Yahoo Finance ASX storms higher, Bitcoin sinks, oil prices rebound
Good morning.
Here's everything you need to know about finance markets for today.
ASX: The Australian share market looks set to storm higher on Wednesday following a strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 55 points or 0.8 per cent higher.
Wall Street: Wall Street has ended sharply higher, bouncing back from a multi-day losing streak as a string of upbeat earnings reports and revived economic optimism fuelled a risk-on rally. All three major US stock indexes gained more than 1.0 per cent with the blue-chip Dow, on the heels of its worst day in nine months, leading the charge.
EU stocks: European markets see-sawed on Tuesday, as indices did a round-trip that saw major markets briefly dip into the red before closing higher. Markets suffered a selloff on Monday amid anxiety about rising COVID-19 caseloads and warnings from scientists that measures were being relaxed too soon in the UK.
AUD: The Australian dollar is trading at 0.7329 to the US dollar as at 7.30am this morning.
Oil: Energy producers could be on the rise on Wednesday after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price is up 1.4 per cent to US$67.32 a barrel and the Brent crude oil price is up 1.5 per cent to US$69.54 a barrel. Traders were buying oil on the belief it had been oversold.
Gold: Gold miners will be on watch after the gold price edged higher. According to CNBC, the spot gold price is up 0.1 per cent to US$1,810.60 an ounce. Surging COVID-19 cases across the world could be supporting the safe haven asset.
Cryptocurrency: A strengthening dollar and a global move to de-risk investments has hit the crypto space. Bitcoin sank below $30,000 overnight amid a broader sell-off across all cryptocurrency markets.
NSO spyware: Prosecutors in Paris have begun an investigation prompted by allegations that Pegasus, a program created by Israeli cybersecurity firm NSO, has been used to spy on the phones of activists and journalists.
Lockdown support: Coronavirus outbreaks have plunged more than half of Australia into lockdown, sparking calls for more federal support. The Morrison government is resisting pressure to reinstate JobKeeper wage subsidies with at least 13.
Spending figures: New retail spending figures will give a taste of things to come as Australia's virus outbreak extends to three states, forcing non-essential shops to close. The Australian Bureau of Statistics will issue its preliminary retail trade figures for June today.
Worker wellbeing: Employers are being forced to accept a "new social contract" in which businesses adopt a greater role in protecting worker wellbeing and pushing for social change. The research found many workers had over the past 12 months de-prioritised their careers in favour of their mental health and wellbeing.
Have a great day.
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