Yahoo Finance ASX surges more than 1% on Wall Street gains
The benchmark S&P/ASX 200 (^AXJO) is up 1.25 per cent at 12:31pm AEDT on Tuesday to 6,746.40 points ahead of the Reserve Bank of Australia’s first board meeting of the year today.
The central bank will reveal its monetary policy decision at 2:30pm AEDT, with experts predicting the official cash rate will remain at a record-low 0.10 per cent.
The broader All Ordinaries (^AORD) is also trading 1.25 per cent higher at 7,009.40 points.
Here’s what you missed this morning
The Australian share market got off to a flying start this morning.
The ASX200 was up more than 1 per cent to 6,733.50 points at 10:43am AEDT, after capping off its best session in nine days on Monday.
The All Ordinaries followed the same trajectory, 1.13 per cent higher to 7,000.80 points at 10:44am AEDT.
It came as Wall Street’s main index, the S&P 500, headed toward its biggest gain in more than 12 weeks and the Nasdaq jumped as much as 2.7 per cent.
The US experienced gains in tech shares, and mining shares rose as retail traders shifted their attention to silver.
Here’s what you missed overnight
Gamestop shares were down 30.8 per cent at the close of US trade on Monday, following a calculated short squeeze by retail investors on Reddit’s WallStreetBets forum.
It comes as trading app Robinhood increased the number of Gamestop shares users could purchase to 20, after pressure from politicians, Tesla CEO Elon Musk and traders.
Now, interest has shifted to silver, with traders from WallStreetBets piling into the metal, believing it’s the next short squeeze.
While some in the forum have been pushing back against the move, silver prices rose 10 per cent to US$29.70 (AU$38.87). This is silver’s highest price since March 2013.
Shorted biotech stock BioCryst Pharmaceuticals is also getting some attention, with Reddit investors declaring a “BioWar” on the company, which develops rare disease drugs.
The stock rallied as much as 36 per cent on Monday after a trader on the WallStreetBets forum called it “the most undervalued stock in the market”.
Property in 2021: Most experts are predicting largely positive things for the Aussie property market this year.
Now, property expert Michael Yardney has weighed in, adding his five predictions to the mix. Warning: first home buyers aren’t going to like what he has to say.
EU antitrust enforcers are appealing a court decision that scrapped their order for iPhone maker Apple to pay around $21 billion in Irish back taxes.
They have filed to have the verdict overturned in the Luxembourg-based Court of Justice of the European Union, claiming the General Court made legal errors.
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