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Australian shares are heading even deeper into the red on Thursday, according to this morning’s ASX 200 futures, after yesterday’s CPI print confirmed Oz’s overheating inflation hit a calendar high last month.
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The consumer price data – another 0.3% higher than in July – suggests the Reserve Bank board will avoid any policy easing the next time they meet.
While it’s not the most surprising print, it did shock the markets a little heading into Wednesday’s close, and now that’s carrying over today.
Not helping Oz futures is the fact the U.S. is having a similar downswing; Wall Street investors are consolidating after back-to-back-to-back records, with the S&P, Dow Jones, and Nasdaq all down around -0.3%.
There’s a bit more economic data rolling out today, too, which may add to the heap: Job vacancies and wealth data are both due a little later.
(Also, in an update, Jonathon Davidson and I spoke about Trump dodging Albo on the latest HotCopper Wire release yesterday. Very happy to announce that Albo has since snagged the U.S. President for a selfie in New York.)
And, as always, there’s company news aplenty on the wire. Here’s the latest there.
ASX stocks to watch
Macquarie (ASX:MGQ) has agreed to pay Shield investors as much as $321M after making a deal with Oz’s corporate regulator. Macquarie’s Shield Master Trust was deemed to have “failed” and left thousands without super.
Elsewhere, Trigg Minerals (ASX:TMG) is in headlines again in Week 39; the explorer is spruiking a “fast-tracked” pathway to development at its Antimony Canyon project in Utah after defining exploration targets.
Morella Corporation (ASX:1MC) has caught eyes on HotCopper forums after pivoting into titanium at its Dixon Well Project after positive rock chip assays.
And, many will be watching lithium again today – always a red-hot topic on the forum threads – after the Trump administration said it was looking to buy into Lithium Americas Corp. Darlings in that sector like Pilbara Minerals (ASX:PLS) and Liontown Resources (ASX:LTR) jumped yesterday.
Buck and ore
Now – in forex, the Aussie dollar is buying 65.8 U.S. cents.
Looking at commodities, all in the greenback,
Iron Ore has clawed back slightly; it’s selling at $106.15 a tonne in Singapore,
Brent Crude is up +2.2% at $69.06/bbl,
Gold has held its strong highs, today selling at $3,748 an ounce, and,
US natgas futures are up +0.7%, to $2.87 per gigajoule.
That’s HotCopper’s ASX Market Open, I’m Isaac McIntyre – good luck, happy trading.
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