Market Open: Middle East ceasefire crumbling after ‘powerful strikes’ in southern Iran

At The Bell — Australian shares will open lower on Wednesday, dented by Wall Street’s latest semiconductor selling wave, as well as more Middle East war news: The U.S. has again been bombarding southern Iran, delivering “a series of powerful strikes” as the tenuous ceasefire balances on tenterhooks today.

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U.S. Central Command said strikes started on Tuesday “in response to Iranian attacks on three commercial vessels transiting the Strait of Hormuz.”

Oz traders had already been flighty in Week 28, and between the U.S. equity dump and these ceasefire violations, nerves have turned into proper selling – ASX 200 futures are now down around -0.4%, nearly 40pts lower.

Yes, yes, it feels like a record on repeat, but it’s little surprise with TACO Trump. JD and I will cover it a little more on the HotCopper Wire this week.

Also no shock: AUD dropped, oil rose after the bombings. More on that after stocks.

ASX stocks to watch

Today, New York-based, ASX-listed health giant ResMed (ASX:RMD) has alerted shareholders it will be offloading its MatrixCare business to a U.S. private equity firm for 35% less than what it originally paid in CY18.

The Supreme Court has approved a Macquarie Asset Management (ASX:MGQ) helmed consortium takeover of Qube (ASX:QUB) for $11.7 billion.

Footwear retailer Accent Group (ASX:AX1) is still recommending its shareholders reject a takeover offer from Fraser Group after the U.K. bidder applied to the Takeovers Panel to formally strike the bargain.

Elsewhere, WiseTech (ASX:WTC) remains a watch after Richard White said he was stepping down as executive chairman. WTC shares were +5.7% yesterday.

And Somerset (ASX:SMM) has started maiden RC drilling at Talisker today.

Buck and ore

In forex, the Oz dollar is buying US 69.2c today,

Then to commodities, all in the greenback,

Brent Crude has surged back some +5.8% higher on the latest war news out of southern Iran, now $76.11/barrel,

Iron Ore is -0.4% weaker, selling at $97.85 a tonne in Singapore,

Gold down, $4,109/ounce, and,

US natgas futures up, $3.27 per gigajoule.

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

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