Morning Report 28 Oct 21: ASX 200 set to open lower weighed down by commodity prices

<p class="p1">Lower commodity prices are set to weigh on the ASX 200 on Thursday. The futures predict a loss of 0.5% for the Index at the start of trade this morning. Global oil prices slid over 2% on Wednesday. Iran and the EU agreed to restart negotiations on a revival of the 2015 nuclear accord, potentially increasing Iranian supply. Base metal prices fell on Wednesday as China stepped up measures to ease a power crisis that's hampered economic growth and disrupted metals supply. Tin (-5.5%) and aluminium (-5.4%) fell by the most with nickel (-3.4%) and copper (-2.9%) both lower. </p> <p class="p1">US sharemarkets were mixed on Wednesday after a slew of earnings reports. Shares of Microsoft (+4.2%) hit a record high after earnings beat analysts' estimates. Google-owner Alphabet jumped 5% after reporting a record quarterly profit. McDonald's (+2.7%) and Coca-Cola (+1.9%) shares climbed after positive results. But General Motors shares fell 5.4%, despite topping Wall Street's earnings and revenue estimates. And updates from Twitter (-10.8%), Visa (-6.9%), Texas Instruments (-5.1%), Robinhood (-10.4%) and Boeing (-1.5%) all disappointed investors. The Dow Jones index fell by 266 points or 0.7%. And the S&P 500 index lost 0.5%, slipping from record highs. But the Nasdaq index closed little changed.  </p> <p class="p1">This report is approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399, AFSL 238814 (CommSec) a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (the Bank). The Bank and its subsidiaries have effected or may effect transactions for their own account in any investments or related investments referred to in this report. This report is not a recommendation to buy, sell or hold any securities or financial products, and has been prepared without taking account of the objectives, financial or taxation situation or needs of any particular individual. For this reason, any individual should, before acting on th