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ASX today − Well, we had to actually correctly price something in eventually Down Under, and that something this week turned out to be the RBA’s second (quite expected) “hike” call of the calendar year. Except now that Australian traders got something right, they’re hesitating 24 hours later.
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Heading into Wednesday, with the RBA meeting decision behind us, Oz shares are hovering near flat; we’ll add less than 10 points at open, currently.
Whether that holds remains to be seen, but after Wall Street had a modestly green day overnight − the Dow was up +0.1%; the S&P 500 advanced +0.25% to the U.S. close − we’re slowly scratching our heads on next moves.
My colleague Jonathon Davidson yesterday talked about how this may be the start of a rebound, and that could well be the case. If it is, though, it seems like Aussie investors are a little nervy about being the first buyers.
We’ll see if that changes intraday, or with fresh company news.
Stocks to watch
Plenty on that front early: BHP (ASX:BHP) has crowned a new king, with Brandon Craig to replace Mike Henry in FY26. The latter spent 6.5 years helming the bourse pacesetter, leading it from $40/sh to ~$50.
Elsewhere, Macquarie Group (ASX:MQG) has walked away from a US$7B deal to buy major stakes in Kuwait’s oil pipeline network. The Oz investment bank told Kuwait’s petrol corp Friday it was backing out because of the war.
ARN Media’s (ASX:A1N) Kylie and Jackie O saga has taken another turn early Wednesday, with the radio company ditching the long-running talk show. Kylie Sandilands has since said he will be suing for as much as $88 million.
Sovereign Metals (ASX:SVM) has “significantly upgraded” the mineral resource at Kasiya before its plotted feasibility study begins later this year.
And finally, Sims (ASX:SGM) has flagged $400M EBIT on metal and chip prices.
Buck and ore
Now – in forex, the Oz dollar is buying US 71c.
Looking at commodities, all in the greenback,
Iron Ore is up +1.2%, selling at $108.80 a tonne in Singapore today,
Brent Crude is up +3.3%, at $103.52/Bbl,
Gold is selling at $5,020/ounce,
US natgas futures are down +0.5%, to $3.04 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck today.
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