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Expect a slight rise for Australian markets this morning when the bourse swings open, with ASX 200 futures now pointing to a humble 0.17% gain today.
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While yesterday it looked like we were headed to a red end to Week 21 — mostly fuelled by panicky U.S. securities sell-offs — things have calmed down a little over on Wall Street; the Dow Jones and the S&P 500 both ended flat-ish.
Similarly, the Nasdaq even advanced somewhat and was up +0.3% at close.
Markets may remain edgy after Trump ambushed South African president Ramaphosa with false genocide claims; it’s rocked things less than his Zelenskyy meeting, though.
Back home, markets will soon react to RBA number two Andrew Hauser’s suggestion that China knew it had a “strong hand” in the U.S. trade war. He believes China (and therefore Oz iron ore exports) will be fine in any future scraps.
In mining news, Equinox Resources (ASX:EQN) has wrapped up its first drill run at Mata da Corda in Minas Gerais. It’s good news, company boss Zac Komur said, with geological consistency declared “remarkable.”
Elsewhere, Rio Tinto (ASX:RIO) has kicked off a leadership hunt after five-year boss Jakob Stausholm yesterday confirmed he’ll be stepping down later this year.
The mining colossus also partnered with Altoandinos, a new lithium project in Chile.
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Looking at forex, the Aussie dollar is today buying 64.1 US cents.
To commodities, which are listed in the greenback,
Iron Ore wiped yesterday’s 0.5% gain to sell at $99.30 a tonne in Singapore,
Brent Crude is at its lowest in two weeks, selling at $64.09 a barrel,
Gold is trading at $3,299 per ounce, and,
US natgas futures are at $3.27 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
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