Market Open: Soft ‘TACO’ optimism as Trump’s Iran deadline (at ~10AM Syd time) gets closer and closer (UPDATED)

ASX today − We’re slowly counting down to 10AM Sydney time today for more than one reason this Wednesday, because Donald Trump’s key Iran deadline will come right as trading starts for the Australian share market.

Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.

Incredibly, even after Trump warned “a whole civilisation will die tonight” should Iran not kowtow, ASX 200 futures are still ~0.67% stronger right now.

We don’t know whether Trump will actually deliver on his threats, but it seems most international traders are banking on “TACO” again. And, for what it’s worth, Pakistan’s Prime Minister has come out and said the Middle East peace talks are “progressing steadily, strongly, and powerfully,” for the time being.

Perhaps the most worrying thing is that U.S. Vice President JD Vance hinted at tools they “so far haven’t decided to use.” Many took this to mean nuclear strikes on Iran, though again, markets don’t seem to be expecting that.

The Dow has been down some, by -0.2%, but the S&P and Nasdaq are both stronger. In Europe, the FTSE lost -0.8% and the Stoxx retreated further, -1%.

I’d love to say everyone knows what’s going to happen at 10AM − and my best guess would be Trump “TACO,” with a deadline extension − but Donny has proved time and again he’s not always so easy to read in high-stakes moments.

(UPDATE, Wednesday, April 8, 8:54am: Since recording this Market Open coverage, Trump has agreed to suspend bombing on Iran for two weeks. Futures Down Under instantly turned closer to +1.2% stronger today.)

Also worth throwing into the mix: Citrini analysts apparently travelled to the Strait of Hormuz just recently to actually check details on the ground. In that April article, “Analyst #3” reported that Hormuz actually appears open, with more ships passing through than tech channels have said. Take that as you will.

ASX stocks to watch

Now, while we wait for 10AM, we’ll peep ASX stocks. First up, Santos (ASX:STO) admitted it has missed its end-of-March targets for starting the $4.5 billion Pikka project in Alaska. This is the second miss Santos has had in as many months, after just recently failing to begin Barossa production in the Timor Sea.

Elsewhere, Bank of Queensland (ASX:BOQ) will pocket $3.7 billion, after shipping away its entire equipment financing loan book to Challenger this week.

And Mexican takeaway joint Guzman Y Gomez (ASX:GYG) piled on its best day since floating yesterday, booming as much as 18c a share after posting stronger than expected third-quarter sales to the tune of +19.5% growth.

Plus, NextDC (ASX:NXT) will be issuing a 100-year, $1B bond to help fund the construction of another dozen Australian-based data centres as quickly as possible.

Buck and ore

And in forex, the Aussie dollar is buying US 69.9c.

Then, finally, in commodities, all of which are in the greenback,

Iron Ore has slipped slightly in Week 15, selling at $106.55 a tonne in Singapore,

Brent Crude has dumped to $103.37/Bbl today,

Gold is up, selling at $4,746/ounce,

US natgas futures are stationary at $2.80 per gigajoule.

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

Join the discussion. See what’s trending right now on Australia’s largest stock forum and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.