After a red-washed Week 11 left markets in the dumps, things look to be turning around in Week 12. Australian shares are being tipped to hike at least +0.8% at open today, mainly thanks to Wall Street’s strongest rally since the U.S. election.
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Also helping the rally is news China is rolling out new stimulus to help consumption.
In the U.S., market hopes have rekindled anew after the government narrowly dodged a shutdown on Friday; impending retail sales data is also meant to be positive.
Considering how brutal Trump’s tariffs campaign was through Week 11, anything even slightly dovish seems to have markets moving heavily into green territory.
Iron ore and its prices will be one to watch all through this week Down Under too on China’s plans to boost spending. Beijing’s “special action plan” is yet another in a long line of plotted stimulus packages in the Middle Kingdom.
It’s had the desired effect though: The Shanghai Composite has surged 1.8%.
In news on the local bourse, New Zealand EFTPOS operator Smartpay Holdings (ASX:SMP) is musing two takeover bids, including one from Tyro Payments (ASX:TYR). Tyro’s offer is for 100% of the NZ company for $1 a share.
Ramelius Resources (ASX:RMS) and Spartan Resources (ASX:SPR) chiefs Mark Zeptner and Simon Lawson have met to discuss a merger between the two Aussie miners.
And, Hazer Group (ASX:HZR) has landed another key patent in the U.S. that is designed to protect the developer’s “innovative” new process for hydrogen and graphitic carbon production. This is the fourth U.S. patent for the company.
Week 12 also has several economic data releases: RBA chief economist Sarah Hunter is making a public address Tuesday, while labour force for February drops Thursday.
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Looking at forex, the Aussie dollar is buying 63.2 US cents.
To commodities, which are in the greenback,
Iron Ore has jumped on the China stimulus, to $103.40 a tonne in Singapore,
Brent Crude is trading at $70.58,
Gold is trading at $3,030 per ounce, and,
US natgas futures are at $4.10 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.