Market Open: Wall Street tech sell-off looms larger than upcoming US-Iran peace pact

At The Bell — Australian shares are headed for a soft retreat this morning, with ASX 200 futures suggesting we’ll see a -0.1% decline at open. While there’s hope in the air around the U.S.-Iran peace pact, a tech sell-down on Wall Street has been the larger leader for equities globally early Wednesday.

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.

Quite interesting that it’s pushing stocks down so heavily Down Under, considering sentiments are largely we could be out of the worst.

That’s coming on two fronts – firstly, oil is back to a three-month low and the Strait of Hormuz actually seems like it might open again, and then secondly, Michele Bullock has hinted rate cuts could well come eventually.

Whether that will be in CY26 or maybe early next year remains to be seen, but Aussie investors are liking what they heard from the RBA governor… though not enough to actually change equity tracks this morning, yet.

Might be that traders are waiting to see what the Federal Reserve does at its meeting this week as well; expectations there are a similar “pause” call.

Or, you know, Aussies could literally just be taking profits from Monday’s boom.

ASX stocks to watch

Onto ASX stock headlines, where Meridian Energy (ASX:MEZ) has secured a 35-year approval for the Waitaki Power Scheme. The Kiwi company climbed towards $5/share after sharing the news yesterday arvo.

Elsewhere, scrap metal recycler Sims (ASX:SGM) upgraded its CY26 earnings guidance, with underlying EBIT now expected to be between $420–$435M. Stronger non-ferrous markets and improving ferrous trading conditions were the main reasons, with North American metal operations helping a lot, as well.

And, ARN Media (ASX:ARN) has agreed to pay Kyle Sandilands $12.1M through the next three years to resolve all outstanding legal proceedings.

It’s probably worth noting, too: SpaceX (SPCX) up another +5%.

Buck and ore

In forex, the Oz dollar is buying US 70.6c today,

Then to commodities, all in the greenback,

Brent Crude has had another big drop, and is selling at $79.40/barrel,

Iron Ore is down, today at $101.55/tonne in Singapore,

Gold stronger, $4,342/ounce, and,

US natgas futures are at $3.25 per gigajoule.

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

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