Australian shares are heading towards a +0.5% jump at open, with Aussie traders unable to ignore the three-day rally Wall Street has been tearing through in Week 40 – and it’s even enough to beat the RBA hangover.
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The wider mood around the ASX had been a little maudlin after RBA governor Michele Bullock came out with inflation warnings on Tuesday arvo, but apparently, there’s nothing a rally from big brother Wall Street can’t solve.
With the S&P 500, Dow Jones, and Nasdaq composite all trucking on in the green over the last 72 hours, Oz traders seem happy to get on that trend, for now.
It’s harder to ignore when other global bourses are doing the same: London’s FTSE has advanced +1% this morning; the Nikkei is up around +0.12%.
What’s very interesting is that all this is happening in spite of the fact we could have another U.S. government shutdown at any moment. It would be just the sixteenth stoppage since 1981, though, with each not denting financial sectors too much, perhaps it’s just not the biggest worry for savvy investors.
Instead, company-specific news is guiding the way – so here’s what’s hot there.
ASX stocks to watch
BHP Group (ASX:BHP) continues to dominate headlines this week, with the iron ore major privately telling the Albanese government the whole thing is just a “negotiating tactic to drive down prices.” The miner’s chief, Mike Henry, suggested the chest-puffing be considered a simple “commercial matter.”
Elsewhere, Metallium (ASX:MTM) has just signed an e-waste supply and metal offtake agreement with Glencore in a deal several HotCopper users have since suggested will now turn sentiments back to “buy.”
And another darling on the forums, Race Oncology (ASX:RAC), is gearing up for a big trading day after discovering “the primary mechanism of action” of its anticancer drug (E,E)-bisantrene (RCDS1). One to watch closely at open.
And while we’re talking watches, I’d be remiss not to mention gold: Gold miners remain a hot watch through Week 40 with the bullion price ticking up.
Ryman Healthcare (ASX:RYM) debuted yesterday, too. It traded flat to close.
Buck and ore
Now – in forex, the Oz buck buys 66.1 U.S. cents.
Looking at commodities, all in the greenback,
Iron Ore has kept up, selling at $103.60 a tonne in Singapore,
Brent Crude is down -1% at $65.33/bbl,
Gold has been unbeatable in W40; today, it’s at $3,863 an ounce, and,
US natgas futures are up +4.2%, to $3.44 per gigajoule.
That’s HotCopper’s ASX Market Open, I’m Isaac McIntyre – good luck, happy trading.
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