ASX today – Australian shares head into Week 44 pointing towards a +0.2% advance, with investors Down Under happy to follow Wall Street’s gains after a softer inflation report suggested the Federal Reserve may cut rates.
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It’s a big week in general, too, with Australia’s own inflation report due just before lunchtime on Wednesday – that will guide markets quite a bit.
Similarly, several high-level meetings are scheduled, with Donald Trump and Xi Jinping set for a showdown over the escalating U.S.-China trade war. Anthony Albanese is still overseas working on trade opportunities as well, first at the ASEAN and East Asia Summit and then the APEC Summit in South Korea.
For now, though, the “risk on” sentiments still powering on in the U.S. (and helping Wall Street to new records) is what’s driving Aussie traders.
Company news early Monday may move the dial, too; let’s take a look there.
ASX stocks to watch
First up in Week 44, explorer Lindian Resources (ASX:LIN) has moved quickly to tell shareholders the Republic of Malawi’s gov’t block on raw mineral exports won’t apply to them thanks to their concentrate process.
Elsewhere, Cannindah Resources (ASX:CAE) has spotted “significant” copper mineralisation in an overlying skarn at its Mt Cannindah dig in Queensland.
The bourse will welcome several new debutants through Week 44 as well, with Golden Dragon Mining booked for lunchtime Wednesday, and Advance Innergy and Golden Globe Resources both planning Friday floats.
Finally, major companies like Bega (ASX:BGA), Woolworths (ASX:WOW), Austal (ASX:ASB), and CSL Ltd (ASX:CSL) are all hosting AGMs today.
Wesfarmers (ASX:WES) and Bendigo (ASX:BEN) report on Monday, too.
Buck and ore
Now, in forex, the Oz dollar buys 65.3 U.S. cents.
Looking at commodities, all in the greenback,
Iron Ore has opened Week 44 soft, down -0.2% to $104.45 a tonne in Singapore,
Brent Crude is nearly flat at $65.94/bbl,
Gold has kept clear of its $4K resistance level at $4,127 an ounce, and,
US natgas futures open the week -1.2%, at $3.30 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck, happy trading.
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