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Greetings and welcome to HotCopper’s the ASX Today for Wednesday of Week 33, I’m Jon Davidson and with Brent Crude prices back just below $90 a barrel USD, it appears nerves have settled on the Australian market, even as gold holds at around $4,400/oz in the greenback.
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Fun fact: on Tuesday, the yellow metal hit a ten month high.
But while the ASX200 was able to shrug off geopolitical malaise between Friday and Tuesday but Wall Street’s major indexes all closed in the red last night; we’ve also got a looming US CPI read tonight which could be informing cautious sentiment.
What that data says will inform bets on whether the Fed hikes rates in the US next month.
But earnings season continues to roll on down under and today it was Seek Limited that was caught out, down around -15% despite posting growth overall; investors appear to be unsure about a $200M impairment on Seek’s books; while job ads fell by -2% vs pcp, there’s no evidence of any meaningful economic deterioration.
HotCopper Darling Metallium, ticker code MTM, was the top gainer heading into mid-arvo trades up nearly +15% as it posted further updates on its critical metals recycling tech. Close behind was Aussie tech stock Bravura Solutions, up nearly +15%. The company provides software to financial services firms.
Long story short, if you’re awake with the attention span, it might be good to keep tabs on Bloomberg to see what the US inflation story looks like ahead of the Australian Thursday session.
That’s HotCopper’s the ASX Today for Wednesday of Week 33, I’m Jon Davidson, have a great night and we’ll see you tomorrow.
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