Market Open: Major ‘peace booms’ pretty much everywhere today – except in Oz, where we’re being cautious

ASX today – Australian shares are heading for a soft fade Thursday morning, with murmuring concerns that the U.S.-Israeli ceasefire with Iran is on tenterhooks, considering Israel simply kept bombing Lebanon. Right now, -0.25% at open, though it could get a little worse before the 10AM opening.

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Israel’s been pounding Lebanon, reportedly killing more than 250 people, and Iran’s parliamentary speaker says the ceasefire has been violated.

Then, we just had our best day in the last 12 months, with the ASX 200 adding +2.7% through to close, so a soft-selling day was always on the cards — traders love banking profits, especially when the boom’s that big.

Some big watches today: Oil has collapsed through Week 15 on all the ceasefire hope, so watch that carefully. Below $97, for what it’s worth. And gold, forgotten these last weeks, rallied back to ~US$4.7K/oz Wednesday.

Elsewhere, Wall Street has been up something considerable, with the Dow Jones and S&P 500 both adding +2.8% on Wednesday in the U.S.; Europe’s similarly been booming, +2.5% for London’s FTSE, and a whopping +3.9% for the Stoxx 600. And, incredibly, the Nikkei +5.39% on all the peace hope.

Maybe the ASX remembers it can keep getting along on the green ride today, too, and rally after we open, but for the time being, it’s conservative.

ASX stocks to watch

Look at stocks today, property market leader Goodman Group (ASX:GMG) has launched a 50/50 joint venture with U.S.-based DataBank to build a 32‑megawatt data centre in Los Angeles. Goodman is now up +7.79% over the last year, with +7% of that coming in a standout hike this week.

Elsewhere, Electro Optic Systems (ASX:EOS) has agreed to pay a $4 million penalty from ASIC for breaching its continuous disclosure obligations by not disclosing a materially significant revenue decline in CY22.

And while we’re on drone developers, DroneShield (ASX:DRO) has appointed Hamish McLennan as its new chairman. DroneShield dumped -13.5% value yesterday after reigning chief Oleg Vornik quit immediately, and long-standing chairman Peter James flagged he’d be out the door in a month, too.

Then, finally, Macquarie (ASX:MGQ) has shared a note suggesting clients “steer clear” of Magellan (ASX:MFG) even after its merger with Barrenjoey.

Buck and ore

Now – in forex, the Oz dollar is buying US 70.4c.

And in commodities, all in the greenback,

Iron Ore has dropped over -1%, to sell at $105.40 a tonne in Singapore,

Brent Crude -12% down, $96.63/Bbl today,

Gold has held up, at $4,742/ounce,

US natgas futures are down -5%, at ~$2.72 per gigajoule.

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

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