Join our daily newsletter At The Bell to receive exclusive market insights
Australian shares are heading towards a -0.43% dip at open on Wednesday, with global markets edgy ahead of the Federal Reserve’s big rate cut call – even considering the trim is “100% happening” according to analysts.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
The Federal Reserve has already sat down to host its two-day meeting, where it will toss up cutting U.S. interest rates by 0.25 percentage points.
A major slowdown in the American jobs market, hiring drying up, and a “huge uptick” in overall unemployment are all on the agenda; one can only imagine that all bundled together will force the Fed’s hand.
In response, markets have retracted somewhat: All three major Wall Street indexes dipped between -0.1% and -0.3% while London dumped as much as -0.8% in value. Only Japan’s Nikkei has really held out, up nearly +1%.
As we’ve been saying all week, the big time to watch is 5am tomorrow morning – Fed chairman Jerome Powell will reveal all in an address then.
But we have a full trading day to wade through first, with Wednesday just about to get started. Let’s look at company news for today.
ASX stocks to watch
BHP Group (ASX:BHP) stands out first up this morning, after the mining major axed 750 jobs in its Queensland division in response to weak coal prices. The company is also mothballing its Saraji South mine in November.
Elsewhere, Paladin Energy (ASX:PDN) has returned to trade after its $300 million raise, which it will put towards Langer Heinrich, its flagship project in Namibia.
HotCopper users are discussing Norwest Minerals (ASX:NWM) early, on news the microcap gold explorer had confirmed several “significant” gold mineralisation extensions through first-phase RC drilling at Bulgera.
And PYC Therapeutics (ASX:PYC) has a new managing director, Alan Tribe.
Buck and ore
Now – in forex, the Aussie buck is buying 66.8 U.S. cents.
Looking over in commodities, all in the greenback,
Iron Ore is up +0.7% this Wednesday, selling at $106.30 a tonne in Singapore,
Brent Crude is at $68.51/Bbl,
Gold is up yet again, selling at $3,694, and,
US natgas futures are up +2.6%, to $3.12 per gigajoule.
That’s HotCopper’s ASX Market Open, I’m Isaac McIntyre – good luck, happy trading.
Join the discussion. See what’s trending right now on Australia’s largest stock forum and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
