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ASX today – It’s “Nvidia day,” and with the U.S. AI superpower’s earnings meeting both revenue and forecast expectations, we can expect a green day. Australian shares are already heading higher, up 60 points (+0.7%) in futures.
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The short and narrows of the Nvidia earnings, which has kept the trading world on edge through Week 47, is that it raked in US$57 billion in third-quarter revenue and now expects quite similar – US$65B – next quarter, too.
There had been fears that any bad (or even modest) reporting from Nvidia could have truly set the markets into a tailspin to end CY25, but it’s all good.
While Wall Street has already closed for the day, futures are already swinging higher. The three major bourses in the U.S. had already netted advances Wednesday.
Long day ahead, but Nvidia’s double beat should be enough to send us on a spike through Thursday at least – though never put it past the ASX to fade once the arvo rolls around. Now, let’s look at company news.
ASX stocks to watch
Back home, DroneShield (ASX:DRO) continues to be the stock to watch after dumping another -20% yesterday. The company’s U.S. CEO just walked, too, sparking more concerns. (More there on the HotCopper Wire later.)
Cash Converters (ASX:CCV) has caught early eyes after accumulating $25 million through an equity raise it now plans to wield by buying 29 stores.
Elsewhere, there’s a whole load of Aussie AGMs being run today, not least Mineral Resources (ASX:MIN), Mirvac (ASX:MGR), Insignia Financial (ASX:IFL), and HotCopper forums fave Boss Energy (ASX:BOE).
That MinRes meeting is the big ticket item: Chris Ellison just landed a victory for shareholders with a $1.2B lithium deal with South Korea’s POSCO, but investors are more eager to hear about company succession plans.
The Aussie Agricultural Company (ASX:AAC) is sharing earnings, too.
Buck and ore
Now – in forex, the Oz dollar buys 64.6 U.S. cents.
Looking at commodities, all in the greenback,
Iron Ore has slipped just slightly, to $104.10 a tonne in Singapore,
Brent Crude dipped -2%, to $63.60/bbl,
Gold has barely moved from yesterday, and is selling at $4,075 an ounce, and,
US natgas futures have boomed +5%, to $4.55 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck, happy trading.
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