ASX today – Maybe we’re heading back above 9,000 points in Australia after all, with global equities getting a supercharged kick after a dovish Donald Trump claimed Iran still wanted to make a peace deal. The renewed hope has lifted ASX 200 futures to a 125-point hike, +1.4% as it stands before opening bell.
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Now, Trump’s naval blockade of the Strait of Hormuz is still going ahead, but there are hopes it’s a negotiation tactic, rather than anything serious.
And that pretty much sums up today’s morning rally: “Hormuz Hope.” We’ve been here before, and it’s becoming very clear traders have had a gutful of the U.S.-Israeli attacks on Iran dictating market movements. Slightly positive spin sends us rocketing; dour news barely moves the dial seven weeks in.
Today’s very much the first, with Wall Street mostly up over +1% across each of its major indexes. (The Dow has only climbed +0.6% to now.) Europe and the Nikkei are both still largely down, but each isn’t trading just yet.
Then, of course, oil dropped below US$100 a barrel again on this latest negotiation development; gold has rallied back above $4,750 this morning.
ASX stocks to watch
Now, let’s look closer to home, where LNG is a hot topic this Tuesday morning. A new report, “The Last LNG Train Home,” has suggested Australia’s liquefied natural gas is structurally constrained by declining demand and warned demand from gas-importing countries will “plateau or decline” in the future.
Feels very similar to what my HotCopper colleague Colin Sandell-Hay has been heralding since earlier this year. Either way, watch Energy closely today.
Elsewhere, Insignia Financial (ASX:IFL) is wrapping up on the Aussie bourse this week after shareholders approved a $3.8 billion takeover by CC Capital. The company will delist from the ASX at the end of this week.
And Australian AI infrastructure company Sharon AI will float on the local bourse by July, chief executive James Manning has told Capital Brief today. “We’re very committed to listing this quarter,” the tech boss declared.
That’s coming right as Morgan Stanley has started downgrading ASX technology stocks over growing artificial intelligence disruption fears. The bank’s latest research note cut price targets on several major ASX players, including big chops for Xero (ASX:XRO), Nuix (ASX:NXL), and Pro Medicus (ASX:PME).
Monash (ASX:MVF) has fielded a new 90¢-a-share bid from Soul Patts today, too.
Buck and ore
Now – in forex, the Oz dollar is buying US 70.9c.
And in commodities, all in the greenback,
Brent Crude has (very quickly) slid back below $100/Bbl this morning,
Iron Ore is up +1%, selling at $104.60 a tonne in Singapore,
Gold‘s rallied to $4,754/ounce, and,
US natgas futures are softer at ~$2.62 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck today.
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