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ASX today – It’s going to be a green return today, with Oz shares heading for a +0.2% rise after a four-day Easter long weekend closure. That’s despite Iran still rejecting U.S. ceasefire proposals, and Trump warning “the whole country can be taken out in one night” if it doesn’t cede to Strait of Hormuz demands.
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Wall Street didn’t stay closed on Easter Monday, and that’s one of the reasons we’re heading into an advance: All major U.S. indices rose, with American traders seemingly liking the stock bargains on offer in Week 15.
It may still take braver traders to buy, but buying seems to be on the cards. The Nasdaq composite was the best there, up +0.5% to nearly 22K points.
Then the other reason is the possible U.S.-Iran truce. This week’s turning point will definitely revolve around that 45-day ceasefire; should that come to pass, the green could hold through to Friday on “Hormuz hope.”
All the talks have been about a “peace dividend” as well. More and more are believing the ceasefire will get ratified this week, and are happily pricing that in before anything has actually been put to paper. Like I said, brave.
(Especially once you consider Trump was still rambling away on Truth Social in expletive-ridden tirades aimed at Tehran as recently as 24 hours ago.)
Any, back home, we have February household spendings out at ~11.30AM. Expectations are lining that up for a +0.3% rise, though most of that monthly data is still from just before the U.S. and Israel first attacked Iran.
ASX stocks to watch
Now, looking around the Oz traps, the NSX (now owned by the Canadian Securities Exchange) is expected to announce a “major update” it thinks will position it as the third trading platform choice Down Under.
Elsewhere, Australian Super has cut CSL (ASX:CSL) and James Hardie (ASX:JHX) from its portfolio and trimmed other blue-chips like Wesfarmers (ASX:WES) and Woolworths (ASX:WOW) as it banks on critmins profits. Aus Super is the country’s largest superannuation fund manager.
And Ellerston Capital has pledged $100M to get in on Winning Group, the online appliance retailer lined up for a $1B Aussie float this year.
Beyond that, the ASX is a little sluggish after Easter – let’s get to commodities.
Buck and ore
Now – in forex, the Oz dollar is buying US 69.1c.
Looking at commodities, all in the greenback,
Iron Ore is starting the week +1.2%, selling at $106.70 a tonne in Singapore,
Brent Crude is booming again, at $109.61/Bbl today,
Gold is up, selling at $4,663/ounce,
US natgas futures are near flat, at $2.80 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck today.
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