ASX Market Open: Oz to rebound from W47 plummet on ‘near term’ Fed cut plans | Nov 24

ASX today – Australian shares are expected to sizzle as much as +1% higher this Monday after New York Fed President John Williams said the central bank could certainly cut rates “in the near term” without risking inflation.

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The claims saw all three major U.S. indexes burst +1% higher by Wall Street’s Friday close, and that excitement seems to be heading Down Under now.

It does beg the question: Will we ever see a calm week on the Aussie index again, with leaping swings and dumps seemingly more the norm? Regardless – it’s the state of play we’ve been handed early on in Week 48 trade.

Things could be rattled by the U.S. data fog lifting post-gov’t shutdown; Oz stats this week, like October’s CPI (out Wednesday), as well as construction (Wednesday), capex (Thursday), and private sector credit (Friday), are all on the way, too, and may dent buying enthusiasm if they come in from unexpected angles.

That Wed CPI release is the big one: It will be the first time the RBA plays around with its updated price index that no longer leans on the dated interim measure. They’ll also be monthly affairs from November on.

Now, let’s take a look at company news for the week.

ASX stocks to watch

BHP (ASX:BHP) has renewed its takeover offensive against Anglo American, trying to muscle in on a US$57B deal between the U.K.-listed producer and Canadian giant Teck, which was struck in September. BHP had originally approached Anglo American with $80 billion last year, but was rejected back then.

Star Entertainment (ASX:SGR) jumped +22% last week after regulators approved Bally’s $300 million rescue package. While the beleaguered casino operator may not surge quite as much in Week 48, it’s still a close watch short term.

Elsewhere, Commonwealth Bank (ASX:CBA) is bumping up its savings rates as Macquarie Bank (ASX:MGQ) tries to bump into the “Big 4” banking collective.

Loads of floats this week, too, with Black Pearl on Tuesday (price TBA) and agri-tech producer Sea Forest penned in for Wednesday ($2/sh). Equus Energy will arrive Thursday (at 20cps), and Black Horse Mining Friday (20c).

And, Macarthur Minerals (ASX:MIO) shares its quarterly today.

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 added +0.3%, to $104.25 a tonne in Singapore,

Brent Crude lost -1.3%, to $62.56/bbl,

Gold continues its stalwart hold; it’s selling at $4,075 an ounce, and,

US natgas futures are +2.4% higher, at $4.58 per gigajoule.

That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck, happy trading.

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