- ASX SPI futures indicate a flat start to the last day of the year, falling 7 points or 0.1 percent after the Dow Jones retreated from its all-time highs.
- Today’s Announcements: Lynas Rare Earths (LYC) Receives Regulatory Approval |
Australian stocks will start on a flat note after the Dow Jones turns down from all-time highs.
- A flat start is expected for trading with ASX SPI futures pointing down 7 points or 0.1 percent. In the US, optimism was drawn from the economic data, namely a drop in unemployment insurance claims. However, this was offset by the selling pressure induced by investors looking to square positions at the end of the month, quarter and year. The US Dow Jones Index closed down 91 points, or 0.3 percent, from the all-time high it set in the previous session. The S&P 500 Index lost 14 points, or 0.3 percent. And the Nasdaq index lost 24 points, or 0.2 percent.
- In commodity markets, the Brent Crude Price gained 9 cents or 0.1 percent at $ 79.32 a barrel and the US Nymex Crude Price it added 43 cents or 0.6 percent to $ 76.99 a barrel. There was upward pressure on oil prices, due to news of countries reducing the required quarantine period for Omicron. But this influence was suppressed by a Reuters report that showed China cut the first batch of import quotas in 2022. However, the rise in the price of oil may support Australian-listed energy companies such as Woodside Petroleum (WPL) Y Saints (WTO).
- Bullion gained ground, with the gold futures price adding US $ 8.30 or 0.5 percent to US $ 1,814.10 an ounce. Spot gold was trading around $ 1,815 an ounce at the close in the United States. The increase in the price of gold could support the actions of Australian gold miners.
- Iron ore It fell 80 cents or 0.7 percent to $ 117.25 a ton overnight. London-listed iron ore miners diverged: Rio Tinto shares rose 1.1 percent, while BHP shares fell 0.2 percent.
Lynas Rare Earths (LYC) receives regulatory approval for its disposal facility.
- Lynas Rare Earths (LYC) has informed the market that its proposed Malaysian permanent disposal facility at the Gebeng Industrial Estate has received environmental approval from the Malaysian regulatory authorities. The disposal facility is used for the purification of waste water leaching, which contains high levels of phosphate and is commonly used in fertilizers. Lynas believes the residue can be used to reduce the Malaysian palm oil industry’s reliance on imported phosphate fertilizers.
Originally Posted by Divik Nigam, Associate Stock Market Analyst and Craig James, Chief Economist, CommSec