Market Open: ASX tipped for +0.25% rise; iron ore hits $120/tn

Good morning and a happy Wednesday. ASX200 futures imply the bourse is set to rise around +0.25% today.

In US markets the NASDAQ ended in the green, and so did the S&P500 and the Dow. The Russell 2000 smallcap index ended flattish, down just -0.2% in the red.

Canada’s inflation appears to be getting under control, leading Scotiabank analysts to call a July rate cut. Those who strongly believed the US would cut in June, earlier this year, may be feeling cautious on that call.

Closer to home, we get an interest rate decision from the New Zealand Central Bank today, but that is unlikely to mean much for Australia’s interest rate cut trajectory.

Meanwhile, NVIDIA is also set to report earnings tonight.

Looking at Australian equities, one day after Sonic Healthcare (ASX:SHL) announced weaker profit forecasts than expected, Citigroup analysts have cut the price target for the stock to $25 a share – right where it sits now. The prior target was $31 a share.

Technology One (ASX:TNE), meanwhile, has won analyst favour over at Wilsons, where brokers have bumped their price target by 6% to $19.30 per share. The company, in contrast to Sonic, posted better than expected profits.

Let’s turn to smaller caps, where it’s a Kiwi-themed day.

New Zealand Oil and Gas (ASX:NZO) has announced it will delist from the NZ stock exchange to become solely listed on the ASX across the ditch.

Sticking with New Zealand’s energy sector, Genesis Energy (ASX:GNE) has announced it’s walking away from the Kupe KS-9 well after drillers failed to flow sufficient volumes of gas. The company expects EBITDA to be up to $20M lower due to the subpar result.

In commodities, Brent Crude is taking a breather down to US$82.50 a barrel, gold dipped down overnight to US$2,421 an ounce, but copper and silver continue to rocket, up 0.47% and 0.77% respectively.

US gas futures, meanwhile, retreated 3.2% overnight to US$2.66 a gigajoule while iron ore has shot up at Singapore to US$120.95 a tonne.

That’s Market Open, we’ll be with you again as the trading day is underway.

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