Lower commodity prices are set to weigh on the ASX 200 on Thursday. The futures predict a loss of 0.5% for the Index at the start of trade this morning. Global oil prices slid over 2% on Wednesday. Iran and the EU agreed to restart negotiations on a revival of the 2015 nuclear accord, potentially increasing Iranian supply. Base metal prices fell on Wednesday as China stepped up measures to ease a power crisis that’s hampered economic growth and disrupted metals supply. Tin (-5.5%) and aluminium (-5.4%) fell by the most with nickel (-3.4%) and copper (-2.9%) both lower.
US sharemarkets were mixed on Wednesday after a slew of earnings reports. Shares of Microsoft (+4.2%) hit a record high after earnings beat analysts’ estimates. Google-owner Alphabet jumped 5% after reporting a record quarterly profit. McDonald’s (+2.7%) and Coca-Cola (+1.9%) shares climbed after positive results. But General Motors shares fell 5.4%, despite topping Wall Street’s earnings and revenue estimates. And updates from Twitter (-10.8%), Visa (-6.9%), Texas Instruments (-5.1%), Robinhood (-10.4%) and Boeing (-1.5%) all disappointed investors. The Dow Jones index fell by 266 points or 0.7%. And the S&P 500 index lost 0.5%, slipping from record highs. But the Nasdaq index closed little changed.
