{"id":11901,"date":"2022-05-04T23:18:42","date_gmt":"2022-05-04T23:18:42","guid":{"rendered":"https:\/\/economicherald.net\/?p=11901"},"modified":"2022-05-04T23:18:42","modified_gmt":"2022-05-04T23:18:42","slug":"market-highlights-and-5-asx-small-caps-to-watch-on-thursday-3","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=11901","title":{"rendered":"Market Highlights and 5 ASX Small Caps to watch on Thursday"},"content":{"rendered":"

The US Fed increased its rates by 0.50% overnight
\nWall Street surges after Chairman Jerome Powell comments
\nOil traders brace for potential EU\u2019s total embargo of Russian oil<\/p>\n

ASX stays flat despite Wall Street\u2019s best day in 2 years<\/p>\n

The ASX 200 is set to open flat this morning despite a surge on Wall Street overnight. At 8am AEDT, the ASX 200 June futures contract is pointing down marginally by 0.03%.<\/p>\n

Wall Street had one of its best days since May 2020 as Fed Chairman Jerome Powell eased concerns the central bank will embark on a more aggressive tightening pace for the remainder of this year.<\/p>\n

Powell increased the Fed cash rate by 50bp overnight but ruled out the possibility of a 75bp hike anytime soon, telling the FOMC press conference it \u201cwasn\u2019t something the committee was actively considering,\u201d<\/p>\n

The Chairman also said here was \u201ca broad sense on the committee that additional 50 basis-point increases should be on the table for the next couple of meetings.\u201d<\/p>\n

Wall Street reacted to Powell\u2019s comments by having its best day in two years, as all three major US stockmarket indices surged \u2013 the S&P 500 by 2.99%, the Dow by 2.81% and tech heavy Nasdaq by 3.19%.<\/p>\n

Major currencies also surged against the US dollar, with the AUD rallying to US 72.5c, while 2-year US treasury yield fell by 13bp on the news.<\/p>\n

Bitcoin was also up by around 5%, and at 8.30am AEDT the crypto is trading at US$39,750.<\/p>\n

\u00a0<\/p>\n

Oil prices rise on potential Russian ban<\/h2>\n

Meanwhile, global oil prices rose again by around 5% as Brent crude trades at US$107.5.<\/p>\n

This comes as the European Commission President Ursula von der Leyen proposed a phased embargo on Russian oil over the next six months.<\/p>\n

\u201cWe now propose a ban on Russian oil. This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined,\u201d she said.<\/p>\n

\u201cWe will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimises the impact on global markets.\u201d<\/p>\n

\u00a0<\/p>\n

5 ASX small caps to watch today<\/h2>\n

Vysarn Ltd (ASX:VYS)<\/a><\/strong>
\nWater service provider Vysarn has provided a strong guidance for FY22, with revenue predicted to come in at $44m (a 71% increase on FY21). Bottom line earnings before tax for FY22 is forecast at $4.1m (a 261% increase on FY21).<\/p>\n

Carnavale Resources (ASX:CAV)<\/a><\/strong>
\nCarnavale has commenced a ground based MLEM (Moving Loop Electromagnetic) survey at Grey Dam in WA, aiming to delineate direct drilling targets associated with 5 nickel \/ copper soil anomalies identified by the earlier soil sampling program. The survey will also target one historic drillhole.<\/p>\n

Torque Metals (ASX:TOR)<\/a><\/strong>
\nThe gold explorer is also set to conduct a MLEM survey at its wholly-owned Paris Project in WA. Around 18 line-km MLEM survey is to be carried out to test potential for conductive nickel sulphides.<\/p>\n

Helix Resources (ASX:HLX)<\/a><\/strong>
\nAssay results for three diamond drill holes at the Canbelego Joint Venture Project in Cobar, NSW have been completed. The result include 5.3 metres at 3.4% copper, and intercept of 14 metres at 4.2% copper.<\/p>\n

Discovex Resources (ASX:DCX)<\/a><\/strong>
\nDiscovex has completed a soil sampling program at the Edjudina Project in WA. The newly defined gold trend, known as the Spartan Prospect, is characterised by a 1.3km long >50ppb gold in soil anomaly with a peak value of 0.1g\/t Au, within a broader 1.8km long >25ppb anomaly.<\/p>\n

The post Market Highlights and 5 ASX Small Caps to watch on Thursday<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The US Fed increased its rates by 0.50% overnight Wall Street surges after Chairman Jerome Powell comments Oil traders brace for potential EU\u2019s total embargo [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":11403,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nMarket Highlights and 5 ASX Small Caps to watch on Thursday - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=11901\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Highlights and 5 ASX Small Caps to watch on Thursday - 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