ASX to nudge downward as tech stocks weigh on Wall Street

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Australian shares are set to open slightly lower as tech stocks dragged Wall Street down and the G7 pondered a cap on Russian oil prices and a ban on gold imports.

Bitcoin $US20,765.06 at 5.12 am AEST.In New York: BHP +2.3% Rio +0.4% Atlassian -0.8%Spot gold -0.3% to $US1,824.40 /oz at 3.02pm New York timeIron ore % to $US a tonne10-year yield: US 3.2% Australia 3.77% Germany 1.54%The Nasdaq fell by midday trading, dragged down by high-growth stocks as last week’s rally on easing concerns over inflation lost steam, while recovering oil prices boosted shares of energy firms.

“The burst of global enthusiasm for equities has put a spring in the step of the FTSE 100 at the start of the week,” Hargreaves Lansdown analyst Susannah Streeter said.Meanwhile, mining stocks Anglo American, Rio Tinto and Glencore gained between 1.7% and 3% after Group of Seven leaders pledged to raise $600 billion of private and public funds in five years to finance needed infrastructure in developing countries.

Limiting the price would reduce the Kremlin’s income from oil — at the start of the war, it was about $US450 million per day from Europe alone.

 

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