By business reporter
The ASX is projected to open significantly higher today, buoyed by a strong performance on Wall Street, where the S&P 500 climbed by 1.5%. Futures indicate an increase of 1.2%, suggesting a favorable start for the Australian market.
The Australian dollar has also strengthened against the US dollar, rising 0.7% to approximately 72.35 cents. Later today, Australia will release its trade balance figures for March, with analysts anticipating a surplus of about $4.5 billion, a decrease from February’s notable $5.7 billion surplus driven by gold exports.
In corporate news, global explosives manufacturer is set to announce its first-half results prior to market opening. The company has indicated that its pre-tax earnings for this period will be slightly above last year’s figures, expected to reach around $490 million. However, investors will be keen to hear about future outlooks, especially in light of the ongoing Gulf conflict and its implications for global mining demand.
This morning’s trading session is marked by renewed optimism surrounding peace prospects and a surge in artificial intelligence investments, which propelled the S&P 500 and Nasdaq indices to unprecedented levels. Conversely, global oil prices have faced a decline, with Brent crude futures dropping by 6.9% to $102.34 per barrel, and West Texas Intermediate futures decreasing by 5.9% to $96.25 per barrel.
Stay tuned for real-time updates and insights from our dedicated business reporters throughout the day. Please note that this blog does not serve as financial advice.
