There’s a slight Week 34 recovery on the horizon for the ASX this Wednesday, with Australian shares trending towards a +0.3% advance at open – a green push Down Under that defies Wall Street’s Nvidia-led selldown.
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Most eyes are on the S&P 500’s struggles to Tuesday’s close. A tech shave-down dragged the U.S. bourse -0.6% lower, and the Nasdaq composite fared even worse, retreating as much as -1.5% through the trade day.
Intel did beat the rush, though, actually gaining +7% through the red barrage.
And no matter who won or lost in the U.S., our market seems little bothered by the trends.
Instead, everything hinges on Treasurer Jim Chalmer’s Economic Reform Roundtable, now into its second day. Today, regulations, approvals, AI, and “competition and dynamism across the federation” are on the agenda.
Traders will also keep an eye on the Reserve Bank of New Zealand. It’s expected to cut its key rate by 25bp at midday. That would take its sitting rate to 3%.
Company movers and shakers
In company news: CSL Ltd (ASX:CSL) will be the bluechip to track after its -10% nosedive dragged the entire bourse lower yesterday; its moderate earnings miss has sent fund managers racing for the doors.
Another to watch is Fletcher (ASX:FBU), after the home builder’s boss Andrew Redding admitted it had faced one of the “most demanding years in recent memory.”
Transurban (ASX:TCL), James Hardie (ASX:JHX), and Magellan (ASX:MFG) report today.
Commodity check-in
In forex, the Aussie dollar is buying 64.5 US cents.
To commodities, all in the greenback,
Iron Ore has dropped slightly, losing -0.2% to $101.20 a tonne in Singapore,
Brent Crude is at $66.04,
Gold has been selling down at $3,319 per ounce, and,
US natgas futures are down -4.4%, selling at $2.76 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck and happy trading.
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