Market Open: Escalating war in Iran sends traders for hills; oil boils up to $110/Bbl | March 19

ASX today − Yesterday morning, I suggested Australian traders were waiting for a sign before deciding which way to go. Well, just a day later, oil’s boiling up to $110/barrel and the ASX is heading for a -1.71% collapse.

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I had been suggesting, in my idea that we were looking for a way forward, that it would be smaller jumps or dips, but then the U.S. and Israel bombed a key Iranian gas field. Iran then vowed revenge for the bombing of its gasfields − and nearly immediately delivered with Qatari strikes − in a new escalation.

Israel also announced it had killed Iran’s intelligence minister in another attack on the country’s top leadership in the third week of the war.

The biggest thing that matters right now is that Iran’s gas field was attacked. Turkey especially buys a lot from the South Pars field, but it will now mean any country that had relied on the field has to look for new options.

(For more on all of this, as well as oil’s emergence as the fresh “meme trade,” when Jonathon Davidson and I record the HotCopper Wire today.)

Now, let’s take a look at company news on this Red Thursday morning.

ASX stocks to watch

First up, new BHP (ASX:BHP) chief Brandon Craig has said he’ll focus on America and lean on a “superior model” where copper is spun out into its own entity.

Similarly, Woodside Energy (ASX:WDS) has formally crowned Elizabeth Westcott as the company’s new helmswoman. Westcott has already been in the role (in a temporary manner) since Meg O’Neill left last December.

In news that will interest HotCopper forum users specifically, Electro Optic Systems (ASX:EOS) has sagged nearly -10% after CEO Andreas Schwer warned he would be selling many of his shares to pay for his divorce and build a house. The drone play is still up as much as +672% YOY.

Elsewhere, Solaris unveiled a new ASX-listed investment company, which will join the bourse on April 17. The IPO, in as “Solaris Aus Equity Income Plus,” will target $300M raised with a minimum $175M subscription.

And finally, Immutep (ASX:IMM) has seen positive early results for its experimental autoimmune therapy in first in-human clinical trials.

Buck and ore

Now – in forex, the Oz dollar is buying US 70.3c.

Looking at commodities, all in the greenback,

Iron Ore is down -1.3%, selling at $107.35 a tonne in Singapore today,

Brent Crude is up +7.3%, at $110.94/Bbl,

Gold is selling at $4,832/ounce,

US natgas futures are up +5.6%, to $3.20 per gigajoule.

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

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