The Australian market is set to open modestly higher today, with ASX SPI 200 Index Futures having finished up 0.4% in the last session. After the SPI stopped trading, news broke of a Houthi attack on a major Saudi airport, so Australian traders will be watching for any impact on today’s cash session.
There was further major news around energy over the weekend, with US President Trump announcing a deal with Russian President Vladimir Putin for Russia to supply diesel to the global market. High diesel prices have become a political headache for Trump, with polls suggesting his popularity is now very low.
Bloomberg also reports:
“The International Energy Agency [IEA] urged members to speed up pledged diesel releases and consider supplying more as global markets tighten.
“IEA executive director Fatih Birol urged governments that have yet to fully deliver oil stocks promised under the March collective action to accelerate those releases if possible, with priority given to diesel, according to a statement ahead of the agency’s 15 October governing board meeting.”
Gold could also be a market of high interest considering the escalation in the Middle East and what it means for stability in the region and the wider financial system.
Sentiment around gold is currently weak, sitting near the level it hit in June after its worst quarter in over a decade.
Source: MacroCharts
Write to Callum Newman at Mining.com.au
Main image: Unsplash
