ASX Today: Commodities Boost Lifts Outlook As US Wilts

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ASX Today: Commodities Boost Lifts Outlook As US Wilts

Australian Financial Review2022-03-31

A rebound in commodities points to a cautiously positive start to Australian trade as the market bids to extend its longest win of the run of the year despite a sell-off on Wall Street.ASX futures ...

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The Dow Jones Industrial Average shed 65 points or 0.19 per cent. The Nasdaq Composite lost 177 points or 1.21 per cent.Hopes for breakthrough in ceasefire negotiations were dashed as Russia continued its attack on the Ukrainian capital and another northern city hours after pledging to reduce military operations there. Ukrainian officials reported shelling in Chernihiv and the outskirts of Kyiv. Attacks also continued in the east.Commodity prices that fell earlier in the week on the prospect of peace progress moved sharply higher. Crude oil rallied around 3 per cent. Aluminium, nickel and copper rose. Iron ore earlier climbed to an eight-month high.Energy stocks outperformed in a falling market. Valero Energy gained 3.95 per cent, Marathon Petroleum 2.66 per cent and Baker Hughes 1.85 per cent.“Ukraine is the controlling narrative for this market,” Rick Meckler, partner at Cherry Lane Investments, told Reuters. “If we are going to get a settlement and we get the potential from that settlement for lower energy prices, which is really the key, and then some sort of return to normalcy in terms of the world economy that is a real positive for the market.”Steep rises in prices have sharpened fears central banks around the world will have to raise rates quickly and in big steps this year to rein in inflation. Overnight, Kansas City Federal Reserve President Esther George said the bank must move “expeditiously”.“Given the state of the economy, with inflation at a 40-year high and the unemployment rate near record lows, moving expeditiously to a neutral stance of policy is appropriate,” George said.Recession fears flared this week after the bond market gave a classic recession signal, a so-called yield curve inversion. The 5- and 30-year treasury yields inverted on Monday for the first time since 2016.“Typically, you won’t see a recession for an average of 20 months once a yield curve inverts. Our antennas are up that recession risk is heightened; that doesn’t necessarily mean that there’ll be one this year, though next year is more of a concern for us,” Stephanie Lang, chief investment officer at Homrich Berg, told CNBC.The night’s economic data landed broadly in line with expectations. Private-sector payrolls increased by 455,000 (expected: 450,000). Final figures for fourth-quarter growth were revised down a tick to 6.9 per cent from an initial reading of 7 per cent.Australian outlookThis rally ain’t going to quit easy. At seven straight advances, this is already the longest win streak of the year in conditions most market observers would describe as challenging. Yet an eighth gain is a strong possibility.Part of the reason for this morning’s positive futures reading is the end of the quarter. Bonus-hungry institutional investors have an interest in pushing the index as high as possible for tonight’s close. The ASX 200 has to finish above 7444.6 tonight for a sixth-straight winning quarter. Given the headwinds this year, that would be a remarkable result.The S&P/ASX 200 climbed 50 points or 0.67 per cent yesterday as investors bought the battered tech sector. Yesterday’s rooster looks like today’s feather duster after US tech fell 1.36 per cent.The night’s best performer, unsurprisingly, was energy, up 1.17 per cent. Also positive were utilities +0.84 per cent, health +0.22 per cent and consumer staples +0.15 per cent. This group of defensive assets comprises bond proxies that attract fund flows when treasury yields weaken.US financials shed 0.7 per cent. Perhaps surprisingly, US materials declined  0.33 per cent. However, BHP and Rio Tinto moved sharply higher. BHP‘s US-traded depositary receipts jumped 3.31 per cent and its UK listing gained 4.41. Rio Tinto tacked on 2.67 per cent in the US and 3.95 per cent in the UK.February building approvals and private-sector credit data are due for release at 11.30 am AEDT. Measures of Chinese manufacturing and services-sector activity are due at 12.30 pm.The dollar continued to hover just above 75 US cents, lately down 0.04 per cent to 75.11 US cents.CommoditiesOil retreated as a decline in US stockpiles added to buying pressure as traders discounted the prospect of any near-term breakthrough in ceasefire negotiations in Ukraine. Brent crude settled US$3.22 or 2.9 per cent higher at US$113.45 a barrel. The US benchmark gained 3.4 per cent.“Whether peace talks are real or not, the truth is that we have a global market that is undersupplied regardless,” Phil Flynn, senior market analyst at The Price Futures Group, said.Iron ore shrugged off new trading limits and margin requirements on China’s Dalian Commodity Exchange. The most-traded ore contract on the exchange rallied 3 per cent to an eight-month high on the prospect of steel mills restocking when Covid restrictions in Tangshan are lifted. The spot price for ore landed in China firmed 57 US cents or 0.4 per cent to US$150.88 a tonne.“Traders are buying the steelmaking ingredient following data that Chinese industrial companies enjoyed strong profit growth in Jan-Feb 2022,” SP Angel analyst John Meyer said.Aluminium, nickel and other industrial metals rallied amid scepticism Russia’s pledge to reduce military operations was anything more than a bargaining ploy.Benchmark aluminium on the London Metal Exchange rallied 3.36 per cent to US$3,551.50 a tonne. Copper gained 0.53 per cent, nickel 2.12 per cent, lead 2.1 per cent, zinc 3.13 per cent and tin 0.08 per cent.Gold booked its first gain in four sessions as havens attracted a bid. Metal for April delivery settled US$21 or 1.1 per cent ahead at US$1,939 an ounce. The NYSE Arca Gold Bugs Index gained 1.39 per cent.“The unpredictability of the Putin regime will mean a hefty risk premium remains in the gold markets until talks have reached a positive conclusion, and arguably, for an extended period after that,” Stephen Innes, managing partner at SPI Asset Management, 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09:39","market":"other","language":"en","title":"ASX Today: Commodities Boost Lifts Outlook As US Wilts","url":"https://stock-news.laohu8.com/highlight/detail?id=1139528125","media":"Australian Financial Review","summary":"A rebound in commodities points to a cautiously positive start to Australian trade as the market bid","content":"<html><head></head><body><p>A rebound in commodities points to a cautiously positive start to Australian trade as the market bids to extend its longest win of the run of the year despite a sell-off on Wall Street.</p><p>ASX futures clung to a gain of 10 points or 0.13 per cent as US stocks faded to their first loss in five sessions.</p><p>Scepticism over Russia-Ukraine peace talks helped lift crude oil, iron ore and metals.</p><p>The S&amp;P/ASX 200 rallied 0.67 per cent yesterday to a seventh straight gain and its highest close since early January.</p><h2>Wall Street</h2><p>US stocks turned lower as Russian troops shelled Kyiv, Federal Reserve officials called for sharply higher rates and energy prices resumed their uptrend.</p><p>The S&amp;P 500 dropped 29 points or 0.63 per cent. The Dow Jones Industrial Average shed 65 points or 0.19 per cent. The Nasdaq Composite lost 177 points or 1.21 per cent.</p><p>Hopes for breakthrough in ceasefire negotiations were dashed as Russia continued its attack on the Ukrainian capital and another northern city hours after pledging to reduce military operations there. Ukrainian officials reported shelling in Chernihiv and the outskirts of Kyiv. Attacks also continued in the east.</p><p>Commodity prices that fell earlier in the week on the prospect of peace progress moved sharply higher. Crude oil rallied around 3 per cent. Aluminium, nickel and copper rose. Iron ore earlier climbed to an eight-month high.</p><p>Energy stocks outperformed in a falling market. Valero Energy gained 3.95 per cent, Marathon Petroleum 2.66 per cent and Baker Hughes 1.85 per cent.</p><p>“Ukraine is the controlling narrative for this market,” Rick Meckler, partner at Cherry Lane Investments, told Reuters. “If we are going to get a settlement and we get the potential from that settlement for lower energy prices, which is really the key, and then some sort of return to normalcy in terms of the world economy that is a real positive for the market.”</p><p>Steep rises in prices have sharpened fears central banks around the world will have to raise rates quickly and in big steps this year to rein in inflation. Overnight, Kansas City Federal Reserve President Esther George said the bank must move “expeditiously”.</p><p>“Given the state of the economy, with inflation at a 40-year high and the unemployment rate near record lows, moving expeditiously to a neutral stance of policy is appropriate,” George said.</p><p>Recession fears flared this week after the bond market gave a classic recession signal, a so-called yield curve inversion. The 5- and 30-year treasury yields inverted on Monday for the first time since 2016.</p><p>“Typically, you won’t see a recession for an average of 20 months once a yield curve inverts. Our antennas are up that recession risk is heightened; that doesn’t necessarily mean that there’ll be one this year, though next year is more of a concern for us,” Stephanie Lang, chief investment officer at Homrich Berg, told CNBC.</p><p>The night’s economic data landed broadly in line with expectations. Private-sector payrolls increased by 455,000 (expected: 450,000). Final figures for fourth-quarter growth were revised down a tick to 6.9 per cent from an initial reading of 7 per cent.</p><h2>Australian outlook</h2><p>This rally ain’t going to quit easy. At seven straight advances, this is already the longest win streak of the year in conditions most market observers would describe as challenging. Yet an eighth gain is a strong possibility.</p><p>Part of the reason for this morning’s positive futures reading is the end of the quarter. Bonus-hungry institutional investors have an interest in pushing the index as high as possible for tonight’s close. The ASX 200 has to finish above 7444.6 tonight for a sixth-straight winning quarter. Given the headwinds this year, that would be a remarkable result.</p><p>The S&amp;P/ASX 200 climbed 50 points or 0.67 per cent yesterday as investors bought the battered tech sector. Yesterday’s rooster looks like today’s feather duster after US tech fell 1.36 per cent.</p><p>The night’s best performer, unsurprisingly, was energy, up 1.17 per cent. Also positive were utilities +0.84 per cent, health +0.22 per cent and consumer staples +0.15 per cent. This group of defensive assets comprises bond proxies that attract fund flows when treasury yields weaken.</p><p>US financials shed 0.7 per cent. Perhaps surprisingly, US materials declined  0.33 per cent. However, BHP and Rio Tinto moved sharply higher. BHP‘s US-traded depositary receipts jumped 3.31 per cent and its UK listing gained 4.41. Rio Tinto tacked on 2.67 per cent in the US and 3.95 per cent in the UK.</p><p>February building approvals and private-sector credit data are due for release at 11.30 am AEDT. Measures of Chinese manufacturing and services-sector activity are due at 12.30 pm.</p><p>The dollar continued to hover just above 75 US cents, lately down 0.04 per cent to 75.11 US cents.</p><h2>Commodities</h2><p>Oil retreated as a decline in US stockpiles added to buying pressure as traders discounted the prospect of any near-term breakthrough in ceasefire negotiations in Ukraine. Brent crude settled US$3.22 or 2.9 per cent higher at US$113.45 a barrel. The US benchmark gained 3.4 per cent.</p><p>“Whether peace talks are real or not, the truth is that we have a global market that is undersupplied regardless,” Phil Flynn, senior market analyst at The Price Futures Group, said.</p><p>Iron ore shrugged off new trading limits and margin requirements on China’s Dalian Commodity Exchange. The most-traded ore contract on the exchange rallied 3 per cent to an eight-month high on the prospect of steel mills restocking when Covid restrictions in Tangshan are lifted. The spot price for ore landed in China firmed 57 US cents or 0.4 per cent to US$150.88 a tonne.</p><p>“Traders are buying the steelmaking ingredient following data that Chinese industrial companies enjoyed strong profit growth in Jan-Feb 2022,” SP Angel analyst John Meyer said.</p><p>Aluminium, nickel and other industrial metals rallied amid scepticism Russia’s pledge to reduce military operations was anything more than a bargaining ploy.</p><p>Benchmark aluminium on the London Metal Exchange rallied 3.36 per cent to US$3,551.50 a tonne. Copper gained 0.53 per cent, nickel 2.12 per cent, lead 2.1 per cent, zinc 3.13 per cent and tin 0.08 per cent.</p><p>Gold booked its first gain in four sessions as havens attracted a bid. Metal for April delivery settled US$21 or 1.1 per cent ahead at US$1,939 an ounce. The NYSE Arca Gold Bugs Index gained 1.39 per cent.</p><p>“The unpredictability of the Putin regime will mean a hefty risk premium remains in the gold markets until talks have reached a positive conclusion, and arguably, for an extended period after that,” Stephen Innes, managing partner at SPI Asset Management, wrote.</p></body></html>","source":"lsy1647818771712","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ASX Today: Commodities Boost Lifts Outlook As US Wilts</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nASX Today: Commodities Boost Lifts Outlook As US Wilts\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-31 09:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://themarketherald.com.au/asx-today-commodities-boost-lifts-outlook-as-us-wilts-2022-03-31/><strong>Australian Financial Review</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A rebound in commodities points to a cautiously positive start to Australian trade as the market bids to extend its longest win of the run of the year despite a sell-off on Wall Street.ASX futures ...</p>\n\n<a href=\"https://themarketherald.com.au/asx-today-commodities-boost-lifts-outlook-as-us-wilts-2022-03-31/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XJO.AU":"标普/澳交所 200指数","XKO.AU":"标普/澳交所 300指数","XAO.AU":"标普/澳交所 普通股指数"},"source_url":"https://themarketherald.com.au/asx-today-commodities-boost-lifts-outlook-as-us-wilts-2022-03-31/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139528125","content_text":"A rebound in commodities points to a cautiously positive start to Australian trade as the market bids to extend its longest win of the run of the year despite a sell-off on Wall Street.ASX futures clung to a gain of 10 points or 0.13 per cent as US stocks faded to their first loss in five sessions.Scepticism over Russia-Ukraine peace talks helped lift crude oil, iron ore and metals.The S&P/ASX 200 rallied 0.67 per cent yesterday to a seventh straight gain and its highest close since early January.Wall StreetUS stocks turned lower as Russian troops shelled Kyiv, Federal Reserve officials called for sharply higher rates and energy prices resumed their uptrend.The S&P 500 dropped 29 points or 0.63 per cent. The Dow Jones Industrial Average shed 65 points or 0.19 per cent. The Nasdaq Composite lost 177 points or 1.21 per cent.Hopes for breakthrough in ceasefire negotiations were dashed as Russia continued its attack on the Ukrainian capital and another northern city hours after pledging to reduce military operations there. Ukrainian officials reported shelling in Chernihiv and the outskirts of Kyiv. Attacks also continued in the east.Commodity prices that fell earlier in the week on the prospect of peace progress moved sharply higher. Crude oil rallied around 3 per cent. Aluminium, nickel and copper rose. Iron ore earlier climbed to an eight-month high.Energy stocks outperformed in a falling market. Valero Energy gained 3.95 per cent, Marathon Petroleum 2.66 per cent and Baker Hughes 1.85 per cent.“Ukraine is the controlling narrative for this market,” Rick Meckler, partner at Cherry Lane Investments, told Reuters. “If we are going to get a settlement and we get the potential from that settlement for lower energy prices, which is really the key, and then some sort of return to normalcy in terms of the world economy that is a real positive for the market.”Steep rises in prices have sharpened fears central banks around the world will have to raise rates quickly and in big steps this year to rein in inflation. Overnight, Kansas City Federal Reserve President Esther George said the bank must move “expeditiously”.“Given the state of the economy, with inflation at a 40-year high and the unemployment rate near record lows, moving expeditiously to a neutral stance of policy is appropriate,” George said.Recession fears flared this week after the bond market gave a classic recession signal, a so-called yield curve inversion. The 5- and 30-year treasury yields inverted on Monday for the first time since 2016.“Typically, you won’t see a recession for an average of 20 months once a yield curve inverts. Our antennas are up that recession risk is heightened; that doesn’t necessarily mean that there’ll be one this year, though next year is more of a concern for us,” Stephanie Lang, chief investment officer at Homrich Berg, told CNBC.The night’s economic data landed broadly in line with expectations. Private-sector payrolls increased by 455,000 (expected: 450,000). Final figures for fourth-quarter growth were revised down a tick to 6.9 per cent from an initial reading of 7 per cent.Australian outlookThis rally ain’t going to quit easy. At seven straight advances, this is already the longest win streak of the year in conditions most market observers would describe as challenging. Yet an eighth gain is a strong possibility.Part of the reason for this morning’s positive futures reading is the end of the quarter. Bonus-hungry institutional investors have an interest in pushing the index as high as possible for tonight’s close. The ASX 200 has to finish above 7444.6 tonight for a sixth-straight winning quarter. Given the headwinds this year, that would be a remarkable result.The S&P/ASX 200 climbed 50 points or 0.67 per cent yesterday as investors bought the battered tech sector. Yesterday’s rooster looks like today’s feather duster after US tech fell 1.36 per cent.The night’s best performer, unsurprisingly, was energy, up 1.17 per cent. Also positive were utilities +0.84 per cent, health +0.22 per cent and consumer staples +0.15 per cent. This group of defensive assets comprises bond proxies that attract fund flows when treasury yields weaken.US financials shed 0.7 per cent. Perhaps surprisingly, US materials declined  0.33 per cent. However, BHP and Rio Tinto moved sharply higher. BHP‘s US-traded depositary receipts jumped 3.31 per cent and its UK listing gained 4.41. Rio Tinto tacked on 2.67 per cent in the US and 3.95 per cent in the UK.February building approvals and private-sector credit data are due for release at 11.30 am AEDT. Measures of Chinese manufacturing and services-sector activity are due at 12.30 pm.The dollar continued to hover just above 75 US cents, lately down 0.04 per cent to 75.11 US cents.CommoditiesOil retreated as a decline in US stockpiles added to buying pressure as traders discounted the prospect of any near-term breakthrough in ceasefire negotiations in Ukraine. Brent crude settled US$3.22 or 2.9 per cent higher at US$113.45 a barrel. The US benchmark gained 3.4 per cent.“Whether peace talks are real or not, the truth is that we have a global market that is undersupplied regardless,” Phil Flynn, senior market analyst at The Price Futures Group, said.Iron ore shrugged off new trading limits and margin requirements on China’s Dalian Commodity Exchange. The most-traded ore contract on the exchange rallied 3 per cent to an eight-month high on the prospect of steel mills restocking when Covid restrictions in Tangshan are lifted. The spot price for ore landed in China firmed 57 US cents or 0.4 per cent to US$150.88 a tonne.“Traders are buying the steelmaking ingredient following data that Chinese industrial companies enjoyed strong profit growth in Jan-Feb 2022,” SP Angel analyst John Meyer said.Aluminium, nickel and other industrial metals rallied amid scepticism Russia’s pledge to reduce military operations was anything more than a bargaining ploy.Benchmark aluminium on the London Metal Exchange rallied 3.36 per cent to US$3,551.50 a tonne. Copper gained 0.53 per cent, nickel 2.12 per cent, lead 2.1 per cent, zinc 3.13 per cent and tin 0.08 per cent.Gold booked its first gain in four sessions as havens attracted a bid. Metal for April delivery settled US$21 or 1.1 per cent ahead at US$1,939 an ounce. The NYSE Arca Gold Bugs Index gained 1.39 per cent.“The unpredictability of the Putin regime will mean a hefty risk premium remains in the gold markets until talks have reached a positive conclusion, and arguably, for an extended period after that,” Stephen Innes, managing partner at SPI Asset Management, wrote.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9013168384,"gmtCreate":1648691540686,"gmtModify":1676534380650,"author":{"id":"4101978790494150","authorId":"4101978790494150","name":"phongy 45","avatar":"https://static.tigerbbs.com/f6f41e543307358288f75d55fe347ad2","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4101978790494150","authorIdStr":"4101978790494150"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9013168384","repostId":1139528125,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9013160255,"gmtCreate":1648691234757,"gmtModify":1676534380554,"author":{"id":"4104323921069040","authorId":"4104323921069040","name":"mrniceguy","avatar":"https://community-static.tradeup.com/news/6ab8b75cf86261bfa07f127c056ca2cf","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":3,"crmLevelSwitch":1,"idStr":"4104323921069040","authorIdStr":"4104323921069040"},"htmlText":"Alright&nbsp;","listText":"Alright&nbsp;","text":"Alright","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9013160255","repostId":1139528125,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9013187900,"gmtCreate":1648691136190,"gmtModify":1676534380526,"author":{"id":"3575125836760247","authorId":"3575125836760247","name":"Singman","avatar":"https://static.tigerbbs.com/d770feb757705f2d631d2d5f381ae07b","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3575125836760247","authorIdStr":"3575125836760247"},"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9013187900","repostId":1139528125,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":109,"commentSize":8,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}