Australian shares are set to leap at the opening. US oil reaches $US90 a barrel, iron ore tops $US121 a tonne. Softbank’s Arm surges in debut.
The Yes case has been outplayed not by Peter Dutton but Aboriginal Liberal-Nationals senator Jacinta Nampijinpa Price, who was not factored in as a threat at the start of the process, writes Phillip Coorey.AUD +0.2% to 64.35 US centsIn New York: BHP +4.2% Rio +4.5% Atlassian +0.5%Spot gold +0.1% to $US1909.10/oz at 2.32pm in New YorkIron ore +1.6% to $US121.30 a tonneUnited States
While a work stoppage could still be avoided altogether, the UAW and General Motors, Ford Motor and Stellantis are approaching a deadline. The union’s current labour contract expires late Thursday night .Oanda’s Edward Moya on oil: “Another day, another spin on how tight the oil market will remain. [US] crude tested the $US90 level for the first time since November as the oil tightness trade extends. Positive news about the US economy helped oil a little today as the consumer is still spending.
If demand slows down during the current construction season, blast-furnace output won’t be maintained and will pressure iron ore prices, Yongan Futures Co. said in a note.
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