Market Open: Wall Street records keep Oz shares in rally; key inflation print today | Jan 28

ASX today – Australian shares are now heading for another advance at open, extending the Week 5 rally that started yesterday. The mid-week excitement is mainly thanks to the S&P 500 resetting records on Wall Street, though higher hopes for our next inflation data (coming today) has bouyed things, too.

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.

Today’s print has been called “make or break” by some analysts, with expectations now quite settled: Should Wednesday’s quarterly inflation read come in higher than 0.8%, it’s pretty likely the RBA will hike rates next Tuesday.

Any RBA hike in Week 6 would mark the first time Australia’s central bank has turned the dial up since CY23, so it’s a pretty key meeting on the horizon.

Before that, however, there’s a U.S.-led buzz around equities this week, and that’s only been strengthened by some global pundits suggesting the “Sell America” thematic doesn’t have enough steam to get off the ground.

With the S&P off to nearly 7K points, and the Nasdaq composite up +1% through Wall Street intraday trading, that seems bang on the button.

Now – let’s take a look at Oz’s company news for Wednesday.

ASX stocks to watch

First up, BHP (ASX:BHP) has reclaimed the ASX throne this week, overtaking the Commonwealth Bank (ASX:CBA) as Australia’s most valuable listed company. The “Mag Two” swing came after BHP climbed +26% YOY; CBA has been on a slow slide, shaving over -20% since mid-CY25.

Elsewhere, DroneShield (ASX:DRO) has lost -12% already this week after telling its shareholders that its sales pipeline has “shrunk” somewhat. The Aussie war tech company is still up as much as +35.7% YTD, though.

And, Humm Group (ASX:HUM) investor Akat Investments has requested the Takeovers Panel investigate Credit Corp’s offer from last year. The AFR reported that allegations revolve around the takeover’s timeline.

Quarterlies roll on, too; Woodside (ASX:WDS) and Boss (ASX:BOE) today.

Buck and ore

Now – in forex, the Aussie dollar is now heading into Wednesday at 70c to the U.S. Dollar. I tipped this level for the AUD in CY26, but even I didn’t quite expect that lofty “70” to roll around less than two weeks later.

We’ll keep watch, and maybe talk more about it on the HotCopper Wire this week. Next, looking at commodities, all in the greenback.

Iron Ore is down -0.1%; today selling at $103.55 a tonne in Singapore,

Brent Crude‘s up +2.9%, to $67.44/Bbl,

Gold is selling at $5,166/ounce,

US natgas futures retreated -4%, to $6.49 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.