OPENING CALL: The Australian share market is expected to open higher. SPI futures contract expected to open up 42 points up.
OPENING CALL: The Australian share market is expected to open higher. SPI futures contract expected to open up 42 points up.
Saudi Arabia has threatened to ignite an oil-price war unless fellow OPEC members make up for their failure to abide by the cartel’s recent production cuts, delegates said.
General Motors Co. reported a 34% drop in second-quarter sales compared with a year earlier, with demand picking up in May and June. Toyota Motor Corp.’s sales fell by about one-third, while Fiat Chrysler Automobiles NV reported a 39% decline.
Australian Market
Australian shares closed 0.6% higher at 5934.4 amid strength from tech and financial stocks.
US Market
U.S. stocks rose in the first session of July after data showed the labor market continued to improve last month. The S&P 500 climbed 0.5%, after rising 20% over the past three months for its best quarterly performance since 1998. The rally was fueled by the Federal Reserve’s aggressive support for financial markets and signs of an early recovery in economic activity. The technology-heavy Nasdaq Composite added 0.9%, while the Dow Jones Industrial Average lost 0.3%.
Commodities
Gold futures settled with a loss after topping $1,800 and marking the highest finish since in nearly nine years a day earlier, as uncertainty about the economic recovery from the coronavirus pandemic underpinned demand for the safe haven.
Oil Futures
Oil prices rose, continuing a recent rebound after data showed U.S. crude stockpiles fell more than anticipated last week. U.S. crude futures for August delivery added 1.4% to $39.82 a barrel. Prices are near their highest level since early March, buoyed by recovering fuel demand and supply cuts by the Organization of the Petroleum Exporting Countries and allies including Russia. Sliding U.S. crude output is also supporting the rally.
Forex
European Markets
Asian Markets
Earlier in the day, mainland China stocks ended broadly higher as China’s stronger June manufacturing data suggests a continued post-pandemic economic recovery. The benchmark Shanghai Composite Index rose 1.4% to close at 3025.98, breaking the psychologically important 3000 mark for the first time since early March. Japanese stocks ended broadly lower as the yen rebounded from a three-week low against the dollar. Auto, real-estate and food stocks fell especially sharply.
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