ASX Market Open: Big week with US election, key rate calls | November 4, 2024

The ASX 200 is tipped to open the week 0.51% higher as a big few days of influential elections and key rates decisions gets started.

A back and forth week in the U.S. ended with Wall Street in the green last Friday; the Nasdaq led the rebound with an 0.8% jump. The Dow Jones was up 0.7%.

The U.S. presidential election – right now tipped to go Kamala Harris’ way – will impact everything through Week 45 as Wall Street and global markets await the votes. A result should be known by Wednesday afternoon (AEDT).

China’s top legislative body meets today, with the gathering expected to result in a $US1.4 trillion ramp up stimulus for the country.

There’s also a flurry of rate decisions soon on their way, with the Federal Reserve, Reserve Bank of Australia, and the Bank of England all meeting – of the three, only the RBA is being tipped to hold the cash rate steady.

Also back home, Westpac (ASX:WBC) met expectations with $7bn in full year profits, down 3% on what the bank had earned this time last year.

HotCopper users are keeping a close watch on Trigg Minerals (ASX:TMG) after the northern Queensland miner discovered thirty new target areas in its Achilles Antinomy Project in New South Wales. Westgold Resources (ASX:WGX) also caught eyes with an upgrade at its South Junction and Bluebird open pits.

Looking at forex, the Aussie dollar is buying 66 US cents.

To commodities, which are in the greenback,

Iron Ore has dropped 1.29% to $102.49 a tonne in Singapore,

Brent Crude is trading at $73.10,

Gold is trading at $2,749 per ounce, and, 

US natgas futures are at $2.66 per gigajoule.

That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.