AU Morning Wrap: US stocks bounce as oil falls below US$100; ASX opens higher
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• US tech stocks led a sharp rebound ahead of Federal Reserve rates decision
• Australia shares opened higher on Wednesday; ASX 200 up 0.54 per cent
• Stocks to watch: Suncorp, Magellan
- moomoo News AU
Wall Street Summary
Tech stocks led a sharp rebound ahead of tonight’s Federal Reserve rates decision. The central bank is widely expected to increase its benchmark rate for the first time since 2018.
Tech stocks led a sharp rebound ahead of tonight’s Federal Reserve rates decision. The central bank is widely expected to increase its benchmark rate for the first time since 2018.
The $S&P 500 Index (.SPX.US)$ rallied 89 points or 2.14 per cent to its first gain in four sessions. The $Nasdaq Composite Index (.IXIC.US)$ advanced 367 points or 2.92 per cent. The $Dow Jones Industrial Average (.DJI.US)$ gained 599 points or 1.82 per cent.
AU Market Watch
The Australian share market is expected to open higher on Wednesday following a strong night on Wall Street. The domestic market is tracking mixed cues from Russia-Ukraine conflict, expected US interest rate hike, and falling commodity prices. According to the latest SPI futures, the $S&P/ASX 200 (.XJO.AU)$ is likely to open 30 points or 0.4% higher.
Australia shares opened higher this morning. The ASX 200 gained 0.54 per cent to 7136 as of 10:40 am.
AU Market Watch
The Australian share market is expected to open higher on Wednesday following a strong night on Wall Street. The domestic market is tracking mixed cues from Russia-Ukraine conflict, expected US interest rate hike, and falling commodity prices. According to the latest SPI futures, the $S&P/ASX 200 (.XJO.AU)$ is likely to open 30 points or 0.4% higher.
Australia shares opened higher this morning. The ASX 200 gained 0.54 per cent to 7136 as of 10:40 am.
Stocks to Watch
Queensland insurer $Suncorp Group Ltd (SUN.AU)$ reports it has received more than 34,000 claims from the east coast floods, with 80 per cent of claims relating to home damage. Suncorp said the severe weather over a 15-day period triggered four separate natural hazard events, but confirmed losses should not exceed its allowance for natural perils claims.
Troubled investment manager $Magellan Financial Group Ltd (MFG.AU)$ has launched a share buy-back in an effort to enhance shareholder value after a series of punishing events. Magellan told the market on Wednesday it would buy back up to 10 million shares, or 5.4 per cent of shares on issue.
Commodities
• Iron ore prices cratered
• Oil prices ease as a result of several factors including: Russia continues to sell oil (India is buying at a heavy discount), High oil prices leading to demand destruction.
• Gold prices eased as risk appetite improved overnight
Source: Dow Jones Newswires, Market Index
Commodities
• Iron ore prices cratered
• Oil prices ease as a result of several factors including: Russia continues to sell oil (India is buying at a heavy discount), High oil prices leading to demand destruction.
• Gold prices eased as risk appetite improved overnight
Source: Dow Jones Newswires, Market Index
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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