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ASX today – With the Reserve Bank’s Melbourne Cup day “hold” call now locked in (as it was always going to be), and earnings season wrapped up, Australian shares are now drifting without any real market drivers on Wednesday.
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For this morning, that means a +0.14% gain, as the ASX 200 looks to peel itself away from a six-week low it’s been sagging towards since mid-October.
Everything from a huge inflation jump to this (again, very expected) RBA pause rattled investors enough to keep the bourse retreating, as was the gold dump; on that front, there seems to be more pain ahead yet.
At very least, Aussie traders look to be ignoring the U.S., where the Dow lost -0.5% while the Nasdaq led a dive, losing -1.8% amid a tech selldown.
Where I’m going with all this comes down to just one thing – with most of this quarter’s market drivers in the rearview mirror, it’s up to Oz investors to figure out where we’re going next. Right now, that’s a green morning, but anything could send the sagging bourse skittering the other way just as easily.
With that in mind, let’s take a look at which companies have news.
ASX stocks to watch today
First up, there are two not-so-ASX stocks worth watching: Crypto hopeful Animoca and IREN Ltd. The former is plotting a Nasdaq float after being banned from Aussie trading half a decade ago. At the same time, the latter (already on the Nasdaq) just signed a $9.7 billion deal with Microsoft Corp.
At home, ANZ (ASX:ANZ) is disputing claims from star trader Etienne Alexiou, who says he would have earned $100M if he hadn’t been sacked for whistleblowing.
Elsewhere today, Medibank (ASX:MPL) has set up an acquisition for Better Medical, which boasts 61 GP and medical clinics across Victoria, Queensland, South Australia, and Tasmania. The deal will cost as much as $159 million.
And, uranium was battered through Tuesday after the world’s largest producer, Kazatomprom, shared a very strong third-quarter update. Nexgen Energy (ASX:NXG) and Boss Energy (ASX:BOE) were among those hit hardest; they may look to stage a rebound through the rest of W45 trading.
Buck and ore
Now – in forex, the Oz dollar buys 64.8 U.S. cents.
Looking at commodities, all in the greenback,
Iron Ore has lost another -1.5%, to sell at $103.45 a tonne in Singapore,
Brent Crude has lost -0.75%, to $64.39/bbl,
Gold continues to slump, and is selling at $3,943 an ounce today, and,
US natgas futures have gained +1.3%, to $4.32 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck, happy trading.
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