At The Bell — Australian shares are now bound for a 50-point fade when trade begins on Thursday morning, largely thanks to a U.S. Federal Reserve “hold” decision by Donald Trump’s chosen new chairman, Kevin Warsh.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
Many had expected Warsh to fall in line with Trump’s calls for a chop, so the fact that he’s stayed steady is probably enough to dent equities through to the end of the week. His loud comments afterwards, which basically amounted to a declaration of war against “price instability,” have also added caution.
That’s not to say it’s all bad news, but Wall Street certainly took it all as hawkish: The S&P 500 lost -1%, while the Nasdaq and Dow dropped even more. Obviously, U.S. investors think there are hikes coming eventually.
And, as I already noted, there’s a similar fate now awaiting Oz traders when the 10AM gong rings in Sydney – mini Wall Street that we so often are.
We’ll cover that, and our RBA hold from Tuesday, on the HotCopper Wire today.
ASX stocks to watch
In equities, both BHP (ASX:BHP) and Macquarie Group (ASX:MGQ) have hit new highs this week, rallying on the idea the Strait of Hormuz could soon reopen. Those bourse heavyweights have largely tracked ASX hype.
Elsewhere, Magnum Mining & Exploration (ASX:MGU) has hauled in a huge results bundle at its Piracanjuba North geophysical anomaly. REE has been reported in the campaign’s first 24 holes, with desorption rates of up to 65% TREO and 82% MREO found when tested under “mild, unoptimised conditions.”
LinQ Minerals (ASX:LNQ) has spotted several “compelling” targets ~1 km south of its Gidginburg mineral resource, which may continue at length.
And, Lodestar (ASX:LSR) has found more gold beyond its Ned’s Creek targets.
Buck and ore
In forex, the Oz dollar is buying US 70.1c today,
Then to commodities, all in the greenback,
Brent Crude has stayed steady today, though still down around $79/barrel,
Iron Ore has dropped to below $100 a tonne in Singapore,
Gold reversed, $4,281/ounce, and,
US natgas futures are $3.16 per gigajoule.
That’s HotCopper‘s Market Open, I’m Isaac McIntyre – happy trading today.
Join the discussion. See what’s trending right now on Australia’s largest stock forum and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.