Market Open: ASX200 set to drop as US markets slide

The local share market is looking to continue where it left off yesterday, with futures predicting a .4 per cent drop.

All three US indices were down with the Nasdaq dropping a full per cent and the Dow Jones & S&P 500 slipping half a per cent each.

Semiconductor chip maker Nvidia (NVDA.O) shares fell four per cent amid concerns ahead of its quarterly earnings report and then shot up six per cent as news of record revenue rolled in.

In January, most US Fed policymakers expressed concerns about cutting interest rates too soon. The meeting minutes emphasise uncertainty on how long to maintain a restrictive policy. The minutes suggest a cautious, potentially slower approach to rate cuts than expected, with a need for greater confidence in falling inflation. Investors still anticipate rate cuts starting in June.

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Financial services firm, Canaccord Genuity, has initiated a $60 million block trade for Sayona Mining (ASX:SYA), with Piedmont Lithium (ASX:PLL) selling down about 11.2 per cent of its its holdings at an 18.8 per cent discount. Both companies faced over 70 per cent share value losses due to the global lithium price decline.

Sayona was once valued at $1.9 billion, now stands at $659 million. It continues work on its North American Lithium project despite challenges. Sayona Mining is up 60 per cent the last month.

Company financial reports today include Fortescue (ASX:FMG), Lovisa (ASX:LOV) Medibank (ASX:MPL) and Qantas (ASX:QAN).

Trending stories on HotCoppper so far include, Sky City Entertainment Group (ASX:SKC), announcing that Callum Mellett will step in as interim CEO as Michael Ahearne will step down, effective March 8th. And aluminium manufacturer and supplier, CSR limited (ASX:CSR) has confirmed it has received a conditional, non-binding, indicative proposal from French building materials giant Saint-Gobain to acquire 100 per cent of the shares in CSR by way of a scheme of arrangement for a price of $9 cash per share.

One Aussie dollar is buying 65 US cents.

Iron ore has slipped nearly 4 per cent to just below US$125, crude oil has jumped more than a per cent to US$78. Gold is sitting steady at US$2025 and natural gas has had a solid jump, up more than 12 per cent to trade at $1.77.