US stocks rallied overnight despite oil prices and US yields remaining elevated. The Nasdaq rose 1.1%, while the S&P 500 gained 0.66%. A bellwether stock for the AI trade, NVIDIA (NASDAQ:NVDA), hit a record high. The Share Price Index (SPI) for the Australian market rose 27 points.
Industrial metals also rallied, with tin, zinc, copper, and silver all positive. Gold was also up a modest 0.3%.
Brent oil futures remain around US$100 ($143.5) a barrel. ANZ Group Holdings (ASX:ANZ) Senior Commodities Analyst Daniel Hynes says some good news came from Kuwait, which is now producing two million barrels per day, about 600,000 barrels per day below pre-conflict levels.
Saudi Arabia’s East-West pipeline is also operating, while three LNG tankers have reportedly left through the Strait of Hormuz since late last week, according to Bloomberg. That could help ease global supply tightness as the Northern Hemisphere winter approaches.
Government debt has been a major concern for market participants lately. The graphic below shows US interest payments at a high proportion of GDP, at 10%, compared with 4% for Australia.
Write to Callum Newman at Mining.com.au
Main image: Unsplash
