The end of this week post-Federal Reserve rate cut has been a tale of the rising tide carries all boats, with Wall Street clocking new intraday highs on the excitement overnight, and Australia seemingly happy to follow the uptick.
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Heading into Friday, the ASX 200 futures are all shining green: The bourse is tipped to swing open around +0.57% higher when trade gets going this morning.
That’s very in line with the U.S. indexes – the S&P 500, especially, was nearly the same, up +0.48%. The Dow Jones and Nasdaq rose by up to +0.9%.
Everywhere’s following a similar trend, with how much equity is rising by the only split; London’s FTSE 100 broke a two-day losing streak to post a +0.2% rise, while the Nikkei 225 tracked back towards 45,500 with a +1.1% jump.
This optimism was only helped by tech behemoth Nvidia, which yesterday said it would invest up to US$5 billion into rival Intel. U.S. traders took that as another dovish marker and rushed in to buy tech stocks again.
Whether this Friday rally survives to close – as we know, Oz equities love a pullback pre-weekend – will be seen, but for now it’s all green lights.
Under all those headwinds, let’s take a look at Week 38’s last day of company news.
ASX stocks to watch
This morning, analysts are warning the pullback on Santos (ASX:STO) after its Middle Eastern takeover fell through is “overly bearish.” The oil and gas giant sank to $6.74/sh yesterday; analysts say that’s too low.
The Aus similarly suggested Woodside Energy (ASX:WDS) had taken too much of the brunt value-wise; it has had weak results recently, though.
Elsewhere, Equinox Resources (ASX:EQN) today signed away the Alturas Project in British Columbia. It’s netted C$300,000 in cash and C$400K in shares.
Also trending on HotCopper early is Kula Gold (ASX:KGD). The $15M miner is today lauding visible gold at its Mt Palmer project in the Southern Cross Goldfields, though the company’s MD said it’s still “cautious” pre-assays.
And, Perseus Mining (ASX:PRU) has landed presidential authority to start working on its Yaouré Gold Mine in central Côte d’Ivoire today.
Buck and ore
Now – in forex, the Aussie buck is buying 66.1 U.S. cents.
Looking over in commodities, all in the greenback,
Iron Ore is down another -0.3%, selling at $105.60 a tonne in Singapore,
Brent Crude is at $67.47/Bbl,
Gold has kept tracking down, and is back to selling at $3,645, and,
US natgas futures plunged -5%, to $2.94 per gigajoule.
That’s HotCopper’s ASX Market Open, I’m Isaac McIntyre – good luck, happy trading.
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