The global rally rolls on heading into Week 39, with an overall equity advance on Wall Street extending to other bourses – including the ASX today, of course – in defiance of September’s typically bearish trends.
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The Federal Reserve’s rate chop last week was a major catalyst, and even more so was Jerome Powell’s suggestion more are still to come in late CY25.
Futures for the ASX 200 have followed the U.S. hike quite closely, with Monday trade looking to open around +0.5% higher at today’s bell.
The S&P 500 is the main leader on Wall Street; it gained +0.49% at last trade.
This return to the rush will be happy news for some Oz traders, who have just watched the bourse tick down through the last two weeks.
Week 39 holds plenty that could swing us either way, too, ranging from the monthly CPI indicator, to be shared Wednesday, and Michele Bullock in Canberra; the central bank boss will appear in parliament today.
Loads on in company news as well, so let’s take a look there now.
ASX stocks to watch
Today: Vection Technologies (ASX:VR1) has landed a windfall $22 million deal with a repeat NATO-approved partner that gives the expanding Aussie developer a foothold in the “trusted” European defence sector.
Yandal Resources (ASX:YRL) has become the latest gold explorer to hit discoveries at the right time, spotting “promising” hits at Arrakis this week.
Elsewhere, KMD Brands’ (ASX:KMD) biggest shareholder has demanded the struggling retailer (which owns Rip Curl) sell assets to trim its ballooning debts.
A few debutants are ringing the bell this week, too: Revolution Private Credit is teed up for a long-planned midday arrival today, while explorer Everlast Minerals plans to hit the bourse same time Tuesday.
And in non-listed news, Optus is under fire after a tech failure impacted hundreds of triple-0 calls – and led to at least three deaths.
We’ll watch telecos today to see the backlash there.
Buck and ore
Now – in forex, the Aussie buck is buying 65.9 U.S. cents.
Looking over in commodities, all in the greenback,
Iron Ore is up as much as +1.2%, selling at $106.60 a tonne in Singapore,
Brent Crude is at $66.79/bbl,
Gold is slowly tracking back up again, and is selling at $3,694, and,
US natgas futures open Week 39 at $2.91 per gigajoule.
That’s HotCopper’s ASX Market Open, I’m Isaac McIntyre – good luck, happy trading.
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