Markets Daily: Asian Equities Set to Open Steady After US Record

Equity futures rose in Australia, Japan and Hong Kong amid curbs. Tuesday saw the Nasdaq rose by 0.2%. The S&P 500 and the Dow Jones both rose less than 0.1% backed by the tech and retail sector, with financials lagging behind. Asian shares are set to open steady after investor optimism on the economy grows and signs that Moderna vaccines can counter the highly contagious delta strain.

Treasuries were flat overnight. The US 10-year yields were steady near 1.475% and short-term US 2-year yields were near 0.25%.

Forex trading saw the US dollar firmer against other major currencies. According to ZERO Markets’ Meta Trader 5 platform, the Euro fell from highs near $1.1920 to lows near $1.1880 against the dollar. The Aussie dollar fell from highs near $0.7565 to lows around $0.7505 against the dollar at US close. 

Commodity trading saw crude oil climbed 0.1% to back above $73 a barrel as OPEC+ ministers divided ahead of a key meeting later this week. Brent crude rose by 0.1% to near $US74.76 a barrel. WIT rose 0.1% to near $US72.98 a barrel. 

Iron ore prices fell 2.7% to near $214.1 a tonne. Precious metals trading saw gold fell 1% to near US$1761 an ounce following a firmer dollar. Gold is on track for its biggest monthly loss in more than four years.

Key events this week (Economic Calendar):

  • OPEC+ ministerial meeting (Thursday)
  • U.S. jobs report (Friday)

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