ASX moves higher as choppy week continues
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The news: The Australian sharemarket rebounded on Thursday, led by financials and IT stocks after US mega-cap tech stocks rallied overnight. The benchmark ASX 200 is trading 0.5% higher at 7,506.00, but is only 0.16% higher than last Thursday in a choppy week for the index.
Bitcoin's price is trading a couple of percent higher after the US Securities and Exchange Commission approved 11 spot ETF's linked to the cryptocurrency in a highly anticipated milestone for the sector. BTC spiked up to around USD47,751 following the announcement, just shy of yesterday's short-lived peak when an unauthorised SEC tweet about the approval was posted before being deleted on social media site X.
The numbers: Financial and IT stocks led the gains on the ASX, both lifting more than 1% after softer than average inflation data yesterday narrowed bets the RBA is done hiking interest rates. The Aussie dollar has gained against the greenback since yesterday, and is buying 67.2 US cents after Australia's November trade surplus smashed forecasts.
Oil continues to chop around its yearly open price, and dropped overnight after an unexpected boost in US stockpiles. Brent crude futures are trading at USD76.94 a barrel and West Texas futures are trading at $US71.67 a barrel.
The context: The U.N. Security Council has demanded Yemen's Houthi rebels stop their attacks on container ships in the Red Sea, as the US and UK indicate their readiness to launch direct attacks on the group. Key US inflation data is due overnight, with investors keen to gauge how the Federal Reserve's fight against inflation is going. China CPI and PPI data will follow early tomorrow afternoon, with consensus forecasts doubting any break from the deflationary trend in December's figures.
