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It’s looking like we could be in for a green finish to the week with ASX futures tipping a rise of 0.5% for the ASX pre-market after oil prices dipped again overnight and gold travelled back above US$4,500 an ounce.
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There’s a growing sense that Trump may be meaningfully close to a peace deal with Iran which does conform to theories that Trump keeps an eye on the US 10Y bond yield: in the last few days it looked like it was set to hit 4.7%, and now we’ve got talks about a peace deal.
Whether that will hold is an open question but for the time being the market has been happy to absorb a good news story.
Overnight Wall Street ended green though the NASDAQ was basically flat and the S&P500 up less than two tenths of a percent while the Dow jumped half a percent.
Looking around the traps today, Guzman y Gomez has flagged its intention to exit the US market, leaving in question its original value prop declared when it IPO’d. Elsewhere, listed software company Nuix is being hauled back to court by ASIC as the regulator appeals a decision to dismiss a case against it. Finally, Super Retail Group‘s Rebel Sport brand is now wrapped up in a class action related to underpayments.
Looking at commodities:
Brent at US$104 a barrel,
Gold at US$4,540/oz,
Copper at US$6.30/lb, and,
Iron ore fetching around US$108/tn in Singapore.
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