At The Bell — Australian shares will open the new financial year genuinely bang on flat today, with the bourse hovering around 8,780 points in futures. I suppose this is the balance we get when the U.S.-Iran war is still hovering over everyone’s shoulders, but Wall Street is still higher on tech and industry hype.
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Most global indexes are higher, including the Nasdaq composite, which is +1.5% stronger today, and London’s FTSE, which has advanced +0.1%.
Some of the excitement from the U.S. markets revolved around consumer confidence, which the Conference Board had reported increased 0.6 of a point, to around 91.2, after a downward revision last time a print came out.
That matters less to us; it’s not really supercharging anything Down Under. (In our stats, May building approvals are out at 11.30AM today.)
Guess we’ll see if FY27 starting gives anyone a buzz on the buy – or sell – button.
ASX stocks to watch
Headlining Wednesday’s wire is South32’s (ASX:S32) big sale: The mining giant has this morning sold its 86% stake in the Worsley Alumina JV to Alcoa Corp (ASX:AII). The deal includes $US3.1 billion cash, $US1B in Alcoa shares, $US750 million in debt and lease liabilities, and $US750M in future commodity-linked payments. Alcoa will also take on ~$US1.2B in rehab liabilities.
Elsewhere, traders will be watching mining kings BHP (ASX:BHP) and Rio Tinto (ASX:RIO) and how they start FY27. Through the last twelve months, the metals leaders rose more than 60% on surging copper and higher iron prices.
So too CSL (ASX:CSL) and Cochlear (ASX:COH), for opposite reasons; the health and tech pacesetters dropped between 52% and 60% in last 12Mth.
In early news, Duketon (ASX:DKM) spotted “significant” gold intersections at Barlee.
Buck and ore
In forex, the Oz dollar is buying US 69.1c today,
Then to commodities, all in the greenback,
Brent Crude still low, $73/barrel,
Iron Ore is +0.2% stronger, now fetching $98.95 a tonne in Singapore,
Gold is fading again early this week, today at $4,011/ounce, and,
US natgas futures largely flat, $3.25 per gigajoule.
That’s HotCopper‘s Market Open, I’m Isaac McIntyre – happy trading today.
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