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The Australian market is heading straight into a (slight) bounce back after bringing up its worst close since “Liberation Day,” with ASX 200 futures pointing to a +0.34% gain a day after the local bourse retreated -100bps.
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My colleague Jonathon Davidson captured it best in his HotCopper Market Close wrap yesterday – a pullback had to happen when a rally was “based on vibes.”
Then, equally, diving -1% is always a chance for sellers to grab equity deals and, like clockwork, it seems they’re emerging from the trading floor woodworks: The Oz bourse is now following surging Wall Street higher.
The S&P 500 and Nasdaq both hit intraday highs before retreating – maybe an omen for our Tuesday trends – to close +0.2% to +0.4% stronger.
London’s FTSE trucked similarly on little news; miners pulled it +0.23% higher.
All eyes in Oz will now turn to the RBA’s July meeting minutes, which the central bank will share at 11.30am today. After a surprising “hold” call, traders and economists – this HotCopper writer included – are eager to see the ‘why.’
Elsewhere, in company news, Fletcher Building (ASX:FBU) is looking into selling its construction division. It’s already fielded “strong inbound interest” and is now tossing up how financially viable a sale would be.
And, the ACCC has settled on a list of 20 products the Federal Court will now investigate in the Coles (ASX:COL) and Woolies (ASX:WOW) sham discounts case.
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Looking at forex, the Aussie dollar buys 65.2 US cents.
To commodities, which are in the greenback,
Iron Ore has climbed +3% to sell at $103.90 a tonne in Singapore,
Brent Crude is at $69.02,
Gold is strengthening again at $3,402 per ounce, and,
US natgas futures have dived -6.95%, to $3.31 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck and happy trading.
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