At The Bell — Australian shares are heading for a 50-point advance this morning, around +0.55% stronger, after soaring U.S. bank earnings and sagging consumer prices State-side combined to get Wall Street very excited.
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Between those two economics-focused returns, Wall Street is now pricing in the Federal Reserve steering clear of rate hikes in coming months.
The gains were more modest than we’ve seen over in the U.S. on usual big days — likely because the renewed U.S.-Iran war in the Middle East is still weighing — but the S&P 500 and Dow Jones both jumped up to +0.4% higher. London and Japan were equally up through the start of Week 29 overseas.
Some traders also seem to like the fact that Donald Trump has done away with that 20% protection fee he was (quite loudly) pondering for the Strait of Hormuz, and will instead simply have the U.S. Navy stage a blockade again.
Not the most peaceful news, but less troublesome financially, at least.
ASX stocks to watch
In stocks, Jim Chalmers has told Northern Minerals (ASX:NTU) to “ignore” the rights of dissident shareholders and boot them, as he looks to ensure the Browns Range rare earths project is not subject to Chinese influence.
Genesis Minerals (ASX:GMD) chairman Raleigh Finlayson has outlined what the early days of the Genesis–Vault partnership will look like: Less infrastructure spending, more value until the gold price recovers. The new Oz company plans to use Genesis’ ore in Vault’s mill, he added, meaning more production.
Elsewhere, Hyperion (ASX:HYGG) has become a WK29 watch after its $290M SpaceX (SPCX) bundle keeps losing value. SpaceX is back to its IPO price today.
And, Origin Energy (ASX:ORG) now has to refund over $270,000 to more than 4,500 customers after an ACCC investigation into the energy retailer’s allegedly misleading “Ongoing Saver” residential electricity plan.
Buck and ore
In forex, the Oz dollar is buying US 69.71c today,
Then to commodities, all in the greenback,
Brent Crude boom slowing somewhat, +1% to $84.10/barrel,
Iron Ore back over $100 a tonne in Singapore today after rising +1.5%,
Gold up, $4,056/ounce, and,
US natgas futures slightly stronger, $2.92 per gigajoule.
That’s HotCopper‘s Market Open, I’m Isaac McIntyre – happy trading today.
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