Australian Shares Poised for Positive Start as Tech Earnings Loom; Copper Soars
The Australian Securities Exchange (ASX) is expected to open on an upbeat note as investors look toward the critical earnings reports from leading tech behemoths Tesla Inc, Meta Platforms Inc, and Microsoft Corporation. Among commodities, Copper prices are on a sharp upward trajectory, approaching $US10,000 a tonne and marking a new two-year high.
In contrast, gold saw its most significant fall since February 2023, dropping by as much as 2.5% to trade as low as $US2,331.22 an ounce following a five-week rally. West Texas Intermediate crude rebounded from a monthly low, trading above $US83 a barrel, still marking a 12% annual increase.
The recent rally of the US dollar could potentially impede the Australian dollar’s recovery, creating a new obstacle for the Reserve Bank of Australia’s ongoing battle against inflation. The Australian dollar experienced a 0.5% uptick, reaching 64.51 US cents.
Wall Street indices showed positive trends: Dow Jones Industrial Average +0.9%, S&P 500 +1.2%, NASDAQ Composite +1.4%.
Key Data Releases
Among local data releases, S&P’s flash PMI and ABS government finance statistics are on the agenda. Internationally, key data to watch include the Eurozone Markit PMI for April, UK public sector borrowing for March, US Markit manufacturing and services PMI for April, and US new home sales for March.
