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ASX rises, Bitcoin recovers, Australia Post report released today

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·Contributing editor
·2-min read
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Aussie stock market update for Tuesday. Source: Getty.
Aussie stock market update for Tuesday. Source: Getty.

Good morning.

Here's everything you need to know about in finance markets for today.

ASX: The Australian share market looks set to push higher on Tuesday following a solid start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 18 points or 0.25 per cent higher this morning.

Wall Street: On Wall Street, the Dow Jones rose 0.55 per cent, the S&P 500 jumped 1 per cent, and the Nasdaq stormed 1.4 per cent higher.

AUD: The Australian dollar is trading at 0.7753 to the US dollar as at 7.20am this morning.

Oil: Energy producers could be on the rise today after oil prices jumped. According to Bloomberg, the WTI crude oil price is up 3.75 per cent to US$65.96 a barrel and the Brent crude oil price has risen 3 per cent to US$68.45 a barrel. Oil prices climbed amid speculation that sanctions on Iran may not be lifted.

Gold: Gold miners could have a solid day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.4 per cent to US$1,883 an ounce. Weakness in the US dollar and bond yields drove the gold price higher.

Iron Ore: It could be another difficult day for iron ore producers after the iron ore price continued to sink. According to Metal Bulletin, the spot iron ore price is down a further 4.1 per cent to US$192.42 a tonne. Ever-growing political tensions and an iron ore price scaling $200 per tonne has so far not prevented China taking Australia's exports of the red metal in record amounts.

Crypto: Bitcoin prices steadied to rise by more than 11 per cent, after the largest cryptocurrency by market cap endured an extended streak of selling over the weekend. Meanwhile JP Morgan has shrugged off the latest cryptocurrency crash, saying that its impact on mainstream markets is “limited”.

Battery power: A deal has been struck to build a 100-megawatt battery to help provide renewable energy to NSW schools, hospitals and government buildings. Energy Minister Matt Kean said the deal would deliver great value and electricity security for the people of NSW.

Australia Post: A report set to be released is expected to shed light on the circumstances surrounding the decision to stand down former Australia Post boss Christine Holgate. A Senate committee has been looking at what led to the ministerial direction to the chair of Australia Post on October 22 last year that Holgate be stood down pending an investigation into her gifting in 2018 of luxury Cartier watches worth $20,000 to four managers.

Have a great day.

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