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ASX today – The hurt keeps coming in Week 11, with the U.S.-Israeli-led conflict in the Middle East only expanding, and Trump warning that the war could stretch to new “areas and groups of people” in the near future. Needless to say, crude is up, above US$90/barrel, and inflation fears bloom again.
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And it’s pretty dire reading in futures: The ASX 200 is now heading for another -1.7% collapse on Monday morning as investors digest all the new news. The Oz bourse is already nearly -4% weaker since Trump’s war started.
Major disruptions at the Strait of Hormuz are still continuing, too; the closure was expected not to last that long, but it’s dragging into Week 11 now.
In the latest war actions, a U.S.-Israeli strike reportedly struck an oil storage facility in southern Tehran, which then led the Islamic Revolutionary Guard Corps to declare it would attack a refinery in Haifa to take revenge.
Needless to say, that doesn’t sound like anything’s slowing down.
So, bolt down those hatches. Let’s take a look at Monday morning stock news.
ASX stocks to watch
First up, everything gas and energy will be a very close watch as the Iran conflict continues to spread. Energy’s XEJ is already up over 10,303 and will likely only continue to climb rapidly as things keep expanding.
Elsewhere, Rox Resources (ASX:ROX) has landed enough funding to take Youanmi into full production. An FID is expected later this month.
Chilwa Minerals (ASX:CHW) is drawing early attention on the HotCopper forums, too, after the smallcap explorer spotted “globally significant” niobium intercepts from one of the holes at its Mpyupyu targets.
Over in New Zealand, the Court of Appeals ruled that AFT Pharma (ASX:AFP) doesn’t have to share profits from Pascomer’s potential use in Port Wine Stains. PBL Solutions had been challenging a CY23 High Court ruling.
And, Bunnings – Wesfarmers (ASX:WES) – is a watch after telling shareholders it’s building an “Alladin’s cave” of 30K car products on its marketplace.
Pro Medicus (ASX:PME) wrapped up a $40M U.S. imaging renewal today, too.
Buck and ore
Now – in forex, the Oz dollar is buying US 69.8c.
Looking at commodities, all in the greenback,
Iron Ore is +1.5% stronger, selling at $101.55 a tonne in Singapore today,
Brent Crude is up +8.5%, at $92.69/Bbl,
Gold is selling at $5,184/ounce,
US natgas futures are up +6%, to $3.18 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck today.
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