Greetings and welcome to HotCopper‘s Market Open, I’m Jon Davidson and with Brent Crude prices at US$102/bbl following statements from Iran’s new Supreme Leader that Hormuz should stay shut, it’s looking like another day of red for down under.
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.
We could maybe see respite coming from the fact iron ore prices over in Singapore are at US$108/tn, ASX futures were indicating a downward day for the bourse but only by an implied fifth of a percent. There is a chance for a contrarian green finish, keyword chance.
That could be a lot to hope for. Wall Street’s fear gauge currently sits in ‘extreme fear,’ every major Wall Street index lost well over -1% overnight, and the VIX remains up +30% over the last month. US inflation data also looms large, but probably not as large as Iran.
Looking at commodities: As at 9.15am AEDT, Brent is at US$102/bbl; Gold is at US$5,083.78/oz; Iron Ore fetching over US$108/tn on the SGX.
As for news around the traps on Friday:
Collins Food, which manages KFCs in Australia and abroad, has agreed to pay a $9M settlement relating to an employee class action over rest breaks; that blow comes from the Fed Court of Australia.
In a similar move, Qantas may see more pain on Friday after it too has been ordered by the Fed Court to pay $105M in a settlement related to dodgy flight cancellations made back in the COVID-era that didn’t end up in refunds for buyers.
Looking at miners, Northern Star Resources has advised that its FY26 guidance may be missed – or at least, the bottom end is the best-case – after mining productivity dropped and milling at the Super Pit fell back. Elsewhere, Rio has suspended ops at a mine in Utah following the death of a worker.
Finally, in tariff news – remember tariff news? – the US has flip-flopped on an earlier apparent intent to place tariffs on Chinese graphite products, in a move that is likely to cause pain for ASX-listed Syrah resources. Syrah, Syrah, indeed.
That’s the Market Open for Friday, I’m Jon Davidson, good luck in the day ahead and we’ll touch in with you later.
Join the discussion: See what’s trending right now on HotCopper, 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.