Market Open: Cyclone Narelle impacts, no Iran ceasefire, Nasdaq correction pile up to end WK13 hope | March 27

ASX today − Good morning, and welcome to the Market Open, I’m Isaac McIntyre. The green run we’ve enjoyed on U.S.-Iran peace talk posturings through Week 13 has finally had the bottom fall out, with Oz shares now heading for a -0.9% drop at open as we head into another tumultuous weekend.

Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.

While he originally looked to be barracking hard for a ceasefire, Trump now seems to have swung the other way and is musing more action in Iran.

There has been a “pause” on destroying Iranian energy sites, with Trump still heralding ongoing truce talks − and he extended the “obliteration” deadline out to April − but then he’s looking at staging troops, too.

U.S. traders seem to have had enough, and have stopped betting on peace: The Dow Jones dumped -1%, while the S&P 500 lost a hefty -1.7%.

The Nasdaq composite has come away the worst so far, losing -2.4% through Wall Street’s latest day, compounding what has been its single worst sell-off since Trump’s “Liberation Day” tariffs blast in April last year. (This is officially a correction for the tech-heavy U.S. market index, on the numbers.)

Not helping matters back home is Tropical Cyclone Narelle, which is tearing down the Western Australian coast and causing massive LNG disruptions.

Let’s just say it’s no surprise we’re heading into a red Friday trading day.

ASX stocks to watch

Now, under that Friday shadow, keep an eye on Energy. The whole sector’s been topsy-turvy in Weeks 12 and 13, most recently springboarding back into the green yesterday on the assumption war will roll on.

In Oz company news proper, KMD Brands (ASX:KMD) has extended its halt, admitting it’s “not presently in a position” to make an announcement on its cap raise. Final details, including pricing, are still being figured out.

Woodside (ASX:WDS) formally paused works at its North West Shelf venture to wait out the tropical cyclone, as has Chevron at Gorgon and Wheatstone.

We have a new arrival today, too, with Valiant Gold floating at 1PM Sydney time. The “emerging” WA gold explorer will list under ticker “VAL” and is looking to raise up to ~$75 million off a 25cps original offering.

49Metals was meant to float today, too, but pushed things to March 31.

Buck and ore

Now – in forex, the Oz dollar is buying US 68.8c.

Looking at commodities, all in the greenback,

Iron Ore is up +2.3%, selling at $107.45 a tonne in Singapore today,

Brent Crude is up +4.79%, at $107.11/Bbl,

Gold is selling at $4,391/ounce,

US natgas futures are up +0.6%, to $2.97 per gigajoule.

That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck today.

Join the discussion. See what’s trending right now on Australia’s largest stock forum and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.