Market Open: ASX can’t escape April tailspin as oil surges to more than US$120/barrel

At The Bell — The April tailspin is worsening Down Under again, with the Australian share market now heading for a -0.7% drop that would solidify a seventh consecutive day of retreats and bring us to ~8,600 points.

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The collapse stands in stark contrast to oil, which just hit over US$120 a barrel and doesn’t look like it will be slowing down anytime soon, either.

The sharp spike — nearly $10 in just 24 hours, +8.2% all up — came after Trump reportedly told his aides to prepare for an extended U.S. naval blockade of the Strait of Hormuz. The Wall Street Journal is reporting Washington wants to “intensify economic pressure” on Iran as the war reaches its third month.

Other negative pressures included the U.S. Federal Reserve, this morning keeping interest rates steady (8–4, eventually) in its most divided decision since 1992, and Wall Street’s earnings largely disappointing early doors.

On that front, the tech-heavy Nasdaq index closed barely green, while the S&P 500 dipped into the red, and the Dow Jones lost as much as -0.6% overnight.

ASX stocks to watch

Now, stock news for this Thursday. Health remains a major watch, with more pain for Cochlear (ASX:COH) as it sags to its lowest value since CY15. CSL (ASX:CSL) has been caught in the sector-wide decline, while, more generally, biotech stocks like Telix (ASX:TLX) and Mesoblast (ASX:MSB) are struggling.

Coles (ASX:COL) and Woolworths (ASX:WOW) have scored a key victory over their supermarket wars rival, Aldi, with the German-founded grocer admitting its struggling to find new growth in the Australian battleground.

Elsewhere, Gentrack Group (ASX:GTK) has signed a US$10 million sale and purchase agreement to acquire Dubai Technology Partners, a premier airport technology and services provider in the United Arab Emirates.

G8 Education (ASX:GEM) has suspended one in ten of its childcare centres (up to 40 underperforming centres) to address falling enrolments.

And, South32 (ASX:S32) has circled mid-FY28 for first ore from Taylor.

Buck and ore

Now – in forex, the Oz dollar buys US 71.1c.

In commodities, all in the greenback,

Brent Crude, as noted, is above $120/Bbl,

Iron Ore down +0.7%, to $107.05 a tonne in Singapore,

Gold is down again, $4,555/ounce, and,

US natgas futures -1.6%; $2.64 per gigajoule.

That’s HotCopper‘s Market Open, I’m Isaac McIntyre – good luck today.

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