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ASX today – Australian shares are heading for their first advance of Week 50 this Wednesday open, despite the Reserve Bank halting its rate relief cycle and governor Michele Bullock warning not to expect rate cuts anytime soon.
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Heading into opening bell, ASX 200 futures are pointing to a +0.25% rise.
Wall Street has been similarly up, though it took a swing to conquer all that red over in the U.S. as traders remain split before the Fed’s Thursday rate call.
The fact that Jerome Powell will probably welcome in Christmas with a rate cut over in the States is helping the more dovish feelings; the S&P 500 is heading back towards all-time highs it originally chalked up in October.
Not everyone’s so convinced, though, with some leaning on precious metals for safety. In that arena, shining silver continues to outpace gold.
Another good indicator that investors are looking for safety is the ETF records through CY25: The ASX is well on track to hit three million fund investors next year, with another 411K moving into the space this year.
Putting ETFs aside, though, let’s look at today’s company news.
ASX stocks to watch
First up, South32 (ASX:S32) is mulling a play for the West Musgrave mine up for sale from BHP Group (ASX:BHP), which is looking to sell most of its nickel assets. Sandfire Resources (ASX:SFR) may also make an approach.
Elsewhere, reports have suggested KKR had been looking into taking Pepper Money (ASX:PPM) private; Pepper’s value spike put paid to those plans.
Back to mining, Trigg Minerals (ASX:TMG) has landed permitting to drill at Antimony Canyon this week, and will start staging contractors at the site today. The Aussie explorer is looking at the “Salt n Pepper” tuff horizon first up.
Wildcat Resources (WC8) intercepted mineralisation in a north-westerly orientation at its Bolt Cutter Central lithium discovery this week.
And Tempest (ASX:TEM) is buying the Remorse iron deposit.
Buck and ore
Now – in forex, the Oz dollar buys 66.4 U.S. cents.
Looking at commodities, all in the greenback,
Iron Ore is down a fairly modest -0.2%, to $101.85 a tonne in Singapore,
Brent Crude is down -0.8%, to $61.98/bbl,
Gold is at $4,215 an ounce, and,
US natgas futures slumped another -7%, to $4.57 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck, happy trading.
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