Good Morning and a happy Wednesday. The ASX200 futures market perceives the local bourse is set to rise +0.8% on Wednesday.
Wall Street rallied overnight as US producer inflation data came in lower than expected. While the data series doesn’t really predict CPI inflation, which we get this evening from the States, it does feed into PCE inflation, which the Fed pays more attention to.
Just like that, last week’s recession concerns appear to have been forgotten.
Looking at forex, the Aussie is currently buying 66 US cents.
In commodities, brent crude is at $81 dollars per barrel; gold is at $2,465 dolllars per ounce. Iron ore is at $98 dollars per tonne in Singapore and US natgas futures are at $2.16 per gigajoule. All of those prices are in the greenback.
That’s Market Open, I’m Jonathon Davidson, and we’ll be with you later in the trading day with an update.