Happy Tuesday. The ASX200 is tipped to rise today with futures up +0.5% near 8.30am AEST.
This is despite the NASDAQ ending down -1.10% and the S&P500 down -0.3% overnight.
NVIDIA stocks saw another wave of profit takers, leading to the most intense window of selling since 2022.
In Australia, one significant catalyst likely to affect the ASX this week will be on Wednesday when the Australian bureau of statistics releases the latest CPI inflation data.
The price of Brent Crude has increased above US$86 per barrel as traders bet on hot weather in the northern hemisphere prompting car owners to drive.
At the same time, Russia has also said it will ‘retaliate’ against the US for a Ukrainian strike against occupied Crimea.
Looking at the ASX,
SkyCity (ASX:SKC) has announced it’s selling its stake in Gaming Innovation Group.
The company had a 10% stake in the European online gaming company; the company netted $50M for the deal.
Elsewhere, Coronado Global Resources (ASX:CRN) has revealed would-be buyout partner Sev.en Global Investments has pulled out of a deal to pick up a stake in Coronado.
Sev.en was set to pick up that stake from another entity called The Energy & Minerals Group but Coronado reports the company was unable to satisfy regulations.
Meanwhile, Everest Metals Corporation (ASX:EMC) has revealed it’s pawning off the Mukinbudin Uranium Project (MUP) to an upcoming ASX listee.
Cobold Metals is seeking to launch an IPO in Q4 of the calendar year with that company to boast MUP as its flagship and Everest owning a 22.8% stake, worth $2.6M.
In forex, the Aussie is currently buying 67 US cents.
Looking at commodities, brent crude is currently fetching US$86 per barrel after jumping more than 1% overnight. Gold jumped nearly half a percent to US$2,332 per ounce and iron ore has returned to US$105 per tonne at Singapore. Finally, US natgas futures jumped 4.5% to US$2.82 per gigajoule.
That’s Market Open, we’ll be with you later in the trading day.
