Market Open: Peace bargain brings hype to Wall Street; Oz is still watching through the window

At The Bell — Australian shares will be ignoring all the bullish hype over on Wall Street to trudge towards a -0.5% open on Friday morning. Maybe that changes as we get into the meat of the day – and Aussie investors decide they are actually allowed some nice things – but only time will tell before the weekend.

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Globally, the Strait of Hormuz has seen shipping return after the United States lifted its blockade. Oil is, of course, dumping on the reopening.

In the same global vein, Trump has also signed a 14-point agreement with Iran, which should bring the war to an end. Hezbollah has praised it as a “great victory,” while Trump is claiming it delivers a “major win” for the United States.

As noted, Wall Street has been riding a green wave on all this peace talk, but Australia seems happier to coast into the Friday station, fading red. We’ll just have to watch the U.S. hype through the window for the time being, as the Nasdaq composite adds +2%, and the Dow Jones trails behind, some +1.5% stronger.

It’s a trend JD and I talked about on the HotCopper Wire just last week, and we swung back around to that same topic in Episode 51, out now.

ASX stocks to watch

Over in stocks, the ACCC has confirmed that Rubik Australia’s (ASX:RFL) proposed sweeping acquisition of Qube (ASX:QUB) will not be opposed, and said that the transaction will not contravene federal antitrust laws.

Regis Resources (ASX:RRL) believes the McPhillamys project can deliver as much as 190,000 ounces in average annual gold production, which would bring in a gross revenue of ~$7.1 billion, after conducting a feasibility study.

Elsewhere, Lunnon Metals (ASX:LM8) has told shareholders May was the “best month to date” at Lady Herial, with 52K tonnes delivered to Gold Fields.

And, PLS Group (ASX:PLS) plans to spend $175M to prep for its P2000 Project.

Buck and ore

In forex, the Oz dollar is buying US 70.1c today,

Then to commodities, all in the greenback,

Brent Crude still weak, $79.34/barrel,

Iron Ore is still below $100, selling at around $99.20 a tonne in Singapore,

Gold has kept fading to the end of the week, $4,219/ounce, and,

US natgas futures $3.20 per gigajoule.

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

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