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ASX today – Well, batten down those hatches tight, traders: We’re heading for a -1.2% nosedive first up this morning, Friday, with all the pain from Wall Street leading us towards a 100-point retreat to end a topsy-turvy week.
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Things have been bloody over in the U.S., with the Nasdaq diving -1.6% on the ongoing Week 6 tech selloff. The S&P and Dow both dropped -1.2%.
The rest of the world didn’t fare much better while we were sleeping either, with London retreating -0.9% and the Stoxx doing a tick worse at -1%. The Nikkei over in Japan, also relatively tech-heavy, was hit badly, too.
There’s been plenty said about a possible AI bubble, and with losses this bad already, it does feel like maybe those crying ‘overvalued’ were right.
Speaking of, gold remained mostly steady (though it is down), but its little sister silver has been gouged as much as -12.5%, to US$73.83/oz. All up, a rough day when we were just about to welcome the w/e break!
One thing that may help is Michele Bullock’s House of Reps address at 9.30am. She’s due to talk about the RBA’s Tuesday hike (though if she leans too hawkish, it could only deepen our pain before the weekend arrives). We’ll see – and while we wait, let’s take a look at today’s ASX company news.
ASX stocks to watch
First up, a big one here, which seems fitting for this tumultuous Friday: Rio Tinto (ASX:RIO) has abandoned talks with Glencore over a merger that would have instantly made them the world’s biggest mining company. Rio Tinto already lost -2.6% over in London; Glencore retreated a hefty -11% to close.
Elsewhere, Advance Metals (ASX:AVM) might beat the bourse dump with news that “extremely successful” historic sampling tests at its Yoquivo silver-gold project may hold the key to next month’s resource upgrade.
And, MGX Resources (ASX:MGX) has completed its half-split acquisition (with Northern Star) of the Central Tanami gold project in the Northern Territory.
REA Group (ASX:REA) and Syntara (ASX:SNT) are among those reporting today.
Buck and ore
Now – in forex, the Oz dollar is buying US 69.3c.
Looking at commodities, all in the greenback,
Iron Ore has dumped -1.9%, selling at $100.65 a tonne in Singapore today,
Brent Crude is down -3%, to $67.31/Bbl,
Gold is selling at $4,891/ounce,
US natgas futures are up 1% to sell at $3.50 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – happy trading.
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