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ASX today – Another boom day is on the way in Week 48, with Australian shares heading towards a +1.1% leap at open after New York’s tech rally hit another, even higher gear led by Alphabet and its +11% weekly advance.
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There’s few Oz tech companies directly benefiting from the sector’s sizzle, but it is all pushing general trade sentiment back towards bullish again.
The whole thing has led to the ASX preparing for a near-100-point jump this morning. I’m still not willing to say this is the Santa rally, but it certainily has that air – the only question will be whether all the gains can hold through the last weeks of the calendar year or if something will knock them back.
Ukraine agreeing to a fresh peace deal with Russia (not yet signed) should help things on that front, as should Kevin Hassett – the frontrunner to replace Jerome Powell – declaring he could envision a 50bp chop next month.
The first monthly CPI print comes out today, too, at 11.30am. Expectations there are already leaning towards a headline CPI of 3.6% year-over-year.
New Zealand’s central bank is expected to cut rates at midday as well.
We’ll watch all that, as well as the company news rolling out.
ASX stocks to watch
There, Santos (ASX:STO) is facing yet another issue at its bogged Narrabri gas project, this time from farmers. The country’s largest state farming body is threatening legal action, mainly to try and have the project scrapped.
Bendigo Bank (ASX:BEN) is a watch after dumping -7% yesterday. The regional bank is looking into potential money laundering and terrorism finance problems; it told investors yesterday to get on the front foot.
And elsewhere, DroneShield (ASX:DRO) just bagged a new European contract for $5.2 million, even as it faces civil war in its investor body.
Liontown (ASX:LTR) and Lynas Rare Earths (ASX:LYC) have AGMs 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 climbed +0.7%, to $105.75 a tonne in Singapore,
Brent Crude is down -1.4%, to $62.45/bbl,
Gold hasn’t moved since yesterday, and is still at $4,135 an ounce, and,
US natgas futures have dumped -4%, to $4.47 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck, happy trading.
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