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ASX preview on Thursday: 8 shares you need to watch today

Credit: Federalreserve

The US Federal Reserve has hiked interest rates for just the third time since the Global Financial Crisis overnight, with the Australian Dollar ($A) (AUD) also surging almost 2% higher to more than US 77 cents.

Here’s a quick recap:

  • FTSE 100 (UK): up 0.15%
  • DAX (Germany): up 0.18%
  • CAC 40 (France): up 0.23%
  • Dow Jones (USA): up 0.54%
  • NASDAQ (USA): up 0.74%

The US Federal Reserve continued to project another two interest rate increases this year. Investors had almost fully priced in an interest rate hike in the United States this month, although some were likely expecting an even more accelerated increase than that currently projected. Hence, the US dollar retreated, forcing the AUD higher.

A weaker US dollar also helped to spur commodity prices. The gold price, for instance, rocketed to US$1,219 an ounce which should help the St Barbara Ltd (ASX: SBM) share price some more, together with Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM), amongst others.

The iron ore price climbed 3.2% as well, according to The Metal Bulletin, which could bolster demand for shares such as BHP Billiton Limited (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG). Oil prices rose 1.6% too.

Meanwhile, companies that benefit from a weaker dollar could come under some pressure today. That could include businesses such as Cochlear Limited (ASX: COH) and ResMed Inc. (CHESS) (ASX: RMD), to name a couple.

Before getting started on your day, be sure to check out these two articles:

  1. REVEALED: 10 of the best ASX technology shares for 2017
  2. Here’s how much $5,000 invested on Monday in marijuana stock Stemcell Utd Ltd would be worth today

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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