ASX to edge upwards; bitcoin rallies past $US90,000
Australian shares are poised to edge upwards after futures wavered. The S&P 500 and the Nasdaq were higher, lifted by tech shares, as growing bets on interest rate cuts offset caution ahead of key US inflation data later this week.
Bond yields calmed and bitcoin rose above $US90,000 again, after a bruising sell-off that wiped out $US1 billion in leveraged debts.
The market leader was database company MongoDB which soared 23.4%. Nvidia rose 3% and Dell Technologies jumped 5%. Oil swung in choppy trading as fresh escalation in tensions between Russia and Ukraine raised the possibility of further supply disruptions.
The rebound followed a sour start to December, when all three major indexes snapped a week-long winning streak under pressure from rising Treasury yields and a sharp sell-off in crypto-linked shares.
Market highlights
ASX futures are pointing up 3 points or flat to 8595
All US prices are as of New York time.
- AUD -0.2% to 65.61 US¢
- Bitcoin +8.4% $US92,118
- On Wall St: Dow +0.4% S&P +0.2% Nasdaq +0.7%
- Gold -0.8% to $US4,197.91 an ounce
- Brent oil -0.8% to $US63.67 a barrel
- Iron ore +0.1% to $US103.70 a tonne
- 10-year yield: US +4.10% Australia +4.61%
Today’s agenda
The main data news for the day is Australia’s GDP figures which are out at 11.30am. Bloomberg economists predict 0.7 per cent growth, a three-year high. Westpac senior economist Pat Bustamante expects the data to show business investment grew at its fastest pace since March 2012.
WiseTech Global holds its investor day. Shares in the company fell 2.3 per cent on Tuesday to $69.45,
Euro zone PPI is out at 9pm.
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