Shares soared in Europe and the US on hope of a truce in Ukraine. Oil slumps as OPEC flags supply lift, base metals sink. Australian inflation data ahead.
Australian shares are poised to open higher after stocks in Europe surged and Wall Street rebounded after Ukrainian President Volodymyr Zelensky said he’s open to some compromises.Oil plunged after the United Arab Emirates said it will call on its fellow OPEC+ members to boost oil output faster; benchmark crude was 12 per cent lower to $US112.71 a barrel at 1.45pm in New York. Gold slid below $US2000 an ounce.
Base metals slump in London: aluminium slid 4.7 per cent to $US3333 a tonne by 1715 GMT. LME copper shed 2.2 per cent to $US9980 a tonne, zinc dropped 6.3 per cent to $US3874.50, lead fell 3.9 per cent to $US2400 and tin plunged 13.7 per cent to $US42,005. German shares vaulted 7.9 per cent to lead strong gains across European stocks markets. Italian and French shares jumped around 7 per cent each, while the STOXX 600 index rallied 4.7 per cent for its best session in two years.
Britain’s commodity-heavy FTSE 100 rose 3.2 per cent, the least among European peers as energy and mining stocks fell after a strong rally. The local currency advanced back above US73¢; the Bloomberg spot dollar index tumbled 0.9 per cent. Bitcoin surged more than 8 per cent to $US42,242.90 near 6.55am AEDT on bitstamp.net.Overseas data: European Central Bank policy decision; US February CPIAUD +0.8% to 73.26 US cents&Tesla +3.8% Apple +3.3% Netflix +4.8% Alphabet +5%Spot gold -3.1% to $US1986.29/oz at 1.47pm New York timeIron ore -2.9% to $US157.55 a tonne10-year yield: US 1.93% Australia 2.31% Germany 0.
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