Morning traders. Thanks loungers, especially @Ravgnome.
Outlook for the day: Highly positive following Wall Street's best night since January.
ASX futures: up 55 points or 0.75%
Overnight themes:
- US stocks surge as Facebook owner Meta continues a run of strong trading updates from index heavyweights. Earnings news helps offset further signs the US economy is slowing.
- The Dow and S&P 500 book their biggest gains since January 6.
- Meta jumps 13.93% on a strong revenue forecast. Microsoft, Amazon and Alphabet (Google) all gain at least 3%.
- “Facebook earnings last night and more broadly large cap earnings continue to surprise to the upside" - Mona Mahajan, senior investment strategist at Edward Jones.
- Corporate news overshadows tepid economic growth. Gross domestic product increased just 1.1% last quarter, down from 2.6% at the end of last year.
Key events today:
- Australian wholesale inflation, private-sector credit - 11.30 am AEDT
- US March inflation report (Personal Consumption Expenditures) - tonight
S&P 500: up 79 points or 1.96%
Dow: up 524 points or 1.57%
Nasdaq: up 288 points or 2.43%
Dollar: up 0.34% to 66.3 US cents
Iron ore (Dalian): down 2% to US$102.04
Brent crude: up 68 US cents or 0.88% to US$78.37
Gold: up US$3 or 0.2% to US$1,999
NYSE Arca Gold Bugs: up 1.04%
Copper (LME): up 0.48% to US$8,593.50
Nickel (LME): up 2.27% to US$24,145
Global X Lithium & Battery Tech ETF: up 2.46%
BHP: up 1.2% (US); up 0.3% (UK)
RioT into: up 1.21% (US); up 0.14% (UK)
