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The ASX200 is tipped to gain about a quarter of a per cent on Market Open after six of the Magnificent 7 stocks rallied on US markets overnight on growing confidence there’ll be a June rate, thanks to February’s lower inflation data. The Nasdaq gained 1.5 per cent and the S&P500 lifted 1.1 per cent – setting a new bourse record.
Annual core inflation for the US eased to 3.8 per cent – that’s its lowest level since mid-2021.
Nvidia picked up more than 7 per cent, Meta 3.3 per cent and Microsoft added 2.6 per cent.
That news – and data showing wages growth was slowing in the UK – boosted European markets too – both the German and French indices soared to new all-time highs.
Back home and the iron ore majors will again be in the spotlight after the iron ore price continued to fall overnight. The commodity shed nearly 6 per cent to be trading around US$110 a tonne.
CBA Group (ASX:CBA) household spending and monthly business turnover indicator data is due out at 9am eastern states time.
In small caps to watch this morning, owner of Penfolds, Treasury Wine Estates (ASX:TWE) commented on the Chinese Commerce Ministry’s plans to remove tariffs on Australian wines. Nothing’s definite and the company this morning reported tariff removal would have ‘minimal’ impact on its earnings this financial year.
Core Lithium’s (ASX:CXO) CEO Gareth Manderson is stepping down as it restructures its business in response to the lower lithium price. Mining operations have been suspended at the Finniss project although stockpiles are being processed for spodumene. Doug Warden has been appointed ‘interim CEO’. It’s half year financials were also released: Core Lithium reported a net loss after tax of $167.6 million.
And Parkway Corporate (ASX:PWN) has acquired established water, oil, gas and chemicals engineering company Tankweld Group in a $2.6 million deal.
In other commodities, gold’s slipped back as confidence grows around interest rate cuts in the US, gold dropped 1.1 per cent overnight to US$2158.30 an ounce.
Crude oil has been trading at US$78 a barrel, brent at US$82.35 and natural gas has been down around US$1.70 per million British thermal units.
That’s Market Open for Wednesday March 13. Keep an eye on our video feed, Cerutty Macro Fund founder and AFL great, Chris Judd, will bring you his Talk Ya Book show from 7.30am on HotCopper and The Market Online.
