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At The Bell — Australian shares are expected to keep sliding in Week 23, with a -0.5% slide currently lined up in ASX 200 futures. That’s despite Wall Street rolling through green on Trump declaring U.S.-Iran negotiations are “continuing, at a rapid pace,” and are progressing towards a peace deal.
Hear from all the ASX-listed companies that were at the RIU Resources Round-Up in Sydney, right here on HotCopper.com. Over a dozen video interviews here.
A little more big picture: The call on how much Oz’s minimum wage will increase is coming out this morning. Fair Work is sharing that at 10AM today.
Not the biggest weight on the market, but with economic data coming out all through the week, it’ll be another factor. So too, first-quarter GDP, which Aussies get tomorrow; that’s probably keeping us red over the wage call.
Maybe expect Tuesday to stay largely red as we wait for that: It will tell us just how far the economy has sagged under rate hikes, the Iran-caused energy shock, and a continuing collapse in consumer confidence. Analysts are already estimating ~0.4% growth for the quarter, half as much as Q4 CY25.
ASX stocks to watch
In Oz stocks, Pro Medicus (ASX:PME) has enjoyed a Week 23 rally after landing two new contracts to “reduce AI threats.” The long-term, multi-million dollar deals are with State-side companies and total ~$44 million.
Elsewhere, U.S. activist investor Elliott Investment has called for a review into Northern Star (ASX:NST) encompassing “all strategic alternatives, including a sale.” The investment group wields funds that have $1 billion-plus stakes in the Oz gold miner and says Northern Star has had too many “missteps.”
Wesfarmers (ASX:WES) will transfer Blackwoods and Workwear into Bunnings from July, to “improve customer offerings and unlock cost efficiencies.”
Nine Network (ASX:NEC) is facing a pivotal battle to keep the NRL rights; Foxtel has pitched cutting out Nine as the free-to-air arm from CY28.
And, JPMorgan has dropped IGO Ltd (ASX:IGO) to $9.50 and “Neutral.”
Buck and ore
In forex, the Oz dollar buys US 71.6c.
Then to commodities, all in the greenback,
Brent Crude is up again, adding as much as +4.3% to $95.08 today,
Iron Ore is down -0.8%, at $104.40 a tonne in Singapore,
Gold up, $4,495/ounce, and,
US natgas futures down, ~$3.18 per gigajoule.
That’s HotCopper‘s Market Open, I’m Isaac McIntyre – happy trading today.
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