of 33917, the Nasdaq finishing up 14.1% higher and the S&P Finishing 0.8% higher. For live prices visit our Live Tracker here
With the US stocks closing with little to not much change, the ASX looks to set open higher ahead of a much-anticipated inflation update.
Brent Crude OIl
WTI crude oil is up 2.1 percent to US$63.22 per barrel, according to Bloomberg, while Brent crude oil is up 1.6 percent to US$66.71 per barrel. Traders were buying oil on the assumption that OPEC would not raise supply in response to the increasing number of COVID cases.
The spot gold price is down 0.25 percent to US$1,775.60 per ounce, according to CNBC. Traders are jittery ahead of the next meeting of the US Federal Reserve.
Copper prices hit a new ten-year peak, boosted by supply disruptions in Chile and the threat of shortages. On the London Metal Exchange, benchmark copper rose 0.9 percent to US$9,860.50 per tonne. Nickel was up 1.8%, lead was up 0.6%, zinc was up 0.2%, and tin was up 0.2%. The price of aluminium fell by 0.4 percent.
Flights from India Suspended
Australia has announced a suspension from flights from India until at least May 15th, in response to India’s COVID-19 outbreak, which has seen significant increases in regular cases, Prime Minister Scott Morrison made the announcement on Tuesday. Morrison also stated that Australia will provide a “initial” package of assistance to the country, which would include ventilators, masks, surgical gowns, goggles, gloves, and face shields.
The Reserve Bank of Australia (RBA)
The Reserve Bank of Australia will maintain its stable interest rate outlook despite an anticipated increase in inflation in the first three months of the year. The March quarter consumer price index, which will be released on Wednesday, is forecast to display a solid 0.
That is today’s morning ASX wrap up as always safe and happy trading
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