Australian shares to slip; Wall Street and oil prices drop as European COVID cases surge

Australian shares were expected to begin the day lower, as Wall Street posted heavy losses and oil prices tanked on concerns about Europe’s third wave of COVID infections, new lockdowns and slow vaccine rollout.

ASX futures were down 7 points (-0.1pc) by 7:00am AEDT.

As investors’ appetite for risk faltered, “commodity currencies” like the Australian dollar fell sharply (-1.6pc) to 76.24 US cents.

Germany extended its lockdown until April 18, and Chancellor Angela Merkel urged citizens to stay at home for five days over the Easter holidays.

In oil markets, Brent crude futures plunged (-6.3pc) to $US60.55, its lowest value since February 9.

“Global travel is still looking like it could be a while away,” said Matt Stanley, a fuel broker at…