Morning Report 29 Mar 22: Local shares set for another positive start

US sharemarkets were firmer on Monday. Oil producers fell in response to a 7% slide in the oil price. And bank stocks fell 1.0% in response to lower longer-term yields. Reuters reported "Electric-car maker Tesla jumped 8.0% after saying that it will seek investor approval to increase its number of shares to enable a stock split." Shares in Apple rose 0.5% after a report said the company was planning to cut iPhone and AirPod output. The Dow Jones index rose by 95 points or 0.3%. The S&P 500 index rose by 0.7% and the Nasdaq index rose by 186 points or 1.3%.

This report is approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399, AFSL 238814 (CommSec) is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 and a market participant of ASX Limited and Cboe Australia Pty Limited (formerly Chi-X Australia Pty Limited), a clearing participant of ASX Clear Pty Limited and a settlement participant of ASX Settlement Pty Limited. Any advice contained in this report is general advice only and is not a recommendation to buy, sell or hold any securities, property, real estate or financial products, and has been prepared without taking account of the objectives, financial situation or needs of any particular individual. Before making any investment decision, you should consider your own investment needs and objectives and consider seeking financial advice. Past performance is not a reliable indicator of future performance. This report is produced by Commonwealth Securities Limited based on information available at the time of publishing. We believe that the information in this report is correct and any opinions, conclusions or recommendations are reasonably held or made as at the time of its compilation, but no warranty is made as to accuracy, reliability or completeness. To the extent permitted by law, neither the Bank nor any of its subsidiaries accept liability to any person for loss or damage arising from the use of this report.