Join our daily newsletter At The Bell to receive exclusive market insights
Week 12’s global rally is holding firm early this Tuesday morning, with ASX 200 futures pointing to a +0.83% gain (to 7,907 points) when trade begins at 10am in Sydney.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
It’s not the only rally everyone’s watching either – after nudging around the historic high several times, gold is trading above $3,000 an ounce today for the very first time. For many, the safe haven asset has been seen as a perfect way to dodge all the uncertainty fuelled by Trump and his tariffs in the short term.
Though there has been a rush towards gold, stocks have enjoyed a green bounceback through Monday and Tuesday this week too: Today, all three major U.S. indices returned some recent losses. The Dow Jones led the way, up 0.8%.
The Fed Reserve’s next rate cut decision – due on Thursday for us Aussies – could throw things in disarray again, but for the time being, hope’s fuelling a dovish rally.
The Oz dollar has also strengthened against the greenback gain; more on that a little later.
Back home, ASX companies seem to be slow rolling things in Week 12 – after a deluge of announcements through Monday, there’s only been one price-sensitive update shared to the market by 8am AEDT (at time of writing).
Big four bank NAB (ASX:NAB) will likely be one of the biggest movers and shakes though after CFO Nathan Goonan defected to Westpac Bank (ASX:WBC) yesterday in a near-unheard-of banking leadership role swap.
So too Mineral Resources (ASX:MIN) after the leading miner just scored a “buy” upgrade from UBS that sparked a lithium and battery metals stock rally.
Eyes will also be on Opthea (ASX:OPT) as its slow shorts build-up continues this week.
More market news
Together: The U.S. has suspended aid to Ukraine. Will Europe step into the breach?
Meet GeoGeorge: The HotCopper poster so accurate he got hired as an analyst
RBA assistant governor Sarah Hunter is also due to speak at the AFR Banking Summit in Sydney at around 10.20am today; that keynote will be very closely watched.
Looking at forex, the Aussie dollar is buying 63.8 US cents.
To commodities, which are in the greenback,
Iron Ore has slipped nearly 2% to $101.95 a tonne in Singapore,
Gold is, as mentioned earlier, selling at a historically high $3,012 per ounce,
Brent Crude is trading at $71, and,
US natgas futures are at $3.99 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
