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The local share market is tipped for a second strong day after climbing nearly 1% on Thursday, set to rise +0.5% on the last trading day of the week.
That is set to push ASX into a fresh all time high right out the gate on Friday after European markets also reacted strongly. The ASX hitting a new record was helped by Commonwealth Bank shares reaching all time highs on Thursday.
Positive sentiment is palpable after the USA’s latest inflation data came in slightly lower than expected at 3% flat overnight; analysts had been expecting a read of 3.1%. Core inflation, which excludes food and fuel prices, is at 3.3%.
In a sure fire sign interest rate cuts are on the agenda, US 10 year bond yields immediately fell on the news. Expect predictions around when interest rates begin falling to become a talking point once again.
Looking at the ASX,
Gold explorer Golden Deeps (ASX:GED) has announced its execution of a binding deal to acquire a presence in the NSW-based Lachlan Ford gold-copper belt.
The company will acquire an 80% interest in key assets by spending around half a million dollars into 2027.
Meanwhile, CEO of listed logistics company Move (ASX:MOV), Craig Evans, has announced he’s leaving the role.
According to its release on Friday, the company pointed to “economic headwinds” as the reason for Evans’ departure.
Finally, SKS Technologies Group (ASX:SKS) has been awarded US$90M contract to build out a data centre in Melbourne.
To be completed in a years’ time, the “international hypserscale data centre” will rely on underlying SKS electrical systems.
Meanwhile, in forex, the Aussie is buying 68 US cents.
In commodities, iron ore is travelling just below $108 American dollars per tonne in Singapore and Brent is still around $85.50 American dollars per barrel. Gold has climbed 1.7% to $2,412 American dollars per ounce and finally, US natural gas futures fell 2.3% overnight to $2.27 American dollars per gigajoule.
That’s Market Open, we’ll be with you later in the trading day.
