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At The Bell — Australian shares are heading for a -0.35% fade at open Week 28, despite basically every other major market globally heading up (or on another holiday break, like the U.S. is). I don’t reckon you could get a better example of how investing Down Under often goes than this 30-point drop.
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Not much hurting stocks either, with gold and copper down just a little on new Fed Reserve chairman Kevin Warsh’s hawkish comments last week.
Maybe traders are scared there’ll be some bearish clues when we get a look under the hood at the U.S. Fed minutes – they’ll be released Wednesday – or maybe some are disappointed there’s no big peace talks from the weekend.
I’d hope it’s not simply that Oz investors don’t know what to do with Wall Street on a holiday break, but that wouldn’t exactly surprise me anymore.
Or, we did add +1.4% Friday. Maybe some are just getting out like bandits.
ASX stocks to watch
Anyway, onto stocks, where Genesis Minerals (ASX:GMD) has stormed into the Vault Minerals (ASX:VAU) bidding war with a “superior” offer. Vault had drawn up a $10.7 billion merger deal with Regis Resources (ASX:REG) back in May, but this now turns the procession into a battle for the WA gold miner.
Elsewhere, Eminence Minerals (ASX:EMA) has divested from its Mata da Corda project in Brazil, selling 100% of the Mina Gerais works to Titanium Global.
Union Star (ASX:USM) has made a similar move, signing a bargain with Lionex Metals Group to ship away the Kalgoorlie Gold Project in Western Australia. Union will walk away with $890,000 and plans to focus on U.S. expansion.
And, Patronus (ASX:PTN) has confirmed new depth potential at Tally Ho.
Buck and ore
In forex, the Oz dollar is buying US 69.3c today,
Then to commodities, all in the greenback,
Brent Crude still low, $71.74/barrel,
Iron Ore is -0.15% weaker, now selling at $98.10 a tonne in Singapore,
Gold is stronger today, $4,185/ounce, and,
US natgas futures down around -1%, $3.21 per gigajoule.
That’s HotCopper‘s Market Open, I’m Isaac McIntyre – happy trading today.
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