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Australian shares are heading into the middle of Week 37 with an advance ahead, with ASX 200 futures now pointing to a modest +0.2% gain – a Wednesday pivot after early week trade fell red more often than not.
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It feels like Aussie stocks have been dragged higher, with the S&P 500 and Nasdaq composite’s overnight records too dovish to ignore.
On Wall Street, all sentiments have turned to the Federal Reserve making rate cuts when it meets to determine policy next week; U.S. traders have dutifully started pricing that in a week out from the big decision.
Tuesday’s weak jobs data has only spurred that feeling in the States, too.
While Oz shares resisted the green yesterday, those up arrows have started to appear.
ASX stocks to watch
Now, with the stage set for Wednesday’s trade, there’s plenty on the menu company-wise Down Under, including news that Woolworths (ASX:WOW) is now sounding out possible buyers for its Big W retail arm.
On the other side of the coin, Yancoal (ASX:YAL) is scoping out Anglo American’s Queensland coal assets; the $7B coal miner has been chasing acquisitions for some time.
Iluka Resources (ASX:ILU) is trending early on HotCopper forums after suspending production activities at Cataby and its synthetic rutile kiln.
And finally, we have a new ASX debutant ringing the bell today: Ariana Resources, a mineral explorer based in Perth and focused on Turkey, is looking to raise $15 million. It will list under ticker “AA2” and open at 28cps.
Buck and ore
Now – in forex, the Aussie dollar buys 65.8 US cents.
And to commodities, all in the greenback,
Iron Ore has jumped +2% on news Israel had staged an attack on Hamas’ leadership in Qatar; it’s selling at $107.50 a tonne in Singapore,
Brent Crude is at $66.55,
Gold is still holding strong, selling at $3,637 per ounce, and,
US natgas futures have stayed relatively steady at $3.09 per gigajoule.
That’s HotCopper’s ASX Market Open, I’m Isaac McIntyre – good luck, happy trading.
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