Market Open: Some bounce back from $45B wipeout; US-Iran have the ‘makings of a deal’

At The Bell — Australian shares are bouncing back from yesterday’s shock $45 billion wipeout, though the +0.7% advance we’re expecting won’t exactly pare back everything we lost through Thursday. Friday’s rise comes on more Wall Street records and a likely 60-day U.S.-Iran ceasefire to come.

Hear from all the ASX-listed companies that were at the RIU Resources Round-Up in Sydney, right here on HotCopper.com. Over a dozen video interviews here.

It’s that latter news that has been the biggest driver, especially after Treasury Secretary Scott Bessent told reporters that “we perhaps have the makings of a deal here” — though he did add that everything hinges on Trump.

We’ve seen time and time again that the U.S. President does not always take the smartest road; this weekend should be another interesting one.

Back home, Labor is working their Budget through the Federal Government this week, with support from the Greens the easiest road to getting it through. There may be some tweaks to the whole thing, but Albanese has come out and said “don’t expect big changes,” especially regarding specific CGT carve-outs.

(We talk about the Oz Budget – and all the reactions – on the HotCopper Wire‘s latest episode, if you want to hear more about that one this week.)

ASX stocks to watch

Now, to stocks. Tourism Holdings (ASX:THL) is today considering a $2.57/share takeover bid from a consortium led by BGH Capital and the Trouchet family. The Trouchets last pitched an NZ$2.30/share proposal.

Elsewhere, Red Mountain (ASX:RMX) now owns 100% of the 209-hectare Pioneer Tungsten Project in Montana as it “cements” its U.S. strategy.

In a similar tune, gold miners may have a strong day heading into the weekend after they contributed to some of the biggest losses yesterday. Genesis Minerals (ASX:GMD), -10.2%, Perseus Mining (ASX:PRU), -9.7%, and Regis Resources (ASX:REG), -7.9%, were among Thursday’s biggest single equity losers.

And, Yancoal (ASX:YAL) settled the last vested rights under its CY20 long-term incentive plan after traders exercised 100.8K performance rights on May 27.

Findi (ASX:FND) and Straker (ASX:STG) have earnings out this morning as well.

Buck and ore

In forex, the Oz dollar buys US 71.6c.

And to commodities, all in the greenback,

Brent Crude is down again, losing another -1%, to $93.40 today as the world prepares for another U.S.-Iran ceasefire bargain,

Iron Ore is largely flat at $105.30 a tonne in Singapore,

Gold up, $4,505/ounce, and,

US natgas futures up, ~$3.29 per gigajoule.

That’s HotCopper‘s Market Open, I’m Isaac McIntyre – happy trading today.

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