- S&P/ASX 200 SPI futures are pointing down despite the US Dow Jones index setting record highs.
- Today’s Announcements: No major price sensitive announcements.
SPI futures indicate a negative start to the day despite the Dow Jones index setting new highs.
- The SPI futures index is down 21 points or 0.3 per cent, despite the Dow Jones index once again settling on new record highs. Nonetheless, the US sharemarket overall was mixed, as the US Dow Jones index closed up by 215 points or 0.6 per cent to record highs, the S&P 500 index slipped by 3 points or 0.1 per cent and the Nasdaq index lost 210 points or 1.3 per cent.
- In commodities markets, the Brent crude oil price gained US$1.02 or 1.3 per cent to US$80.00 a barrel and the US Nymex crude price added US91 cents or 1.2 per cent to US$76.99 a barrel. Oil prices rose on Tuesday after production disruptions in Libya, and OPEC+ oil ministers agreeing to stick to their plan of gradually unwinding production constraints and lifting output production targets by 400,000 in February. The increase in oil prices may support the energy sector.
- Bullion gained ground, with the gold futures price adding $14.50 or 0.8 per cent to $1,814.60 an ounce. Spot gold was trading near US$1,814 an ounce at the US close. The rise in the gold price could support shares of Aussie gold miners.
- Iron ore added US$3.40 or 2.8 per cent to US$122.90 a tonne overnight. London-listed iron ore miners followed the momentum, with RIO and BHP both adding 1.0 per cent.
Originally published by CommSec
Authors: Divik Nigam, Associate Equity Market Analyst and Craig James, Chief Economist.