AU Morning Wrap: ASX Drops; Iron Ore Rises, Miners Could Start the Week Strongly
G'day, mooers! Check out the latest news on today's stock market!
• The last trading week of 2022 faces an uncertain start as investors weigh mixed action on Wall Street against gains on commodity markets.
• ASX is lower today, dropping 0.23%
• Stocks to watch: BHP Group, Rio Tinto, Woodside Energy
- Moomoo News AU
Wall Street Summary
The last trading week of 2022 faces an uncertain start as investors weigh mixed action on Wall Street against gains on commodity markets.
Wall Street’s main indices finished mixed overnight as rising yields pressured megacap growth stocks, offsetting gains in sectors aligned with global growth. Optimism over a recovery in China’s economy, the world’s second-largest, helped boost energy producers and industrials.
The $S&P 500 Index (.SPX.US)$ eased 16 points or 0.4 per cent following the three-day US Christmas shutdown. The growth stock-heavy $Nasdaq Composite Index (.IXIC.US)$ slumped 145 points or 1.38 per cent. The $Dow Jones Industrial Average (.DJI.US)$ put on 38 points or 0.11 per cent.
AU Market Watch
Traders face a tricky open this morning, without guidance from the futures market until trade resumes at 9.50 am AEDT.
Stocks to Watch
Gains in $BHP Group Ltd (BHP.AU)$ and $Rio Tinto Ltd (RIO.AU)$ in US trade overnight should cushion any downside from a mixed night on Wall Street.
BHP's US-traded depositary receipts gained 1.11 per cent. Rio Tinto added 0.88 per cent in the US.
It could be a soft day for energy shares $Beach Energy Ltd (BPT.AU)$ and $Woodside Energy Group Ltd (WDS.AU)$ after a mixed night for oil prices.
Commodities
• Iron ore touched its highest since July in Singapore trade. Benchmark January prices rallied 3.4 per cent on the Singapore Exchange to US$114.30 a tonne.
• Oil rallied after Russia banned the sale of oil to countries that participate in a G7-imposed price cap on its crude exports. The Kremlin said the cap defied international law.
Brent crude settled 41 US cents or 0.5 per cent ahead at US$84.33 a barrel. The oil market was coming off its best week since October, rising 6.2 per cent in the run-up to Christmas.
• A retreat in the greenback helped raise gold to its highest level in six months in intraday trade. Gold for February delivery settled US$24.30 or 1.4 per cent higher at US$1,828.50 an ounce after trading as high as US$1,838.20. The NYSE Arca Gold Bugs Index climbed 2.58 per cent.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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