ASX 200 set to slip again on mixed Wall Street, Aussie dollar higher


Australian shares are poised to slip again at the open after a mixed run on Wall Street overnight, though promising commodity prices could lift the local stock market after it endured its worst consecutive sessions since February.

The SPI200 futures contract was down 6 points, or 0.1 per cent, to 6,020.0 at 0800 AEDT on Wednesday, pointing to a subdued open for the ASX, which put in another weak performance on Tuesday as the banks, healthcare, and other global sectors caused the market to lag.

Overnight, Wall Street’s major indexes failed to make progress as investors, worried about global growth prospects, fled from materials and industrials stocks.

Iron ore and copper prices were up, which could help the local mining sector break its two-day losing streak on Wednesday, but aluminium slipped four a fourth session.

Gold was flat overnight, while oil prices edged higher on growing evidence of falling Iranian crude exports, as well as a partial production shutdown in the Gulf of Mexico because of a hurricane.

The Aussie continues to recover ground as the week advances, and is buying 71.02 US cents on Wednesday, up from 70.87 US cents at Tuesday’s close.

In local finance data, the Australian Bureau of Statistics is expected to release building activity figures for June.

The Australian Banking Association is also set to announce a new code of practice, following shoddy dealings like charging customers fees for no service.

With AAP 

Here’s how you can strike it rich in the share market

The best way to strike it rich in the share market is to buy shares that are not only cheap, but growing quickly.

Combining countless hours of research with over 30 years of hands-on stock market investing experience, The Capital Club’s founder Bruce Jackson has just published his definitive list of 3 Cheap and Good ASX Stocks for 2018.

Best of all, the report is absolutely free, exclusively for readers of The Capital Club.

In this comprehensive free report, you’ll find the name of one ASX gold stock that’s not only profitable, but trading at less than 4 times forecast profits.

You’ll also discover the name of a company one fund manager has called the cheapest stock in the ASX 100, and you’ll read about the three catalysts that could push the share price higher in the next six months.

Finally, the report names one of the cheapest retailers trading on the ASX, a company that just picked up the assets of a distressed competitor on the cheap, paying just 2 times earnings. No wonder one top fund manager thinks its share price could at least double.

With the share prices of each of these 3 companies having the potential to double or more, you’ll want to act now. Simply click here or the button below, enter your email address, and this free report will be instantly sent to you.

See the 3 stocks

Read Next

Here are 6 of the best dividend stocks on the ASX for 2018 and beyond

Here are 10 ASX 200 shares to beat the traditional blue chips over the next 3 years

5 ASX blue chip shares for 2018 and beyond

Top fund manager names this iconic company as “the cheapest stock in the ASX 100”

Contributors to this article may own shares in some of the companies mentioned in this article. The Capital Club has a thorough disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
Lauren Surplice is a keen follower of the stock market, investing in individual companies and funds. She follows the daily stock market news, covering the ASX stocks that are moving the markets. You can contact Lauren at