Market Open: ASX200 tipped for small gains ahead of CPI data

Ahead of Consumer Price Index data which is due to drop today, the ASX200 is tipped to make small gains – around .2 per cent.

The Nasdaq led the US indexes, up 3.6 per cent. The Dow Jones lifted .1 per cent and the S&P 500 slipped just under .3 per cent.

Expectations for an interest rate cut by the US Federal Reserve in June have decreased to just under 60 per cent, down from near certainty in January. This is according to the CME Group’s FedWatch tool. Additional data is expected this week, including the second GDP estimate, jobless claims, and manufacturing activity, which all will influence Fed expectations.

Virtual events company Hopin, the start-up founded by Australian-born Johnny Boufarhat, with a pandemic valuation of $7.7 billion, has gone into liquidation in the UK after selling the bulk of its assets to RingCentral for US$50 million. Boufarhat realised around A$250 million from share sales, but left the company last year.

Back home,

So that monthly CPI data will be released by the Australian Bureau of Statistics at 11:30 am AEDT.

And reporting season is winding down with Flight Centre (ASX:FLT) and engineering professional services company Worley (ASX:WOR) releasing half-yearly reports.

Coles (ASX:COL) CEO Leah Weckert has defended stable profit margins, that were reported early yesterday, saying profits had not gone up in line with inflation. She claimed profits were 3 cents in every dollar.

It comes amid price gouging claims targeted at the supermarket giants.

ASX announcements coming through on HotCopper this morning include:

Nickel player Estrella Resources (ASX:ESR) has announced an entitlement issue of loyalty options on the basis of one loyalty option for every 10 shares held by eligible shareholders -at an issue price of $0.001. The offer could raise about $175,937 to fund the offer and general working capital.

And financial service NSX Limited (ASX:NSX) has received two instalments of $500,000, bringing capital raised through a convertible loan facility to A$1 million for working capital needs. An entitlement offer remains open.

The Aussie dollar is buying 65 US cents with Bitcoin less than $1000 away from an all-time high at $$87K.

Iron ore has slipped under the US$120 mark, down more than three per cent. Crude oil has lifted 1.5 per cent to US$78.74, Gold Is sitting steady at a touch below $2030 and natural gas has lifted nearly four per cent, to US$1.80.