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At The Bell — All Australian eyes will be on the May CPI data today, with that data pile releasing at 11.30AM. Expectations are that there will be a “slight acceleration,” from 4.2% to 4.4% year-over-year. That’s slightly up on consensus, and enough for the RBA to at least take notice before its next meeting.
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Heading into that near-midday release (and before the bell), the ASX 200 is some +0.15% stronger in futures, selling just above 8,800pts.
We’ll see whether that May print rattles investors at all, considering inflation is probably a little too high. Should we slip into the red, it will be on Oz traders worrying about more future hikes from the Reserve Bank.
Most global indexes have been down today, too, with Wall Street rattled by semiconductor-related selling, and London watching Trump’s peace talks.
The Nasdaq was the worst, down -2.2%; the Dow stayed just below flat.
ASX stocks to watch
WiseTech (ASX:WTC) still struggling, with the tech heavyweight down another -4.4% after Monday’s -18% dump. The company told the market chairman and founder Richard White was “not aware” of any investigation by the Federal Police into his conduct relating to a woman’s immigration status.
Elsewhere, Kathmandu and Rip Curl retailer KMD (ASX:KMD) has said it will run a one-for-25 share consolidation to sort out the number of ordinary shares currently on issue. KMD has dropped some -57% this year already.
HiTech Group (ASX:HIT) has laid out a $15 million proposal to buy “certain assets” from Hudson Global Resources, including gear and employees.
And Lefroy (ASX:LEX) has touted “excellent” gold recoveries at Burns.
Buck and ore
In forex, the Oz dollar is buying US 69.1c today,
Then to commodities, all in the greenback,
Brent Crude -1%, to $76.93/barrel,
Iron Ore has dropped -0.6%, today selling at $97.60 a tonne in Singapore,
Gold is back to fading, now around $4,123/ounce, and,
US natgas futures down, $3.15 per gigajoule.
That’s HotCopper‘s Market Open, I’m Isaac McIntyre – happy trading today.
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