This morning will see a +0.94% boom for Australian shares when trading opens after U.S. President Donald Trump declared a “complete and total ceasefire” had been agreed between Israel and Iran and will begin in coming hours.
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The ceasefire – which will run for just 12 hours, HotCopper understands – gives Israel and Iran a chance to sit down and look for an end to June’s hostilities.
Between that and a slowly growing sentiment that Iran won’t close the Strait of Hormuz (which would have sent global oil prices through the roof), traders seem happy to scoop up equities again, both on Wall Street and abroad.
The S&P 500 closed +0.96% stronger while the Shanghai Composite added +0.65%.
It’s good timing for a big float day back home – Virgin Australia will return to ASX trading at 12:30pm today under ticker code “VGN.” The staple Aussie airline is looking to raise $685 million; shares will open at $2.90 at lunchtime.
Greatland Resources will also be debuting today under the “GGP” code. The explorer – backed by a U.K. funding scheme – wants $50 million at $5.08/share.
Collins Food (ASX:CKF) and Treasury Wine (ASX:TWE) are sharing results today too.
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Looking at forex, the Aussie dollar is buying 64.6 US cents.
And to commodities, all in the greenback,
Iron Ore has gained again, selling +0.5% higher at $94 a tonne in Singapore,
Brent Crude is trading at $68.46 after plummeting as much as -12%,
Gold is at $3,362 per ounce, and,
US natgas futures are at -5.8% lower at $3.66 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
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