Market Open: ASX to hand back Week 30 gains on all the usual Wall Street worries

At The Bell — The Australian stock market will head into the red in Week 30’s second trading day, with a -0.6% retreat tipped in futures that, should it happen at the opening bell, will hand back yesterday’s gains.

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Nothing you haven’t heard before: Wall Street is panicky over U.S.-Iran tensions and anxieties around the artificial intelligence bubble.

The Nasdaq finished -0.1% lower, while the S&P 500 retreated -0.2% under those two concerns, and the Dow lost -0.6%. London similarly struggled to keep above water, dropping -0.7%; the Nikkei was last -4%.

We’re still waiting for wider Australian economic news that could set our pace late in Week 30, especially employment/unemployment figures Thursday.

But we’re well into Oz earnings, at least in resources, so that will help.

ASX stocks to watch

On that front, South32 (ASX:S32) was up +3.5% yesterday after telling shareholders it had exceeded FY26 production guidance for key operations; Sierra Gorda copper, Cannington and manganese assets outperforming expectations in the final quarter. Quarterly sales volumes jumped some 15%, too.

Yancoal (ASX:YAL) stood out, reporting higher second quarter coal production and sales volumes, while Aurelia Metals (ASX:AMI) added +9% on its update.

The show goes on today, with HUB24 (ASX:HUB) and Alkane Resources (ASX:AKR) among those sharing their quarterlies this morning. That’ll be followed by Lynas (ASX:LYC), WestGold (ASX:WGX), and more tomorrow.

Elsewhere, EQ Resources (ASX:EQR) is a major watch after surging on “Twiggy” Forrest taking a $190 million stake in the Oz tungsten miner.

And, Coast (ASX:CEH) just landed approval for a 55ha development in Coomera.

Buck and ore

In forex, the Oz dollar is buying US 69.9c today,

Then to commodities, all in the greenback,

Brent Crude up +1%, to $89.02/barrel,

Iron Ore some -0.8% weaker, $99.35 a tonne in Singapore,

Gold today $4,010/ounce, and,

US natgas futures down, $2.84 per gigajoule.

That’s HotCopper‘s Market Open, I’m Isaac McIntyre – happy trading today.

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