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Markets live: ASX set to fall as oil jumps 7.5pc and US bond yields surge
Brent crude has jumped 7.5 per cent as conflict in the Middle East fuels fears of further supply disruptions.
The jump in Brent crude to more than US$109 lifted US yields to multi-year highs and Wall Street fell.
The ASX is set to follow, with futures pointing to a 0.9 per cent fall at the open.
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Market snapshot
- ASX 200 Futures: -0.9% at 8,729 points
- Australian dollar: -0.9% at 71.5 US cents
- Wall Street: Dow Jones (-0.6%), S&P 500 (-0.58%), Nasdaq Composite (-0.65%)
- Europe: FTSE (-0.57%), Stoxx 600 (-0.69%), DAX (-0.84%)
- Spot gold: -2.29% to $US4,358/ounce
- Oil (Brent futures): +7.4% at $US108.68/barrel
- Iron ore: -1.3% at $US98.20/tonne
- Bitcoin: -1.46% at $US77,202
Prices current around 7:20am AEST
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Markets recap: David Chau's finance report
If you need a refresher before the ASX opens for trading today, catch David Chau's finance report.
David spoke about the fact the ASX dropped to a seven-week low as markets were spooked by oil prices jumping above $US100 per barrel and government borrowing costs rising to their highest level in years.
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ASX to fall 0.9pc at the open as oil and US yields soar
Good morning and happy Friday!
Business reporter Lin Lin here to guide you through the morning on the markets blog, covering the latest business news.
It’s a less-than-happy lay of the land for markets again today (and that's putting it mildly).
Overnight, Brent crude surged 7.5%, while WTI is now above US$100, after the biggest rise in attacks on shipping since the Iran war began spurred concerns about further supply disruptions.
That prompted losses on Wall Street and in the bond market, with the US 10-year yield hitting 4.96%. Remember, bond prices and yields move in opposite directions.
The Australian share market is set to follow suit, with futures pointing to a 0.9% fall at the open.
The Australian dollar is also 0.85% lower at 71.5 US cents.
I’ll be back shortly with plenty more.
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