ASX to move higher as gold hits record high
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The news: Australian shares are set to move higher as the S&P 500 flirts with a record high amid a broad-based US rally into Christmas.
The US index was within 30 points of breaking its previous record as gold traded above USD4,400 for the first time.
The numbers: Updated at 7:05am AEDT:
- ASX futures: up 3 points to 8,708
- Wall Street: Dow Jones up 0.53%, S&P 500 up 0.64% and Nasdaq up 0.52%
- Europe: CAC 40 down 0.37%, DAX down 0.02% and FTSE 100 down 0.32%
- Spot gold: up 2.14% to USD4,435 per ounce
- Oil prices: Brent up 2.66% to USD62.07/bbl and US WTI up 2.65% to USD58.02/bbl
- AUD: up 0.64% at 66.56 US cents
- Bitcoin: down 0.64% to USD88,072.
The context: US stocks climbed higher overnight as the S&P 500 extended an eight-month winning streak, led higher into the close by Warner Bros Discovery (+3.47%), Paramount (+3.67%) and Newmont (+3.48%).
Gold and silver prices are still rallying hard into Christmas with gold looking to end the year around 70% higher than it began. The momentum has come amid rising US-Venezuela tensions and a US-led rate cutting cycle.
Trump stalled all offshore US wind projects on Monday, sending a series of wind-adjacent stocks lower.
After Warner Bros told shareholders to reject the Paramount USD30-per-share bid, Larry Ellison has personally guaranteed USD40 billion ($60 billion) of financing for the deal. Netflix meanwhile says it has USD25 billion of banking lending ready to go for a rival bid.
The RBA Minutes will be released at 11:30am AEDT.
