The ASC could actually be in store for some green today, if you can imagine such a thing, as US markets managed to rally off another selldown after a positive open.
March SPI futures are 29 points firmer at 4909
Earlier European stocks rose on Tuesday, helped by solid updates from retailers and companies in other sectors but ended off earlier highs as volatile oil prices turned sharply lower.
Crude oil steadied at around $32 per barrel earlier in the session but in the last two hours of trading it fell back to the $30 area, a near 12-year low, dragging indexes off highs and pushing energy stocks into the red.
The deepening slide of crude oil and volatile Chinese stock markets have contributed to a rocky start to 2016 for global stocks.
DAX + 1.6%
FTSE + 1%
U.S. stocks climbed in volatile trading on Tuesday as energy shares turned higher and Apple and other technology shares added to gains.
Crude oil prices ended lower after another roller coaster session but the S&P 500 energy index SPNY reversed course heading into the close. The index was last up 0.2 percent, while shares of Exxon Mobil were up 1.6 percent at $74.88 and Chevron was up 1 percent at $81.61.
The S&P 500 was holding above the key 1,900 level, as it did on Monday, in a bullish technical sign.
"We managed to successfully close above it (on Monday) and that's bringing in some buying ... from a very oversold condition," said Peter Cardillo, chief market economist at First Standard Financial in New York.
Apple was up 1.2 percent at $99.75, while Intel rose 1.9 percent to $32.68 after upbeat ratings from BofA Merrill and JP Morgan, respectively.
The Dow Jones industrial average was up 117 points to 16516, the S&P 500 gained 15 to 1928 and the Nasdaq Composite added 48, to 4,685
US oil fell below $US30 a barrel in mid afternoon trade in New York on Tuesday, before paring its losses. The rout for oil though appears intact. Oil prices have become detached from the fundamentals of supply and demand, making a plunge to $US10 a barrel possible, according to Standard Chartered. "No fundamental relationship is currently driving the oil market towards any equilibrium," London-based head of commodities research Paul Horsnell wrote. "Prices could fall as low as $US10 a barrel before most of the money managers in the market conceded that matters had gone too far."
Oil $30.80 -.61c
Iron ore may tumble below $US35 a metric ton as steel mills in China face weak demand at home and increasing barriers to exports, according to Australia & New Zealand Banking Group. The steel-making raw material will remain weak through March and trade between $US35 and $US40, the bank forecasts in an emailed report. The probability of prices declining below this range in the short term is "rising daily", ANZ said.
Nickel prices slid to their weakest levels in over 12 years, amid worries about high inventories, while copper sunk to fresh 6-1/2 year lows on persistent worries over China's economy. LME three-month nickel, which was the worst performer on the LME last year with losses of over 40 per cent, tumbled to $US8120 a tonne, the lowest since May 2003, before paring losses to close at $US8220, a decline of 0.6 per cent.
Benchmark LME copper hit another multi-year low, ending down 0.7 per cent at $US4355 a tonne, its weakest since May 2009.
Gold prices ended the U.S. day session moderately lower Tuesday on more profit-taking and chart consolidation following recent gains that saw prices hit a two-month high late last week. Bearish “outside markets” also weighed on the precious metals today, as the U.S. dollar index was solidly higher and crude oil prices were lower and hit another 12-year low today. A less-anxious world markets scene on this day also helped to pressure the safe-haven gold market. February Comex gold was last down .38% at $1090 an ounce.
HUI -2.2%
AUD Gold $1559
