ASX 200 to edge lower, copper prices hit two-year highs, Anglo American rejects BHP's revised offer

ASX 200 futures are down 8 points to 7,776, as of 8:25am AEST.

Stocks are expected to start Tuesday's session lower, following a mixed lead from Wall Street. Equity investors are eyeing some key moves in the commodities market - chief among them, copper prices hitting a fresh two-year high.

And speaking of copper, BHP has revealed that Anglo American has turned down its revised takeover offer of nearly US$43 billion. For macro investors, all eyes will turn to tonight's Budget and what will likely be a $9 billion surplus.

Let's dive in.

• Dow slips for first losing day in nine as consumers’ expectations for inflation rise
• European markets close mixed as traders look ahead to U.S. inflation data; Maersk up 7%
• Treasury yields dip as investors look to key data in week ahead
• Oil prices gain on demand optimism, attention shifts to U.S. inflation
• Gold dips as traders await U.S. inflation data for more Fed rate cut cues
• Copper prices hit 2-year high, entering overbought territory

• GameStop, AMC soar more than 70% each as ‘Roaring Kitty’ meme trader resurfaces
• Intel rises on report of $11 billion Apollo investment in new chip plant
• BHP says Anglo American rejected $42.7 billion revised proposal

• BOJ announces smaller JGB purchase operation for the first time since ending YCC
• Asian central banks are increasingly taking action to boost currency protection against strong US dollar
• PBOC contacts brokers over long-dated bond pricing that will be used to support investment
• BoE may cut interest rates more cautiously than usual because this economic recovery is different from past recessions
• RBI intervention fears dent hopes that rupee will stage a rebound

• Australia’s budget is expected to target housing crisis as prices keep climbing
• Underlying US inflation probably moderated in April for first time in six months, offering mild relief for Fed
• China's credit contraction adding pressure on the government to spend more money, PBOC to help
• Economists predict faster growth for the Eurozone economy in 2024 citing improving economic conditions