ASX Market Open: Middle East tensions push oil higher and Wall Street lower, reverberating on the ASX200 | October 4, 2024

The ASX200 is set to open a third of a percent lower today, propelled by negative performances on all three US bourses on Thursday, amid escalating tensions in the Middle East and ahead of key jobs data for September.

The S&P 500 ended the session down 0.2%, the Dow Jones fell by 185 points and the Nasdaq finished slightly in the red. Investor sentiment turned downwards after President Biden suggested support for Israel striking Iran’s oil facilities, which prompted concerns about disruptions to global energy supplies. Oil prices jumped by more than 5%, driven by fears related to the conflict.

On the ASX, independent directors of Namoi Cotton Ltd (ASX:NAM) have advised investors to accept the takeover bid put forward by Louis Dreyfus Company Melbourne Holdings (LDC), while calling for them to reject the opposing offer by Olam Agri Australia Pty Ltd.

And Whitebark Energy (ASX:WBE) will be back trading today after finally lodging its annual report for FY24. It showed the company had cash and equivalents of just $335k at the end of June with a loss equating to $3.78 a share. The Canada focussed oil and gas company had since been trying to raise capital, picking up less than $57,000, with a shortfall of well over $930,000. Whitebark last traded at point-8 of a cent.

To commodities – all in US $: Iron ore’s gained another half a per cent overnight (0.58%) to $108.75 on the Singapore Exchange, gold’s well above $2655, Brent crude’s at $77 & natural gas has had a strong rise – close to 3% overnight – to $2.96 a gigajoule.

One Aussie dollar is buying 68.4 US cents.