The ASX has opened 0.1% higher as major US averages snapped a three-day losing streak.
Overnight markets were buoyed by remarks from the Biden administration, which reiterated that the US is not going back to full-blown March 2020 lockdowns.
Afterpay (ASX: APT) and Zip (ASX: Z1P) are bouncing off year-to-date lows, up 5.4% and 3.1% respectively after the tech-heavy Nasdaq Composite jumped 2.4% overnight. US-listed BNPL rivals Block (formerly Square) rallied 7.7% and Affirm closed 6.4% higher.
Fortescue Metals Group (ASX: FMG) opened 1.6% higher as iron ore prices continue upwards. Iron ore spot prices are fetching US$126.71/t according to Fastmarkets, surging more than 25% in December.
Pilbara Minerals plunged 7% yesterday after flagging that its ramp up plans are facing delays amid equipment failures and labour shortages.
Gold prices drifted lower amid an encouraging overnight session for US stocks and optimism that omicron’s impact will be short-lived.
Magellan Financial Group (ASX: MFG) might be looking at new multi-year low after sliding 3.5% this morning. The stock is down 62% year-to-date.
Finance Writer & Social Media
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