The ASX Today
The ASX is expected to open flat this morning, after small gains on Wall Street overnight.
The ASX is expected to open flat this morning, after small gains late in trading on Wall Street.
ASX 200 SPI futures slipped 3 points to 5978.
The Dow Jones Industrial Average added 73 points, or 0.28 per cent, to close at 26,149.39, while the S&P 500 index added just 1 point to 2823.81.
- The ASX is expected to open flat this morning.
- The Australian dollar was weaker against the US currency overnight, trading at US80.60c.
- US oil inventories rose far above predicted numbers, with Brent crude adding just 3 cents to reach $US69.05 a barrel.
- Gold rose $US9, or 0.67 per cent, to $US1349 an ounce.
- January home price data and December building approvals data to be released today.
The Australian dollar fell yesterday following lower than expected inflation figures. The Australian dollar was trading at US80.60c after falling as low as US80.35c.
Oil saw small gains overnight, with Brent crude up just 3 cents to $US69.05 a barrel and WTI crude up 23 cents, or 0.4 per cent, to $US64.73 a barrel at time of writing.
AxiTrader chief market strategist Greg McKenna said the modest rises contradicted the first weekly increase in US oil inventories in three months.
“The build of 6.776 million barrels was so much larger than the 126,000 the Reuters poll had suggested. That and another increase in production as the US closes in on 10 million (barrels) a day could easily have knocked oil substantially lower,” he said.
Base metal prices rose on the London Metals Exchange, with copper up 1 per cent to $US7978.75 and nickel adding 1.8 per cent to reach $US13559.50.
Gold staged a late rally during US trade, climbing back from $US1332 an ounce to close up $US9, or 0.67 per cent, to reach $US1349 an ounce.
CoreLogic's home price data for January is released today, with a small rebound in prices predicted in a month with traditionally low sales volumes. Building approval data for December is also out today, with analysts forecasting approvals to fall back from the high November figures, particularly in Melbourne.
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