Morning traders. Thanks loungers, especially @Ravgnome.
Outlook for the day: Positive for a third session ahead of Q3 inflation data this morning that could further the argument for or against rate cuts. The ASX closes tomorrow for Anzac Day.
ASX futures: up 27 points or 0.35%
Overnight themes:
Upbeat corporate earnings help Wall Street rally for a second session.
The S&P 500 has its best night in two months, gaining 1.19% as a broad rally lifts 10 of 11 sectors.
The Nasdaq leads with a rise of 1.59% as a recovery in tech stocks continues. The Dow puts on 0.69%
A strong night of corporate earnings includes an 11.41% surge in Spotify, a 4.37% gain for General Motors and a 2.41% advance for UPS. Tesla - the first of the megacap market darlings to report - surges 8% in recent action after releasing earnings shortly after the close of regular trade. Meta reports tonight. Microsoft and Alphabet report on Thursday.
Buying interest is stoked by a retreat in treasury yields following news of a contraction in US manufacturing. The S&P Global Flash US Manufacturing PMI declined to a four-month low of 49.9 this month from 51.9 in March. The two-year US treasury settles at its lowest in more than a week.
"We're having a continuation of an oversold balance that started yesterday and the catalyst today is that markets are now refocused on earnings reports across a wide array of sectors that were strong" - Keith Lerner, co-chief investment officer at Truist Advisory Services (per Reuters).
The tech sector gains 1.71%, industrials 1.4% and health 1.25%. The materials sector is dented by poorly-received earnings from steel-maker Nucor, falling 0.84%.
Oil climbs to its highest in a week as traders watch the Middle East for further developments. Brent crude advances US$1.42 or 1.6% to US$88.42 a barrel.
Copper retreats as funds take profits on a rally that lifted the metal to a two-year high last week. Benchmark prices on the London Metal Exchange decline 1.03%. Other metals suffer heavier hits. Tin slumps 5.85%, aluminium 3.54% and nickel 2.95%.
"Metals prices were rising far too quickly. The funds are taking profit and people are trying to hedge" - Dan Smith, head of research at Amalgamated Metal Trading (per Reuters).
Iron ore eases for a second session, trading near its lowest in a week. Demand has been dented by early rains in southern China, Reuters reports. Benchmark ore on the Dalian Commodity Exchange finishes daytime trade 1.91% weaker at US$117.17 a metric ton.
US gold miners shrug off a second night of falling metal prices. The NYSE Arca Gold Bugs Index rises 1.76%. Gold for June delivery eases 0.2%.
The Australian Bureau of Statistics is scheduled to release third-quarter consumer inflation figures at 11.30 am AEST. The Consumer Price Index is forecast to show steady annual growth of 3.4% after prices grew by 0.8% across the quarter.
Key events today:
Q3 Consumer Price Index - 11.30 am AEST
US durable goods - tonight
S&P 500: up 60 points or 1.19%
Dow: up 263 points or 0.69%
Nasdaq: up 245 points or 1.59%
Dollar: up 0.57% to 64.88 US cents
Iron ore (Dalian): down 1.91% to US$117.17
Brent crude: up US$1.42 or 1.6% to US$88.42
Gold: down US$4.30 or 0.2% to US$2,342.10
NYSE Arca Gold Bugs: up 1.76%
Bitcoin: down 0.27% to US$66,289
Copper (LME): down 1.03% to US$9,728
Nickel (LME): down 2.95% to US$19,095
Uranium (spot price): down 0.51% to US$89.50
Lithium carbonate (China spot): down 0.06% to US$15,353
