ASX up, oil, copper booms ahead of economic data released today

Here's what to expect for finance markets on Wednesday. Source: Getty (filipefrazao via Getty Images)

Good morning.

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

ASX: It looks set to be a mildly positive day of trade for the Australian share market on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 11 points or 0.15 per cent higher this morning.

Wall Street: Over on Wall Street it was a subdued start to the week following closures for the Memorial Day holiday. The Dow Jones rose 0.1 per cent, the S&P 500 was flat, and the Nasdaq fell 0.1 per cent.

AUD: The Australian dollar is trading at 0.7760 to the US dollar as at 7.50am this morning.

Oil: Energy producers could have a positive day on Wednesday after oil prices hit a two-year high. According to Bloomberg, the WTI crude oil price is up 2.4 per cent to US$67.92 a barrel and the Brent crude oil price is up 1.8 per cent to US$70.54 a barrel. Oil prices jumped after OPEC reconfirmed its gradual production increase plan.

Gold: Gold miners will be on watch after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.2 per cent to US$1,902 an ounce. The precious metal eased off a five-month high following the release of positive US economic data.

Iron Ore: Shares could be on the rise today after the iron ore price continued to rebound. According to Metal Bulletin, the spot iron ore price is up a further 4.9 per cent to US$208.67 a tonne.

Crypto: Cryptocurrencies were broadly higher on Tuesday as they continue a volatile recovery after a major sell-off the weekend before last.

Copper: The price of copper is booming. Since the 1st of June last year, the price has risen over 93 per cent and analysts are saying this trend is likely to continue. It’s price is often a predictor of what lies ahead in the economy so why is copper growing at such an intense rate? Here’s an overview.

AU recovery: Australia's sharp recovery from last year's recession is expected to have extended into the early months of 2021, a positive for future employment growth. Today's national accounts for the March quarter are expected to show economic growth of as much as two per cent in the quarter.

Mining exports: Anthony Albanese has accused Scott Morrison of risking mining exports to China by putting domestic politics ahead of foreign policy. The Labor leader will step up his criticism of the prime minister's approach to Australia's largest trading partner in a speech to mining industry bosses in Canberra today.

Global tax: The new Australian head of the Organisation for Economic Cooperation and Development says he is "quietly optimistic" about reaching an international deal on taxing multinational companies, calling US President Joe Biden's recent proposal a "game changer".

NSW labor: NSW Labor could face a long campaign to endorse a new parliamentary leader unless one of the two candidates drops out ahead of a special caucus meeting this week. So far, two MPs have confirmed they will run for the position vacated last week by Jodi McKay - Kogarah MP Chris Minns and Maroubra MP Michael Daley.

Have a great day.

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