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ASX today − Australian shares are higher again on Thursday in Week 13, though a lot more modestly than the last few days, with ASX 200 futures saying we’re heading for a +0.25% bump on reported U.S.-Iran peace talks.
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Probably the biggest reason we’re not seeing a booming rocket like yesterday and Tuesday is the fact that everything’s so unclear late-on in Week 13.
Trump has been suggesting there’s talks ongoing, but Tehran keeps suggesting regular messaging between mediators “does not mean negotiations with the U.S.” Iran’s Foreign Minister Abbas Araqchi also came out and said there are no intentions for them to smoke the peace pipe with the U.S. and Israel.
That fog coming out of the conflict right now has kept traders a little more nervy than Tuesday and Wednesday’s buying rush may propose.
On-the-ground ABC Middle East correspondent Matt Doran has suggested there are talks currently being held, though both sides are “prone to hyperbole.”
Some of this feels like we won’t really know what’s true and what’s not until a deal is actually rubber-stamped or the missiles and drones start flying all over again. And, so, a cagey wait to end the trading week.
ASX stocks to watch
Let’s wade through stocks. Woolworths (ASX:WOW) and Coles (ASX:COL) are a hot topic already, with the supermarket giants’ chiefs warning a wave of cost increases will hit shelves whether the Iran war ends soon or not. “It’s a little like a pandemic-type situation for the supply chain,” one supplier said.
BHP (ASX:BHP) is facing a strike in the Pilbara for the first time since the 1990s, with ~60 high-voltage workers voting for industrial action. They feel like they’ve been completely “stonewalled in negotiations” for the last year.
Let’s keep an eye on resources again, too. With arrows green today, that sector’s expected to benefit the most. Copper pace-setters like MinRes (ASX:MIN), +4.7% this week, and Sandfire (ASX:SFR), have come off best.
Premier1 (ASX:PLC) says it’s lined up several “compelling” Rochefort targets it’ll be exploring further after high-res surveys at Abotts North in Murchison.
And, Duketon (ASX:DKM) is mobilising drill rigs for Barlee’s maiden program.
Buck and ore
Now – in forex, the Oz dollar is buying US 69.4c.
Looking at commodities, all in the greenback,
Iron Ore is down -2%, selling at $105.60 a tonne in Singapore today,
Brent Crude is -1.3%, at $103.12/Bbl,
Gold is selling at $4,519/ounce,
US natgas futures are up +1.3%, to $2.98 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck today.
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