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ASX today – Australian shares are keeping the good times going in Week 7, adding to yesterday’s +1.9% pop with another +0.4% advance in futures. The green wave has been helped on by Wall Street opening overnight, and enjoying a hearty rebound across technology stocks after they dumped last week.
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Last week’s U.S.-birthed AI panic saw most tech stocks – and then just indexes in general as they followed along – crashing hundreds of points. Oz, at very least, had its worst day since Trump’s “Liberation Day” last Friday.
All that worry seems to have ended, though, and sentiments have returned to the AI hype train; tech-heavy bourses like the Nasdaq are up +0.9%.
Others were a little more mellow, including the S&P 500 and Dow Jones both adding up to +0.5%, while London ended +0.2%. The Stoxx was stronger, advancing +0.7%, while the Nikkei (also tech-heavy) exploded +3.9%.
Oz is heading towards somewhere in the middle.
And during this bull-back morning, let’s look at ASX stock news.
ASX stocks to watch
First up, we’ll be keeping a close eye on Electro Optic Systems (ASX:EOS); the defence developer’s response to Grizzly Research’s short sell report is due today. The Market Link expects the release before open.
Elsewhere, Elevra Lithium (ASX:ELV) has bagged an MOU deal to supply Mangrove Lithium with spodumene concentrate from North American Lithium. Expectations are Elevra will supply as much as 144K/tn a year.
So too PLS Group (ASX:PLS), which has executed a multi-year offtake agreement with Canmax for 150K tonnes spodumene at US$1K/tonne.
Eastern Gas Corp will become the latest ASX debutant today, with the oil and gas explorer ringing the bell at 1pm. The $5.5 million new arrival, coming in under ticker “EGA,” is focused around the Cooper and Surat Basin.
Compushare (ASX:CPU) and Amotiv (ASX:AOV) will report, too, before things heat up tomorrow, with CSL (ASX:CSL) leading some dozen quarterlies.
And then there’s another 24-plus coming through Thursday and Friday, as well.
Buck and ore
Now – in forex, the Oz dollar is buying US 70.9c.
Looking at commodities, all in the greenback,
Iron Ore is up nearly +1%, selling at $99.80 a tonne in Singapore today,
Brent Crude is up +1.5%, to $69.06/Bbl,
Gold is selling at $5,095/ounce,
US natgas futures are down -8%, to $3.14 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – happy trading.
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