ASX set for soft start; $A leaps; Oil, iron ore, gold higher

Summary

• A soft start is tipped for the ASX 200 as US voters head to the polls for the Georgia Senate run-off. ASX futures were down 7 points, or 0.1%, at 8am AEST
• Wall Street bounced back from its year-opening slump in overnight trade. The Dow gained 0.6%, The S&P 500 rose 0.7%, and the Nasdaq jumped 0.9% 
• Oil prices surged 5% after a surprise move by Saudi Arabia’s to unilaterally cut oil production. Iron ore and gold prices have also moved higher. The Aussie dollar hit a new 30-month high of 77.77 US cents
• NSW recorded four new locally acquired COVID-19 cases on Tuesday. An additional case, which will be reported today, has sparked concern about transmission in western NSW. Victoria this morning reported just one locally acquired case and two in hotel quarantine from 37,509 test results