Join our daily newsletter At The Bell to receive exclusive market insights
ASX today – Friday in Week 2 is looking like an M&A kind of day, with Kerry Stokes’ eager conglomerate now preparing another BlueScope Steel (ASX:BSL) tilt and Glencore confirming it’s speaking to Rio Tinto (ASX:RIO) again.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
These bumper conversations – two of the biggest deals the ASX could see, should they go through – come under a +0.3% gain in ASX 200 futures. Our Aussie hopes seem hitched to the blue-chip Dow Jones this morning, following its +0.5% advance. The industrial index was Wall Street’s only major gainer, though, with the S&P 500 and Nasdaq both red. London and Japan are lower, too.
This suggests Australian sentiments may turn mid-morning, as they have done through nearly every Week 2 trade day, but only time will tell there.
There’s a whole pile of global economic data out over the next 24 hours that may move the dial, too: China’s sharing consumer and price data at 12.30pm (AEDT); the U.S. non-farm payrolls are out overnight into Saturday.
And, as always, stock news might shift things. We’ll go there now.
ASX stocks to watch
Let’s start with the two headlining stories. First, Stokes and Steel Dynamics don’t seem to have been scared away by BlueScope chief Jane McAloon’s strong rejection of a $13.2 billion approach; another bid is likely.
In the same vein – Glencore and Rio Tinto have restarted their merger talks, with the Financial Times reporting both are still very interested in coming together to build a long-mooted $388 billion enterprise. No strong details on the restarted deal yet, but that’s sure to unfold early this calendar year.
Elsewhere, Big 4 bank NAB (ASX:NAB) has a plan to bring back local branches, with group exec Ana Markinkovic envisioning “hubs” that would include some personal banking options as well as advisers, lawyers, and wealth managers.
And, Core Lithium (ASX:CXO) has been a heavy watch on the HotCopper forums late this week after booming +17% yesterday. Core was late to the lithium revival party, but has since been making up ground and has cracked a two-year high. (Though, it earned a speeding ticket for the pop.)
Buck and ore
Now – in forex, the Oz dollar buys 66.91 U.S. cents.
Looking at commodities, all in the greenback,
Iron Ore has pulled back slightly, -0.7% to $108.25 a tonne in Singapore,
Brent Crude rebounded +5%, to $62.81/Bbl,
Gold is at $4,486 an ounce, and,
US natgas futures are down -3.5%, to $3.40 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck, happy trading.
Join the discussion. See what’s trending right now on Australia’s largest stock forum and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
