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ASX today – Australian shares are heading towards a -0.55% dip at open, with sentiments souring as the gold, silver, and platinum rally that’s been buoying much of the bourse through October ran out of steam.
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Heading into Wednesday, gold’s spot price has been whacked with its worst single-day drop since back in 2013, setting up a rough day for miners.
As noted, both silver and platinum have been tanking through mid-Week 43, too, though some of that is simply because they track the leading yellow metal. Today’s futures contracts for all three have been barely selling.
While most of this is likely profit-taking, some may have taken punters lining up to buy bullion as a ‘sell’ signal amid the yellow metal’s rally.
The impending Aussie red dip follows the Nasdaq composite retreating -0.2%, though it was the only major U.S. index that did; the S&P stayed flat, while the Dow Jones actually gained +0.5%. London was up too, +0.5%.
Now, let’s take a look at companies, starting with those hit by the gold dump.
ASX stocks to watch
On that front, dual-listed Newmont Corp (ASX:NEM) gives us some shape of bellwether for the day: Its New York listing shaved as much as -9% value to close, and that may be more generous than Oz traders will be.
Other gold miners like Evolution Mining (ASX:EVN) and Regis Resources (ASX:RRL) have a buffer after gaining yesterday, but may lose it all come open.
Elsewhere, APA Group (ASX:APA) is expecting activist resolutions to be voted down; the energy producer has been facing shareholder upheaval over its plans to transport gas from the Beetaloo Basin in the Northern Territory.
And, Iluka (ASX:ILU), Mirvac (ASX:MGR), and Woodside (ASX:WDS) report today.
Buck and ore
Now – in forex, the Oz dollar buys 64.8 U.S. cents.
Looking at commodities, all in the greenback,
Iron Ore is firming, up +0.5% to $104 a tonne in Singapore,
Brent Crude is up +1%, at $61.62/bbl,
Gold lost as much as $200 a bullion, and is at $4,136 an ounce, and,
US natgas futures are up +2.6%, to $3.48 per gigajoule.
That’s HotCopper’s ASX Market Open, I’m Isaac McIntyre – good luck, happy trading.
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