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At The Bell – Australian shares are heading for what has become a fairly rare green day these months, with futures pointing to a +0.3% advance under more U.S.-Iran negotiations and Jim Chalmers’ budget looming.
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 interviews.
Energy shares are expected to be a hot watch today, after Trump admitted the Iran ceasefire was on “massive life support” overnight. He also said Tehran’s latest submitted proposal for peace was “a piece of garbage” and suggested Washington would be stupid to accept anything being asked of them.
We have more things to watch at home right now, though, mainly the federal budget. It’s been described as “the government’s most ambitious yet” and will focus on tax reform, savings and productivity, and investing.
Chalmers said: “This budget is all about helping people through this difficult global oil shock, at the same time as we reform the economy for the future.”
There are a fair few reports that may rock the boat, too, including Westpac-MI’s May consumer confidence data and NAB’s April business confidence. Over in the States, we’ll get the April CPI after Oz closes as well.
ASX stocks to watch
In stocks, Fortescue (ASX:FMG) is hearing the ruling on whether it damaged Yindjibarndi land when it mined without consent after paying a breakaway Aboriginal group to veto the project. The Federal Court will hand down judgment on how much compensation native titleholders should get today.
Staying in mining, and more positively, Pioneer Minerals (ASX:PMM) has spotted previously unrecognised features at Springfield after LiDAR surveys.
Then, in earnings, Life360 (ASX:360) reported revenue of A$197 million for the three months ended March. But – the family tracking app did miss its original three million new users estimate by 1.1M after tech issues.
Commonwealth Bank (ASX:CBA) is also teed up to share Q1 earnings; the bourse banking leader is sure to impact Oz markets either way.
Buck and ore
Now – in forex, the Oz dollar buys US 72.5c.
In commodities, all in the greenback,
Brent Crude is selling at $104.31/Bbl, another +3% up on all those lovely quotes from Trump on the U.S.-Iran ceasefire,
Iron Ore is +1% stronger today; $111.55 a tonne in Singapore,
Gold is strengthening, $4,751/ounce, and,
US natgas futures are +6%, to $2.92 per gigajoule.
That’s HotCopper‘s Market Open, I’m Isaac McIntyre – happy Budget Day.
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