ASX today – The Reserve Bank hiking rates yesterday afternoon will weigh on Australian shares early this morning, with ASX 200 futures suggesting a 40-point retreat is on the way for traders Down Under first up on Wednesday.
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.
The RBA increased the official cash rate to 3.85%, which is the first time we’ve headed up for more than two years. The last time was CY23, when we jumped from 4.1% to 4.35%, before several holds and then CY25’s cuts.
Wall Street’s tech selldown isn’t helping our futures, either; fears there could be AI disruptions sent the Nasdaq as much as -1.4% lower.
The Dow Jones and S&P 500 fared poorly, too, losing as much as -0.9%.
Europe’s FTSE dipped, though the Stoxx managed to advance by some +0.1% overnight.
What has been heavily in the green is gold: The haven metal has been accused of trading like a ‘memecoin’ recently, and Tuesday evening’s mega rebound to over $5K/oz won’t help shed that moniker anytime soon.
And while I mention crypto, it’s worth mentioning Bitcoin has been battered recently. The leading crypto coin is down to $76.3K today.
Now, let’s take a look at some Aussie company news.
ASX stocks to watch
BHP (ASX:BHP), Rio Tinto (ASX:RIO), and other miners have been put on notice, with Resource Minister Madeleine King warning China’s pause on rare earth controls (agreed in October) won’t last much longer.
“They’ve been willing to use it before, they will use it again,” Ms King warned. They’re clearly willing to do it once. That means you’re willing to do it twice.”
Also, just quickly regarding Rio, it’s worth watching where the mining giant’s dual-listings go through Week 6. It’s Oz listing is down nearly -2% on Glencore merger talks, while the Aussie bluechip is +9% in London to today.
Elsewhere, Credit Corp (ASX:CCP) chief Thomas Beregi said he wasn’t expecting the company’s bid for Humm Group (ASX:HUM) to become public. He’s said he would have shared it once things were finalised.
Synlait Milk (ASX:SM1) has posted a net loss of some NZ$82M in the six months through to January 31, thanks to Dunsandel manufacturing issues.
And, Amcor Plc (ASX:AMC) will be sharing its earnings with shareholders today.
Buck and ore
Now – in forex, the Aussie dollar is back above US 70c.
Looking at commodities, all in the greenback,
Iron Ore is relatively flat, selling at $102.80 a tonne in Singapore today,
Brent Crude‘s back up +3%, to $68.08/Bbl,
Gold is selling at $5,054/ounce,
US natgas futures are up +4.2%, to $3.37 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – happy trading.
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.