AU Morning Wrap: Miners Boost Shares; BHP, Rio Gain

Today, the focus will be on local interest rates as employment data is set to be released at 11.30am AEST. According to market analyst Josh Gilbert from eToro, there is an anticipation for unemployment to rise from 3.7 per cent in February to 3.9 per cent, but some experts estimate it may go as high as 4.2 per cent. In the event of such a high reading, expectations for rate cuts may once again be revised. A poor unemployment figure this month could delay rate cuts even further.

ASX 200 futures are currently trading at 7665, slightly down by 1 points, indicating a 0.01% decrease.

The US government is reimposing oil sanctions on Venezuela, citing President Nicolás Maduro's failure to fulfill his commitment to hold a free and fair presidential election this year. Despite granting sanctions relief six months ago, the Biden administration recognizes that Maduro has not made genuine efforts to run a competitive election. To avoid increasing oil prices, particularly during an election year, Washington will permit Chevron to maintain its joint venture with Venezuela's national oil company PDVSA, which has been steadily increasing output.

This year, silver has outperformed gold in terms of gains. The Silver Institute's World Silver Survey, created by researchers at Metals Focus and published on Wednesday, forecasts that the global market for silver will experience a fourth consecutive yearly supply deficit. This deficit will be attributed, in part, to the increase in global industrial demand for silver, which is expected to reach a new record high this year.

11:30 am: Australia Unemployment Rate (Mar)