At The Bell — Australian shares are heading for a -0.3% drop at open today, with everything from equities to Brent crude oil and U.S. tech hit by another selling wave Tuesday. The selldown leaves the ASX 200 about 20 points lower, hovering around 8,820 points, as international traders set the pace.
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Most Wall Street indexes were actually up to start Week 31, with the Nasdaq (-0.2%) the only laggard. London and Japan were actually green, too.
But Oz shares are still sagging, mostly kicked by that tech trouble in the U.S. Hopefully we’ll find our own way – red or green – as we get deeper into Tuesday trade as the resource sector rolls out their quarterly updates.
ASX stocks to watch
First up there, Whitehaven Coal (ASX:WHC) and Iluka Resources (ASX:ILU) are the big names opening the books this morning, while Sandfire (ASX:SFR), Capstone Copper (ASX:CSC), Rio Tinto (ASX:RIO), and BHP Group (ASX:BHP) remain hot watches through Oz’s materials-heavy reporting chunk this week.
So too Evolution Mining (ASX:EVN) after it agreed to acquire Carnaby Resources (ASX:CNB) in a $213 million all-scrip deal. CNB closed +57% on the news.
Elsewhere, Fortescue (ASX:FMG) boss “Twiggy” Forrest has pleaded with China to “negotiate fairly” as the battle for solid prices and strong supply contracts with the Middle Kingdom’s strongest materials ‘cartel’ continues.
Myer (ASX:MYR) is a worry for some traders as well, after it said sales this FY would be flat at ~$4 billion. Sales in May surged before a June/July slump.
And Perpetual (ASX:PPT) fielded another approach ($1.78B) from EQT this week.
Buck and ore
In forex, the Oz dollar is buying US 69.8c today,
Then to commodities, all in the greenback,
Brent Crude down further, crashing -10% to $87.75/barrel,
Iron Ore another -0.5%; $97.60 a tonne in Singapore,
Gold today $4,080/ounce, and,
US natgas futures down, $2.73 per gigajoule.
That’s HotCopper‘s Market Open, I’m Isaac McIntyre – happy trading today.
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