ASX 200 rises; South32 leads mining rebound; Link jumps on Dye & Durham bid

ASX higher as miners rebound. Coal pushes trade surplus to record, Pinnacle Investment soars,  Dye & Durham ups Link offer, Zip falls on downgrade and Crown CEO exits.

Inflation control and global slowdown concerns are dominating equity investor sentiment. Picture: Gaye Gerard.

Welcome to the Trading Day blog for Thursday, July 7. The Australian share market bounces as materials rebound from heavy selling on Wednesday. It comes as Dye & Durham makes a fresh bid for Link and Crown CEO Steve McCann exits.

The S&P/ASX 200 index closed 0.8 per cent higher to 6648.00 with five of the 11 sectors in the green.

On Wall Street, the Dow Jones Industrial Average is up 0.2 per cent, while the S&P 500 is 0.4 per cent stronger and the technology-focused Nasdaq Composite Index also 0.4 per cent higher.

US investors appear to expect more rate rises due to the Fed’s strong resolve to control inflation, being at a four-decade high, as last month’s minutes showed officials agreeing to rapidly increase rates due to a worrying inflation outlook. Other economic data shows US hiring is strong alongside good momentum in the services sector.

The US 10-year bond yield rose to 2.93 per cent, but in a well-known recession indicator, the yield on the two-year bond was higher at 2.97 per cent.

Oil prices fell lower after their biggest plunge since March a day earlier with the global benchmark Brent crude down 2 per cent to $US100.69 a barrel and the US WTI fell 1 per cent to $US98.53 a barrel.

Iron ore futures price is 1 per cent lower at $US112.33 per tonne.

The Aussie dollar was near US67.85c at the US close.