The ASX 200 is set for a weaker start, with futures down 77 points, or 0.87%, at 8:30am AEDT.
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Wall Street delivered a mixed lead overnight. The Nasdaq rose 1.11% and the S&P 500 gained 0.41% as chipmakers bounced, but the Dow slipped 0.07% and most S&P 500 stocks fell.
The rebound followed a bruising week for technology shares, with concerns over AI financing and higher interest rates still in focus.
Oil remains another factor to watch.
Brent crude held near US$109 a barrel as Middle East supply risks kept the market volatile. Rising US bond yields also point to continued concern about inflation and the interest-rate outlook.
On the ASX today, coal stocks could attract attention after Whitehaven Coal, New Hope and Yancoal rallied around 5% on Monday. China’s September coal production fell 6.8% year-on-year to 385 million tonnes, providing a potential tailwind for the sector. Whether the rally has further to run is the question.
BHP maintained its FY27 production guidance despite a 19% year-on-year fall in quarterly copper output, while iron ore production rose 4%.
Bellevue Gold reported higher costs as its new mining contractor ramped up more slowly than planned – but kept its full-year guidance unchanged.
HUB24 reported $4 billion in quarterly platform net inflows, down 23% on a year earlier, with total funds under administration reaching $168.6 billion.
With futures pointing lower, watch whether resources can provide support and whether Monday’s coal rally has further to run.
Local market news
Gentrack Group (ASX: GTK) has contracted with Momentum Energy to supply Australian customers;
Legend Mining (ASX: LEG) is undertaking a maiden drilling program at Pinnacle Well;
Yari Resources (ASX: YAR) has completed the acquisition of the Arcadia coal project;
Everest Metals Corporation (ASX: EMC) is ramping up the Mt Edon rubidium processing pilot plant; and
Talonx Resources (ASX: TXR) is advancing copper exploration targets at Kihabe.
Buck and ore
Now – in forex, the Oz dollar is buying US$0.697
Looking at commodities, all in the greenback,
Iron Ore was up 0.06% to $90.95in Singapore today,
Brent Crude was down 0.59% to $109.210 per barrel,
Gold was selling at $4140.90
US natgas futures were down 2.47% to $3.0390 per gigajoule.
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That’s HotCopper’s Market Open, I’m Colin Sandell-Hay – happy trading.
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