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ASX today – Hump day may see little action for Australian shares, with some traders shellshocked by yesterday’s $60 billion selloff (the largest since Trump’s Liberation Day dives) and others battening down the hatches before the long-awaited Nvidia results coming on Thursday morning (Aus).
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ASX futures are now pointing to the barest of gains, up just under five points for a +0.05% advance, as everyone halts to take stock of the week.
The biggest talking point – which will be supercharged either way by Nvidia’s earnings release – is that global markets may have got a little too overhyped by the artificial intelligence wave and “overpriced everything.”
Wall Street certainly thinks so: It’s down again through today, with the Dow Jones leading bourse losses at -0.9%. The Nasdaq was close behind, -0.88%.
That leaves the U.S. down a fourth day in a row under crash concerns.
Twenty-four hours to Nvidia, though, so let’s look at today’s company news now.
ASX stocks to watch
CSL Ltd (ASX:CSL) is investing $2.3 billion in expanding its U.S. manufacturing facilities through the next half-decade, to 2030, in a major move it hopes will let it dodge the majority of Trump tariffs long-term.
New Zealand’s bourse is considering a muscle-in move on the ASX, with the Wellington exchange exploring a potential purchase of Cboe Australia.
Elsewhere, Kathmandu and Rip Curl owner KMD Brands (ASX:KMD) has seen group sales hiked 7.9% year-on-year on “early stage momentum.” Rip Curl was the group’s best performer, up +6.6%, while Oboz fell -1.3%
Nufarm (ASX:NUF) and Webjet (ASX:WEB) are reporting today, too.
Buck and ore
Now – in forex, the Oz dollar buys 65.1 U.S. cents.
Looking at commodities, all in the greenback,
Iron Ore has stayed flat at $104.45 a tonne in Singapore,
Brent Crude advanced +1%, to $64.87/bbl,
Gold has hovered much the same today, selling at $4,072 an ounce, and,
US natgas futures bounced back a little, to $4.38 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck, happy trading.
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