OPENING CALL: The Australian share market is expected to open higher. SPI Futures contract expected to open 67 up.
Federal Reserve Chairman Jerome Powell said the reopening of the U.S. economy-and the accompanying upturn in spending and hiring this spring-has happened sooner than central bank officials expected.
The number of houses going under contract rebounded sharply in May after two previous months of declines, a sign homebuyers returned to the market as coronavirus-related lockdowns began to ease. Here are highlights from Monday’s National Association of Realtors report:
Australian Market
Australian shares fell 1.5% to a two-week low of 5815.0 against the backdrop of rising coronavirus cases domestically and in the U.S.
US Market
U.S. stocks climbed as investors weighed the rise in coronavirus infections and the likelihood of future lockdowns with hopes for more stimulus from central banks. The Dow Jones Industrial Average gained 580 points, or 2.3%, finishing near its high on
the day after recovering some of the ground it lost last week. The S&P 500 climbed 1.5%, while the tech-heavy Nasdaq Composite was up 1.2%.
Commodities
Gold futures ended higher as evidence of a rapid spread in coronavirus cases supported buying the haven metal to start the week, but investor worries over industrial demand for silver pressured prices for the white metal. August gold rose 90 cents, or 0.05%, to settle at $1,781.20 an ounce, after gold saw an advance of 1.6% last week, its third weekly rise in a row. Early last week, gold touched its highest level since 2012 as infections of COVID-19 accelerated.August gold rose 90 cents, or 0.05%, to settle at $1,781.20 an ounce, after gold saw an advance of 1.6% last week, its third weekly rise in a row. Early last week, gold touched its highest level since 2012 as infections of COVID-19 accelerated.
Oil Futures
U.S. oil prices ended 3.1% higher at $39.70 a barrel as investors set aside worries about a coronavirus resurgence in the U.S. to focus on a general shift toward recovery in global oil demand. But U.S. oil inventories are sitting at a record-high 541 million
barrels, and analysts remind investors the U.S. is the world’s top oil consumer.
Forex
European Markets
Asian Markets
Earlier in the day, China stocks slipped, weighed by worries that a new wave of coronavirus infections will stall a global economic recovery. The Shanghai Composite Index shed 0.6% to settle at 2961.52 after traders returned from a four-day break, while
the smaller Shenzhen Composite Index and startup-heavy ChiNext Price Index each fell 0.4%. Japanese stocks ended 2.3% lower to 21995.04, due to continuing concerns about the Covid-19 pandemic’s prolonged economic impact.
Access +10,000 financial
instruments
