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ASX today – Just yesterday, I was talking about how long this volatility and fear sparked by the U.S.-Israeli attacks on Iran may impact global (and Australian) markets. Well, a day later, Thursday, it’s looking like we’re getting at least some kind of rally, with ASX futures now pointing to a +1% bump at open.
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The conflict in the Middle East hasn’t gone anywhere, yet, but Brent Crude seems to be settling somewhat, and that’s been enough to quell fears.
Each of the three big Wall Street indexes has climbed overnight, with the Dow adding +0.5% and the Nasdaq +1.3% stronger. The FTSE, up +0.8%, and the Stoxx, +1.4%, moved similarly, while the Nikkei collapsed, -3.6%.
Goldman Sachs chief David Solomon has said he’s shocked markets didn’t react “more violently”; he’s one of only a few to keep calling a drop.
Maybe things do wobble a little Down Under when we get January trade and our monthly household spending data (at 11.30am), but they should be on-trend. NAB analysts have tipped a +0.4% MOM rise on the latter.
All we can do is wait to see if the +1% holds; let’s look at stocks.
ASX stocks to watch
First up, Star Entertainment Group (ASX:SGR) is back on the headlines docket Thursday. The beleaguered casino operator is having its day in court today, where it will be facing questioning on alleged money laundering breaches.
Life360 (ASX:360) shapes as a close watch today, too. The family and pet-tracking app maker is down as much as -24% this last month, with -11% coming after a Barrenjoey write-down that reset targets from $50/sh to $27/sh. That price call is based on doubts Life360 can hit its lofty growth objectives.
Elsewhere, ARN Media (ASX:A1N) actually advanced this week, despite prime-time duo Kyle Sandilands and Jackie “O” Henderson’s very public separation.
And, Deep Yellow (ASX:DYL) is reportedly sounding out how investors would react to a capital raise sometime soon. The company’s would be looking to boost its balance sheet to fund further Namibian expansion.
TPG-backed Greencross has also paused its IPO plans “until markets settle.”
Buck and ore
Now – in forex, the Oz dollar is buying US 70.7c.
Looking at commodities, all in the greenback,
Iron Ore is down -0.4%, selling at $98.65 a tonne in Singapore today,
Brent Crude is holding at $82/Bbl,
Gold is selling at $5,161/ounce,
US natgas futures are down -4.4%, to $2.92 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – happy trading.
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