Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Oil at Record Highs; Australia Hawkish: 5 Keys to Tuesday's Stock Market Action

Published 2022-06-07, 03:30 a/m
© Reuters.
US500
-
DJI
-
JP225
-
LCO
-
CL
-
IXIC
-
SSEC
-
BTC/USD
-
ETH/USD
-

By Laura Sanchez

Investing.com - A busy week for the markets, with the focus on central banks and the US CPI next Friday.

Australia raises interest rates more than the market expected.

Oil prices remain at record highs, despite OPEC.

Cryptocurrencies are trading lower this morning.

These are the five factors that investors should take into account when making their decisions today:

1. Australia raises rates more than expected

Early this morning, the Reserve Bank of Australia announced that it is raising interest rates to 0.85% from 0.35%. This is 25 points more than the consensus expected (0.60%).

The agency raised rates by 0.50% and follows the general trend of the major central banks to tighten monetary policy.

2. Oil prices soar despite OPEC's agreement

The agreement reached last week by the Organisation of Petroleum Exporting Countries (OPEC) to increase production by 50% has not helped to calm oil prices.

This morning, WTI crude is trading at $119 and Brent at $120.

3. Crypto, down

The cryptocurrency sector is down this morning, losing yesterday's gains. Bitcoin is trading around $29,500 and Ethereum at $1,750.

4. Asia and the American stock market

The main Asian indices are mixed today. Nikkei is up 0.1%. Hong Kong's Hang Seng lost 0.4% and the Shanghai Composite gained 0.2%.

On Wall Street, the market ended yesterday in the green. The S&P 500 (0.3%), Nasdaq (0.4%) and Dow Jones (0.05%) closed higher.

5. Macroeconomic data

The main macroeconomic releases in Europe include German factory orders, Spanish industrial production, UK services PMI, as well as Euro zone investor confidence.

In the US we will see exports, imports and trade balance, and weekly API crude oil stocks.

Follow the day's events on our economic calendar: https://ca.investing.com/economic-calendar/

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.