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The ASX200 is set to trade flat today with futures predicting a gain of +0.01% near 8.30am AEDT on Tuesday. This comes even as Wall Street suffered again overnight.
Investors may be bracing for a better day given that broad consensus predicts the RBA will keep interest rates on hold when it meets later today at 10.30am Perth time.
That the RBA will keep rates paused is based on trimmed mean inflation coming in at 3.9%; only two tenths of a percent away from the point where analysts predicted the RBA would hike once more.
At any rate, should local futures predictions be true and we get no surprises from the central bank, the ASX200 would thus shake off the worst two day run it’s seen in years. The local bourse shed a total of over -5% across Friday and Monday; that followed US recession fears and a correction on the NASDAQ.
As for the NASDAQ – namely, tech stocks – NVIDIA prices were hit overnight once again as that company flagged production issues with an AI chip. Zooming out, many investors are more broadly worried that AI hype could be overdone.
Looking at the ASX,
Audinate Group (ASX:AD8) was attracting the most attention on HotCopper pre-market-open on Tuesday.
The company has issued unaudited FY24 results and FY25 outlook.
Elsewhere, US-based oil explorer-producer Brookside Energy (ASX:BRK) has updated the market on its Gapstow full field development.
Drillers are on-site currently completing the company’s final well.
Finally, eyes were on Buru Energy (ASX:BRU) this morning.
The company has inked an early-stage document preparing to drill the Canning Basin in WA.
In forex, the AUD is buying 65 US cents.
In commodities, brent crude is at $77.36 per barrel; gold is at $2,408 per ounce, iron ore is at $102 per tonne in Singapore and US natgas futures are at $1.96 per gigajoule – all those prices in USD.
That’s Market Open, I’m Jonathon Davidson, we’ll be with you later in the trading day for an update.
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