After ignoring how the U.S. was moving yesterday, Australian shares are expected to fall back in line and follow Wall Street lower on Thursday – a soft decline mostly sparked by traders cashing in on record equity highs.
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Many saw Nvidia’s incredible $1.4 trillion comeback, which has seen the tech giant turn an early 2025 plunge into an all-time closing high today, as a ‘sell’ signal.
ASX 200 futures point to a -0.43% drop at open, closely tracking the Dow Jones’ -0.25% retreat. The S&P 500 was similarly in the red, though barely.
Over the Atlantic, the FTSE dropped nearly -0.5%; the STOXX shaved -0.7%.
Elsewhere, eyes have been firmly fixed on oil prices after London supermajor Shell opened early union talks with rival BP. The bumper deal, which would easily rank as the biggest in oil in our lifetimes, is still in early days.
At home, Xero (ASX:XRO) will return to trading this morning after pulling the brakes yesterday to update holders on its $3.9B play for Melio Payments.
Accelerate Resources (ASX:AX8) is being watched on HotCopper forums early, too, after high-impact drilling got underway at Kanowna East. The Perth explorer is on the hunt for the source of widespread paleochannel occurrences.
And, Bell Potter has kept its “hold” rating for A2 Milk (ASX:A2M) thanks to China sales.
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Looking at forex, the Aussie dollar is buying 65.1 US cents.
And to commodities, all in the greenback,
Iron Ore has today lost -0.3% to sell at $92.70 a tonne in Singapore,
Brent Crude is trading a little lower again at $67.79,
Gold is at $3,339 per ounce, and,
US natgas futures are another -4.6% lower, $3.37 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
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