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ASX today − Australian shares are heading for a rocket on Tuesday morning, after Trump’s latest “TACO” backflip ended with the U.S. President saying he and Iran had held talks. And, maybe more notably, there will be no “obliteration” strikes on Tehran’s energy assets despite Trump’s weekend blustering.
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(Tehran has so far denied it’s been talking to Trump and the U.S., but the President has been mighty insistent that peace could be broached soon.)
Everything’s far from over, so don’t count those chickens just yet, but considering I was talking about correction territory in our ASX Today update yesterday, it feels like we’ve dodged a bullet on more short-term pain.
The major U.S. bourses are all up over +1.1% higher already, including a +1.4% hike for the Dow Jones. Over in Europe, the leading Stoxx is green, too, +0.6%.
As we head into Tuesday’s trading morning, Australian traders are looking at a +1.73% gain, to the tune of nearly 150 points, for this green day.
In commodities, Brent crude dumped over -11%, to below US$100 a barrel again, with Trump telling reporters he “just wants to have as much oil in the system as possible” and that he sees prices “dropping like a rock” soon.
Gold, meanwhile, failed to re-fire and remains stuck near $4,400/ounce.
ASX stocks to watch
Now, let’s talk stocks. First up, WiseTech (ASX:WTC) is in the headlines again after Sydney Morning Herald reports revealed ASIC had its hands on a call recording that could be used against Richard White in court. The WiseTech founder is under investigation for allegedly trading during a blackout period.
Elsewhere, KMD Brands (ASX:KMD) has knocked back a takeover approach from U.S. surfwear group Stokehouse. The argument, KMD chiefs said, is that it would dilute shareholders too much for not enough value.
Lodestar Minerals (ASX:LSR) has expanded works at Three Saints in Chile, adding a second diamond drill hole after spotting “encouraging” visual copper sulphide mineralisation in the project’s maiden dig site early this year.
And Desert Metals (ASX:DM1) has started aircore drilling at Tiogo today.
Buck and ore
Now – in forex, the Oz dollar is buying US 70.1c.
Looking at commodities, all in the greenback,
Iron Ore is down -1%, selling at $107.15 a tonne in Singapore today,
Brent Crude is -11%, at $100.23/Bbl,
Gold is selling at $4,426/ounce,
US natgas futures are down -5.9%, to $2.91 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck today.
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