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ASX today – The Australian sharemarket is set for a stronger start on Tuesday, with ASX 200 futures pointing to a gain of around 0.3% after a broad rally across global markets overnight.
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The S&P/ASX 200 finished Monday almost unchanged at 8,731.9, with gains across financials and healthcare offsetting weakness in technology stocks as investors continued to weigh the prospect of higher Australian interest rates.
The tone offshore was considerably more positive.
The S&P 500 rose 1.5%, the Dow added 0.7% and the Nasdaq jumped 2.3% to a record close, with semiconductor and AI stocks leading the move. AMD climbed around 10% to reach a US$1 trillion market capitalisation, while Intel and Arm also posted double-digit gains.
For the local market, that provides a stronger starting point for technology and growth stocks, although the broader picture remains more complicated.
Oil prices provided another important tailwind overnight. Brent crude fell below US$100 a barrel, while WTI dropped almost 5% to around US$95, as investors responded to signs of diplomatic progress around the Middle East and continued flows through the Strait of Hormuz. The US 10-year yield also moved back below five per cent.
That combination – lower oil and bond yields alongside stronger equities – has eased some of the inflation pressure that has been weighing on markets.
Rates back in focus
The RBA will be closely watched today, with Assistant Governor Sarah Hunter appearing on The Pay Off podcast and Governor Michele Bullock scheduled for a CEDA fireside chat at 1pm AEST. Markets will be looking for further clues on how the central bank views persistent inflation and the prospect of another rate increase.
That makes the local rates story an important counterweight to the stronger offshore session.
Investors will also be watching developments ahead of the expected Trump–Xi meeting later this week, with trade, technology, AI and critical minerals among the issues in focus. China’s yuan strengthened to its highest level against the US dollar in more than three years on Monday ahead of the talks.
What to watch on the ASX
The stronger futures signal puts the focus on whether yesterday’s defensive rotation into financials and healthcare gives way to renewed buying in technology and growth stocks.
Resources will also remain in focus, particularly copper and other metals, while gold stocks face a softer bullion backdrop.
The broader setup is therefore more supportive than Monday’s, but Australian investors still have rates, oil and the China-US relationship to navigate.
Local market news
Antipa Minerals (ASX: AZY) has unveiled PFS workstreams for optimal development configuration at Minyari Dome;
Capstone Copper (ASX: CSC) has announced the sale of the Cozamin project for $385M;
Talisman Mining (ASX: TLM) has launched an interactive investor hub;
Adavale Resources (ASX: ADD) has increased its gold numbers from zero to 383koz in 20 months; and
Haranga Resources (ASX: HAR) has commenced phase 2 underground drilling at Lincoln.
Buck and ore
Now – in forex, the Oz dollar is buying US$0.712
Looking at commodities, all in the greenback,
Iron Ore was down 0.06% to $97.51 per tonne in Singapore today,
Brent Crude was down 4.18% to $99.525 per barrel,
Gold was selling at $4343.02,
US natgas futures were down 2.88% to $2.8282 per gigajoule.
That’s HotCopper’s Market Open, I’m Colin Sandell-Hay – happy trading.
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