Market Open: Quarter of a per cent fall tipped

ASX News Market Summary
03 Apr 2024 09:03 (AEDT)

The ASX200 is expected to shed about a quarter of a per cent this morning after US markets stumbled again overnight.

The Dow Jones and Nasdaq both lost around a per cent and the S&P 500 shed .7 per cent.

Tesla dropped nearly 5 per cent on lower delivery figures – Bloomberg reports Tesla produced 46,000 more vehicles than its sold in the last quarter of 2023 – and had now out-manufacturing sales in 7 of the past 8 quarters. Also falling further overnight was Nike, which is now down more than 25 per cent over the past year on lower revenue projections.

Back home and Australia’s population projections will be released by the Australian Bureau of Statistics later this morning.

In small caps to watch: Cobre (ASX:CBE) has started a 2000-metre diamond drilling program at its Okavango Copper Project in Botswana; Ramelius Resources has notched record gold production during the March quarter leading to a free cash flow above $125 million; and Boss Energy (ASX:BOE) expects to fill its first drum of uranium within a fortnight after commissioning the ion exchange circuit at its Honeymoon operations in South Australia.

One Australian dollar is back up above US65 cents.

Iron Ore is still at US$102.50 a tonne, gold continues its record run – up another 1.3 per cent to $2280 an ounce.

Brent crude oil is above US$89 a barrel (US$89.27).

And natural gas has been sitting just under US$1.85 per million British thermal units.

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