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ASX today – Rising oil prices have sent Wall Street into a spin and are also likely to impact parts of the ASX this morning.
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Crude oil prices rose on fading hopes of a peace deal between the US and Iran.
While ASX-listed energy firms are expected to benefit from Brent crude passing US$90 overnight, investors in other sectors are less likely to be overjoyed.
In New York US stocks closed lower as the Dow and S&P 500 slid and the Nasdaq fell around a third of a per cent on the back of the rising crude prices and their potential inflation impacts.
Locally, while the S&P/ASX200 fell 42 points yesterday, down 0.46 per cent to 9,073.2, the energy and raw materials only sectors finished the day on the up.
A similar sentiment is expected today.
Locally, the NSW Government has tried to appease the anti-data centre groups with new framework and guidelines featuring a major focus on the utilisation of renewable energy.
The guidelines outline six principles for data centre projects, including environmental performance, investment in additional supply of water and energy, contributions to community infrastructure, and support for jobs and skills. Projects that meet these measures will receive a commitment to have their developments assessed within 75 days.
The second and third pillars of the framework are energy regulatory reforms and an IPART review of water pricing arrangements for data centres.
Overseas, S&P Global has reported that Indonesia plans to establish a mineral and strategic commodities exchange by the start of next year.
The system would bring producers, farmers, exporters, buyers and investors together in a supervised system, with clearer transaction data and less room for manipulation, according to S&P.
On the market news front:
Reliance Worldwide Corporation (ASX: RWC) has entered into a process deed with Brookfield Capital Partners following the latter’s $4.1 billion unsolicited proposal for the acquisition of 100% of the ordinary shares in RWC.
RWC and Brookfield have agreed to work together towards entering into a scheme implementation deed (SID) on terms consistent with the proposal.
Continuing its recent run of good news, Macmahon Holdings (ASX:MAH) has reported strong results for the financial year ended 30 June 2026, driven by the continued growth in the underground mining and civil infrastructure businesses.
The FY report included record revenue and underlying earnings with revenue up eight per cent to $2.6 billion.
On the resources front Great Western Exploration (ASX:GTE) has entered into an agreement to earn into a highly prospective McKinlay copper gold project in Cloncurry.
Elsewhere, Adavale Resources (ASX:ADD) has hit a wide zone of high-grade gold as it continues to expand the London-Victoria gold resource in NSW.
Buck and ore
Now – in forex, the Oz dollar is buying US$0.710
Looking at commodities, all in the greenback,
Iron Ore is down 0.23% to $94.95 a tonne in Singapore today,
Brent Crude gained 2.90% to finish at $87.275 per barrel
Gold is selling at $4416.04.
US natgas futures down 1.26% to $2.6987 per gigajoule.
That’s HotCopper’s Market Open, I’m Colin Sandell-Hay – happy trading.
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