ASX tipped to open stronger as Wall Street welcomes COVID stimulus

The Dow Jones Industrial Average rose 235.6 points, or 0.78 per cent, to 30,435.47, the S&P 500 gained 36.57 points, or 0.99 per cent, to 3,739.63 and the Nasdaq Composite added 124.46 points, or 0.97 per cent, to 12,929.20.

Meanwhile, European indexes closed broadly higher, helped by more details about the European Union – United Kingdom trade deal as part of the UK’s exit from the trade bloc. Germany’s DAX rose 1.5 per cent, while the CAC-40 in France gained 1.2 per cent.

In commodities, crude prices dropped as the prospect of increased OPEC+ output in the face of weak demand dampened stimulus cheer.

US crude dropped 1.26 per cent to settle at $US47.62 barrel. Brent was last at $US50.92 per barrel, down 0.72 per cent on the day.

Gold reversed its early gains as the US dollar recovered its losses amid the stocks rally. Spot gold dropped 0.1 per cent to $US1,874.00 an ounce.

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