Market Open: ASX again down as market awaits RBA decision

Hello, and welcome to HotCopper‘s Market Open for Tuesday, Week 19, I’m Colin Sandell-Hay

The ASX 200 is tipped to continue its downward run ahead the RBA’s forecast rate rise later today,

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The S&P/ASX 200 is expected to remain under pressure following a seven-session slide with ASX 200 futures down 0.8% to 8,645 points at the time of going to press.

The index is facing headwinds near the 8690–8715 resistance level, with 8600 in focus as traders prepare for the Reserve Bank’s monthly rates announcement at 2.30 pm AEST.

The bearish sentiment comes with energy stocks remaning under pressure from the ongoing Middle East crisis.

The Middle East war hit Wall Street overnight with major indices falling as oil prices surged. The Dow declined by 1.1%, while the S&P 500 lost 0.4%.

Brent crude oil prices surged 5.73% to $114.3 per barrel with the US and Iran exchanging gun fire in the Strait of Hormuz,

Another sector that appears to have been impacted by the fall-out of rising prices and interest rates is Australian housing.

According to the Australian Bureau of Statistics (ABS), total dwellings approved fell 10.5% to 17,300 in March.

Private sector dwellings, excluding houses, fell 26.0% to 6,632 and private sector houses rose 0.9% to 10,194.

The value of total residential building fell 15.8% to $10.77 billion, while the value of non-residential building fell 25.3% to $5.97 billion.

Now – in forex, the Oz dollar buys$ 0.716.

In commodities, all in the greenback, at the time of going to press

Brent Crude was up 5.73% to $114.3 per barrel

Iron Ore is up 0.61%. to $108.35 in Singapore

Iron ore is up 0.61%. to $108.35

Gold is up to $6321.08 per ounce

Natgas futures were up 2.38% to $2.8463

ASX stocks to watch

On the market front

Westpac Banking’s (ASX: WBC) statutory net profit is down 5% on 2H25 to $3.4 billion, but up 3% on 1H25

Fletcher Building (ASX: FBU) responded to recent press speculation in relation to a strategic review of its residential and development division and the potential divestment of an industrial property.

It told the ASX that as previously advised, the strategic review of the residential and development division is underway and that, in addition to the announced sale of a Felix Street property, it has sales processes underway for industrial land.

LINQ Minerals (ASX: LNQ) has produced higher-grade gold and copper core at the Dam deposit at the Gilmore project.

Dreadnought Resources (ASX: DRE) has intersected high-grade extensions at Illaara gold

That’s HotCopper‘s Market Open, I’m Colin Sandell – good luck today.

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