Northern Star Resources Ltd (ASX: NST) could have a solid day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.4% to US$1,883 an ounce. Weakness in the US dollar and bond yields drove the gold price higher.
Iron ore price sinks again
It could be another difficult day for iron ore producers
Fortescue Metals Group Limited(ASX: FMG), and
Rio Tinto Limited(ASX: RIO) after the iron ore price continued to sink. According to Metal Bulletin, the spot iron ore price is down a further 4.1% to US$192.42 a tonne.
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Woodside Petroleum (ASX:WPL) and ASX oil shares face a new threat
Sebastian Bowen | May 19, 2021 4:40pm |
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ASX oil shares have not been having a great time of late. Although companies like
Woodside Petroleum Ltd(ASX: WPL) have recovered strongly from the lows of last year, this recovery has stalled in recent months.
Woodside shares rose from a low under $16 a share last year to as high as $27.60 by the start of 2021. A recovery in crude oil prices from the negative levels they reached last year to back above US$60 a barrel largely assisted this rise.
But as of today, Woodside has sunk more than 16% from January’s highs and is trading for $22.40 a share at the time of writing. We see a similar pricing pattern across other ASX oil shares like
Australia shares rise as central bank upgrades growth forecast
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Last Updated: May 04, 2021, 02:45 PM IST
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The Reserve Bank of Australia (RBA) left its key rates at near zero for a fifth straight meeting and upgraded the 2021 economic growth forecast to 4.75% from 3.5% in February.
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Australian shares closed higher on Tuesday as the central bank raised its economic growth forecast and kept interest rates on hold, with commodity-related stocks leading the way on the benchmark index.
The S&P/ASX 200 index rose 0.6% to 7,067.90, closing higher for the second straight session. Broader Asian markets also edged higher, helped by signs of recovery from the pandemic in major economies.
Northern Star Resources Ltd (ASX: NST) will be on watch after the gold price stormed higher overnight. According to CNBC, the spot gold price is up 1.4% to US$1,792.70 an ounce. Weakness in the US dollar and bond yields gave the precious metal a boost. Elsewhere, the silver price jumped 4.3% overnight.
Westpac rated as a buy
The
Westpac share price may have stormed higher on Monday but could keep on climbing according to Goldman Sachs. According to a note, the broker has retained its buy rating and lifted its price target to $29.03. It was pleased with its half year result and sees plenty more upside if the bank can deliver on its cost cutting plans.
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The major Asia-Pacific stock indexes finished lower on Friday as weaker-than-expected Chinese factory indicators and concerns about Beijing’s clampdown on internet companies weighed on sentiment.
Friday’s session followed an overnight session on Wall Street where the major U.S. indexes finished higher. Economic activity stateside picked up in the first three months of 2021 as GDP rose 6.4% on an annualized basis, but it fell slightly short of expectations.
Cash Market Performance
On Friday, Japan’s Nikkei 225 Index settled at 28812.63, down 241.34 or -0.83%. Hong Kong’s Hang Seng Index finished at 28724.88, down 578.38 or -1.97% and South Korea’s KOSPI Index closed at 3147.86, down 26.21 or -0.83%.