The ASX Today

The ASX is indicating it will open higher following a generally upbeat session for global equities overnight.

Despite prevailing weakness in iron ore and other metals markets, ASX SPI 200 Futures traders have added another 19 points to the index overnight. That's following a 32-point gain yesterday.

Stocks, oil and the US dollar are all higher this morning. The FTSE was the worst performer of major European indices, falling 0.4 per cent.

KEY POINTS

• Broad-based gains overseas likely to translate to the ASX this morning
• Oil finds buyers after sliding all week 
• Iron ore comes under significant pressure, starting in China
• Recent Australian home loan data released today
• Chinese trade data published later today, event risk for materials and the Australian dollar

The spot price for iron ore tumbled 5.3 per cent to $US65.70 overnight making it by far the worst performer on the commodities front. This follows prices hitting multi-month highs earlier this week, so some of the selling may boil down to profit-taking. There is also concern about steel demand ahead of winter in China.

Gold has also lost more shine overnight, losing around 1 per cent, and is trading at around $US1251 this morning. There's been a lot of talk the gold price has been affected by rallies in digital currencies this week.

Base metal prices were mixed, however, on the London Metal Exchange on Thursday. Lead, tin and aluminium fell up to 3.1 per cent while other metals rose with nickel up 2.2 per cent.

On the back of the growing threat of a strike in Nigeria, and much selling throughout the week, WTI oil has found support and climbed 1.3 per cent to $US56.69 a barrel overnight, while Brent crude has gained to $US61.90 a barrel. Tonight, local time, we get another rig count release which will provide further direction for global oil markets.

With the US dollar strengthening, the Australian dollar has fallen further these last 24 hours and is buying around US75.10c this morning. It has hit a six-month low.