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At The Bell — Australian traders will be banking on a soft trading reset with the arrival of a new financial year this Wednesday, even as escalating strikes between the U.S. and Iran threaten to derail their newly-signed peace bargain.
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On Sunday, Tehran deployed drones and launched missiles against Kuwait and Bahrain in response to the U.S. attacking sites in southern Iran. Trump has come out and said Iran “will no longer exist” if he has to start fighting again, while Tehran has been threatening to completely halt negotiations today.
Not overly ideal for those who thought we were just about to get a little peace in the Middle East, nor for indexes that were just starting to recover.
And so, it seems, Oz traders are happy to see how that plays out and will instead largely focus on FY27 rolling in mid-week. We’re heading for a 50-point advance, +0.6%, on those dovish sentiments this morning.
I don’t trust that it will hold if the U.S. or Tehran jumps either way, but at least it’s something for us to sink our teeth into before Week 27 gets going.
ASX stocks to watch
Now, onto Monday stock news. First up, Neuren Pharmaceuticals (ASX:NEU) is one step closer to European approval for its Rett syndrome drug Daybu, after the EU Medicines Agency’s Committee for Products for Human Use recommended the drug for marketing authorisation. Neuren hopes to make Daybu the first treatment for neuro-behavioural symptoms of Rett syndrome in the EU.
Elsewhere, Altech Batteries (ASX:ATC) has sold land in Meckering, WA, for $950,000 this week. The land was deemed “non-core assets” by the board.
Platina Resources (ASX:PGM) has popped up early, too, after it uncovered several new gold zones at its Granite Well East prospect in Laverton.
In notes, Citi has upgraded Mirvac (ASX:MGR) and Stockland (ASX:SGP) to “buy” despite widespread pessimism among Australia’s residential developers; Moelis has today done the same for Ballard Mining (ASX:BM1).
And, Collins Food (ASX:CKF) reports tomorrow after last week’s bird flu dump.
Buck and ore
In forex, the Oz dollar is buying US 68.9c today,
Then to commodities, all in the greenback,
Brent Crude still low, $72.90/barrel,
Iron Ore has advanced +1%, today selling at $98.50 a tonne in Singapore,
Gold is up slightly to start Week 27, at $4,059/ounce, and,
US natgas futures flat, $3.30 per gigajoule.
That’s HotCopper‘s Market Open, I’m Isaac McIntyre – happy trading today.
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