Market Open: Iran pause means hope for futures traders but little truly changed

The market is tipped to jump around a percent today if futures prove to be accurate, even after Wall Street closed flattish red overnight (for the S&P 500 and NASDAQ at least).

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The reversal from yesterday may be an indication that Monday was oversold on the ASX, the ASX200 at one point yesterday hit 8,500pts.

That may have been an overreaction. But at the same time, while fresh headlines of a brief ‘pause’ in the USA’s war on Iran are doing the rounds this morning, not much has changed – oil’s up, gold’s down, and with Wall Street not moving in either direction, there’s little else to go on but a vague sense yesterday could have been overdone.

Still, here’s to hoping we can jump back up a percent on the XJO today and then some.

Looking at ASX news, ASX-listed European Lithium has agreed to be taken over by NASDAQ-listed Critical Metals at a 137% premium to its last closing price; shareholdings in European are to receive 0.035 CRML shares. The company has an REE play in Greenland.

MinRes meanwhile has restarted its Bald Hill lithium mine in another show of force for the battery metal and suggesting perhaps a strong thematic in the resources space on Tuesday.

Further, the AFR is reporting that a second drone tech hopeful called Innovaero might be coming for the ASX only one day after Ktek Aerosystems debuted on Monday soaring above 100% gains, listing at 20c and closing above 40c.

Looking at commodities which are in the greenback:

Gold is at US$4,573 an ounce,

Brent Crude is at US$109 a barrel,

Copper is fetching US$6.29/ld, and,

Iron Ore‘s at US$109/tn on the SGX.

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