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ASX today − Things are all topsy-turvy halfway through Week 13, with some traders heading for the hills as oil prices keep rising, and others keeping their fingers and toes crossed for a quick end to the U.S.-Israeli war on Iran.
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For the U.S., the sentiment has left things largely in the red. Down Under, though, we’re heading for a green open, +0.7% in early ASX 200 futures.
On the Iranian news front, Trump said he’s “talking to the right people” in Tehran who want to “make a deal so badly.” The U.S. President also suggested Iranian officials recently offered him gas-related gifts and money.
(Whether you’re choosing to believe him at this stage is your call, really.)
February’s CPI data will be coming out before lunchtime today, too, though expect “little reprieve” there with headline inflation likely still ~4%.
That may be enough to dent this fluttering green optimism we’re enjoying midway through Week 13 in Oz, considering consumer prices are still both floating above where the RBA wants things. Maybe more hikes ahead?
ASX stocks to watch
Either way, let’s look at stocks. Rio Tinto (ASX:RIO) shareholders will be happy after the mining major locked down a $2B funding deal with the Queensland government to save the Boyne aluminium smelter in Gladstone. The agreement will extend production life for the Central QLD plant to at least CY40.
Elsewhere, Santos (ASX:STO) is racing to solve a stoppage at its $6B Barossa gas project in the Timor Sea − which only just opened − after the gas leader had to call a “temporary shutdown” to fix some equipment on-site.
Similarly, Amplitude Energy (ASX:AEL) has made a call on its Isabella gas discovery in the Otway Basin, dubbing it “non-commercial.” Amplitude will now plug the well.
And, just a day after KMD Brands (ASX:KMD) rejected a takeover bid from a U.S. suitor, it’s now cancelled Wednesday’s earnings release. Expect a drop.
Finally, Reece (ASX:REH) has become one of the first Aussie suppliers to pass on rising costs from the war in Iran. The $8 billion bathroom supplier has this week told customers to expect a ~36% hike on plastic piping.
Buck and ore
Now – in forex, the Oz dollar is buying US 69.9c.
Looking at commodities, all in the greenback,
Iron Ore is down -0.5%, selling at $107.75 a tonne in Singapore today,
Brent Crude is flat, at $99.95/Bbl,
Gold is selling at $4,487/ounce,
US natgas futures are up just +0.1%, to $2.89 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck today.
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