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Australian shares are faltering flat this Tuesday morning, with the Reserve Bank’s policy moot today more of a procession towards a “hold” call rather than any kind of shock decision – that is, until Michele Bullock speaks.
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While Aussie traders will likely stay hesitant throughout the morning and into lunch, Bullock’s post-meet press address should kick things into gear.
Why? Simple: Both investors and general Oz punters alike will use every word she says as clues towards where the economy Down Under will be heading through the next few months, and especially up to Christmas.
Much of the weight has also been left to the RBA after Wall Street staggered on its first day of Week 40 trading; the U.S. is bracing for a federal government shutdown, which may stymie any dovish buying into then.
The biggest issue from the shutdown will be that U.S. labour market data may not be released on time. It’s meant to be arriving on Thursday.
And with today’s stage all set – let’s get into some company news.
ASX stocks to watch
In ASX news today, Restaurant Brands (ASX:RBD) has been approached by Finaccess Restauracion for a takeover at NZ$5.05 a share. The Mexican company already owns 75% of the KFC, Pizza Hut, Taco Bell, and Carl’s Jr operator and has been quite firm on this being “the best offer it will table.”
Elsewhere, CSL (ASX:CSL) has crowned Ken Lim as chief financial officer. The new CFO is replacing Joy Linton and has been with the plasma giant since 2013.
Antipa Minerals (ASX:AZY) is spruiking “exceptional” intersections it’s this week spotted at its Minyari Deposit in Paterson Province. The new resource definition has “confirmed continuity of substantial gold-copper zones.”
And, Lindian Resources (ASX:LIN) is adopting an ‘owner-operator’ mining model at Kangankunde in Malawi this month.
Buck and ore
Now – in forex, the Aussie dollar buys 65.7 U.S. cents.
Looking at commodities, all in the greenback,
Iron Ore is down 0.34%, selling at $103.25 a tonne in Singapore,
Brent Crude is down -3.7% at $67.56/bbl,
Gold‘s glimmer still shines bright; it’s up in W40 at $3,833 an ounce, and,
US natgas futures are up +1.8%, to $3.26 per gigajoule.
That’s HotCopper’s ASX Market Open, I’m Isaac McIntyre – good luck, happy trading.
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