ASX poised to rise as investors await corporate results
Australian shares are expected rise to today as investors eagerly await corporate results. NAB business surveys for January are also expected to be released today and should provide investors with insight into the health of Australian businesses.
Overnight the latest UK economic data reflected the increasing uncertainty of Brexit. The UK economy decelerated faster than expected in the final three months of 2018, triggering concerns that consumer and business investment sentiment will deteriorate the longer it takes for a clearer outlook on Brexit to appear.
Shares on Wall Street traded in a narrow range yesterday as investors eyed Beijing for any signs of progress in the trade dispute between the US and China. The S&P 500 and NASDAQ 100 were both marginally up overnight, gaining 1.92 (+0.07%) and 9.71 (+0.13%) points respectively. Conversely, the Dow Jones closed 53.22 (-0.21%) points down.
ASX200 futures are currently up 20.0 points.
Today's data releases: Housing finance December, NAB business conditions January, NAB business confidence January
Commodities and Currencies
Brent crude prices are currently down 0.8% to $US61.58 a barrel and are experiencing sideways movement between a trading range of $US58.90 and $US63.73.
Iron ore prices leap higher on Monday, rising by 5.9% to $US90.58 per tonne further extending its rally following recent supply shock fears. Iron ore is likely to test the resistance from 2017's top of $US95 per tonne in the short term.
The spot price of gold is down 0.52% and is now hovering around US$1311.65.
The AUD is currently down 0.3% at US70.66¢.
This article was written by Mithun Fernando – Investment Analyst, Rivkin Securities Pty Ltd. Enquiries can be made via email@example.com or by phoning +612 8302 3633.