Hello, I’m James Preston and welcome to the morning outlook exclusive to kalkine
tv – providing you with all the information you’ll need for a successful day of trading.
The ASX is set to open higher this morning,
following a positive session overnight on Wall Street.
According to the latest SPI futures, the ASX 200 is likely to open 38 points or 0.5% higher.
Aussie investor sentiments was somewhat buoyed by federal treasure Josh Frydenberg’s budget
unveiling. The budget will have a key focus of relieving the “cost of living
pressures” for everyday aussies, and will include "targeted and proportionate" help for families,
while pointing to power bills already falling by 8 per cent in the past two years,
$30 billion in income tax cuts and $10 billion a year in childcare support.
The ASX has enjoyed a strong week to date. On Thursday the ASX rallied for
the second consecutive day, notching it’s highest point in a month amidst
hopes of a ceasefire with the Russian invasion of Ukraine.
The best-performing sector on the ASX was information technology,
up 3.6 per cent. The worst-performing sector was utilities, down 0.6 per cent.
The best-performing stock was PointsBet Holdings (ASX:PBH), closing
an incredible 10.3 per cent higher at $3.85, whilst the worst-performing stock in the
S&P/ASX 200 was Gold Road Resources, closing 3.3 per cent lower at $1.62.
As for US markets, all major indices were in the green.
Both The Dow Jones and the S&P 500 rose by 1.23%, and the NASDAQ jumped by 1.33%.
European markets were more mixed. London’s FTSE 100 rose by 1.28%,
the French CAC 40 rose by 0.36%, the German DAX dipped by 0.36% and the STOXX 600 rose by 0.45%.
Asian markets experienced an enormous surge, Japan’s Nikkei rose by 3.46%,
Hong Kong's Hang Seng jumped an incredible 7.04%, and China’s Shanghai Composite also rose by 1.40%.
TIME now for a quick break before we take a look at the Aussie dollar,
commodities, oil and the world of crypto! @@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
Welcome back to the morning outlook where we give
you all the information you’ll need for a successful day of trading.
The Aussie dollar has continued to see incremental gains, and is now pushing for the 74 us cent mark.
Having started the week at 72.9 US cents, it’s currently trading at 73.76 cents.
Oil prices have risen more than 8% following a renewed focus on supply
shortages in the coming weeks due to sanctions imposed against Russia.
Brent crude futures closed 8.79% higher at AU$106.64 a barrel,
its highest percentage gain since mid-2020.
WTI crude rose 8.35% to US$102.98 a barrel.
Another by product of the ongoing conflict between Russia and Ukraine
has been the bolstering of gold prices with investors turning to safe haven assets.
Spot gold added 0.7% to US$1,942.04 an ounce.
US gold futures gained 1.62% to US$1,939.00 an ounce.
And lastly, the crypto space has enjoyed some stability over the past 24 hours.
Bitcoin saw a marginal loss of around 0.4%,
the second biggest crypto currency Ethereum enjoyed a gain of approximately 2%
and the global crypto market chaptalisation has jumped by 0.62% to sit above $US1.83T.
Well that’s all for the morning outlook. Have a great day trading and make sure
to keep it locked on Kalkine TV for the latest market insights and business news.
I’m James Preston reporting for Kalkine.