The ASX Today: Oz buyers step back in after global sell-off; gold miners have it worst today

Welcome to HotCopper‘s The ASX Today, I’m Seja Al Zaidi. It’s Tuesday of Week 24, and after a rough finish to last week, investors are cautiously stepping back into the market today, pushing the ASX down about -0.5%.

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It’s a big improvement from earlier losses — around lunchtime, the benchmark was down almost 50pts, before buyers stepped in. The main story today is a shift in sentiment. Markets were rattled by Friday’s stronger-than-expected U.S. jobs data, which reignited concerns that rates could stay higher for longer. That sparked a sharp sell-off across global markets heading into the long weekend.

But overnight, investors were encouraged by a rebound on Wall Street, particularly in tech. Oil has eased slightly, with Brent crude slipping below US$94/barrel.

Gold miners are among the biggest laggards after stronger U.S. data forced investors to rethink expectations. Newmont is down more than 5%, while Northern Star and Bellevue Gold have dropped more than 4% each.

The iron ore majors are also weaker, with BHP, Rio Tinto, and Fortescue all falling as iron ore hovers near US$100 a tonne. Tech today is a little mixed: WiseTech Global remains under pressure, losing 3.9% after the recent pullback in AI-related stocks.

Elsewhere, oOh!media has been a standout, jumping +8% after receiving a $765M takeover proposal from Bain Capital. The bid sets up a battle with Pacific Equity Partners and I Squared Capital for the outdoor advertising business.

Coast Entertainment is surging as Aussie investors grow increasingly optimistic about progress on its proposed Dreamworld precinct development in Queensland. And finally, Bapcor has been rebounding after weakness, rising more than 4% after appointing former BOQ chairman Andrew Fraser to its board.

That’s The ASX Today, I’m Seja Al Zaidi. I’ll see you tomorrow.

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