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Well, at least there wasn’t too much extra fall out overnight after Nvidia’s bubble burst earlier in the week.
Nvidia shed another 1.6%, but all three US markets closed fairly flat (Nasdaq down 0.3%, S&P500 by 0.1% while the Dow Jones added 0.093%). The futures market points to a 0.3% lift when the ASX200 opens today.
US markets are anticipating key jobs data which will be released after our market closes on Friday, as this is likely to be key to whether the expected interest rate cut in North America will be quarter or half a per cent.
Oil took a hit overnight and global stocks Exxon Mobil & Chevron felt pain. Brent crude’s down 1.25% at around US$72.75 a barrel, natural gas lost double that (2.55%) to be trading around $2.15 a gigajoule.
While the iron ore price outlook has been a concern for investors, it’s been back above US$100 a tonne.
And gold has been selling for just under US$2500 ($2495) an ounce.
One Australian dollar is buying 67.2 US cents.
Meanwhile, the Australian Bureau of Statistics will hand down reports on International Trade in Goods and Assets and Liabilities of Australia Securitisers today.
Milk price forecast lift
Synlait Milk (ASX:SM1) has upped the milk forecast price for this financial year by 60c per kilogram of milk solids, to $8.60.
Chair to delay retirement
The Board of cancer diagnostics company Pacific Edge (ASX:PEB) has revealed Chair Chris Gallaher accepted its request to delay his planned retirement, originally set for the end of this year. The company cites continued uncertainty over the Medicare coverage status for the company’s Cxbladder tests and the ongoing process to recruit a successor.
Plan to manufacturing rare earth magnets in Latin America
Brazilian Critical Minerals (ASX:BCM) has signed a five year non-binding Memorandum of Understanding with SENAI Regional Department of Minas Gerais, owner of permanent magnet facility unit Lab Fab, which is developing the first permanent magnet manufacturing facility in Latin America. The two parties plan to co-operate in the technological development of rare earth magnet manufacturing processes.
Star Entertainment under liquidity cloud
And Star Entertainment Group (ASX:SGR) made an announcement overnight, admitting it’s ‘holding discussions with various stakeholders in relation to its liquidity position in light of adverse trading and other conditions’.
This comes after a report from the 2024 Independent Inquiry into The Star was handed down at the end of last month.
One Australian dollar is buying 67.2 US cents.
