That’s a good question Chrisso.<\/p>\n
Especially after Wall Street surged overnight on excitement about the potential signing of the US-Iran ‘memorandum of understanding’ later this week!<\/p>\n
The ASX 200 was down 0.5% to 8,870 points by around 11:15am AEST.<\/p>\n
IG analyst Tony Sycamore reckons it’s due to “profit-taking after a very strong run higher, combined with some pre-RBA caution”.<\/p>\n
“The index has rallied around 300 points, or 3.5%, from Friday\u2019s low at 8633 to yesterday\u2019s high of 8937 [points],” he says.<\/p>\n
“That\u2019s a good rally in a short space of time, so some selling to lock in gains this morning isn\u2019t surprising. At the same time, there\u2019s a bit of nervousness ahead of this afternoon\u2019s RBA Board meeting.<\/p>\n
“We\u2019re also seeing some of the initial euphoria around yesterday\u2019s US-Iran Memorandum of Understanding start to fade. While the deal is positive, the path back to normal oil supply flows is far from straightforward.<\/p>\n
“Clearing mines, restoring full marine insurance coverage, and getting vessels and operators comfortable returning to the Gulf will all take time \u2014 as will bringing shuttered wells and damaged infrastructure back online. Whether that process takes days, weeks or months remains highly uncertain.”<\/p>\n","protected":false},"excerpt":{"rendered":"That’s a good question Chrisso. Especially after Wall Street surged overnight on excitement about the potential signing of…\n","protected":false},"author":2,"featured_media":501878,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[3053,3055,72,113,61,5232,11829,60,3060,3058,6000,30473,18514,3054],"class_list":["post-501877","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-asx","tag-australian-dollar","tag-business","tag-economy","tag-ie","tag-interest-rates","tag-iran","tag-ireland","tag-live-update","tag-nyse","tag-oil","tag-rba","tag-reserve-bank","tag-share-market"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/501877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=501877"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/501877\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/501878"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=501877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=501877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=501877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}