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ASX today – The S&P/ASX 200 is expected to open lower this morning with Wall Street down after oil prices spiked on the trading of new missile hits in the Middle East.
New flare ups in the Middle East helped Wall Street to fall back overnight, fuelling rising US inflation fears and interest rate hike concerns.
The S&P 500 was down 0.33 per cent to 7686.14 points while the Nasdaq slid 0.12 per cent to 26370.89.
There were numerous reports overnight that the US had struck two Iranian launchers on Larak Island.
That led to the Iranian Revolutionary Guard launching ballistic missiles aimed at two US bases in Jordan.
This saw Brent Crude bounce back over US$90 a barrel this morning.
Elsewhere, S&P Global reports that the Asian Development Bank is increasing its support for regional power grids and critical mineral supply chains across the Asia-Pacific, arguing that the region’s pursuit of energy security in the wake of the Middle East conflict has strengthened rather than weakened the case for accelerating decarbonisation.
On the market news front:
Nanoveu (ASX: NVU) has been granted a US patent covering dedicated accelerator circuitry for non-maximum suppression in AI object detection;
American Tungsten & Antimony (ASXL AT4) is set to commence its APT refinery expansion;
Australian Gold and Copper (ASX: AGC) has discovered a new gold-silver zone at Evergreen;
FMR Resources (ASX: FMR) has defined new La Martuca drill targets with 3D modelling; and
LTR Pharma (ASX: LTP) has expanded its men’s health portfolio with a KYZATREX pilot
Buck and ore
Now – in forex, the Oz dollar is buying US$0.716
Looking at commodities, all in the greenback,
Iron Ore was up 0.22 per cent to $96.05 in Singapore today,
Brent Crude was up 2.91 per cent to $90.663 per barrel,
Gold was selling at $4441.14,
US natgas futures were up 1.43 per cent to $2.9292 per gigajoule.
That’s HotCopper’s Market Open, I’m Colin Sandell-Hay – happy trading.
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