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Australian shares are expected to open modestly up this Thursday morning, likely adding as much as +0.2% when the bell rings, after soft payroll data dampened spirits on Wall Street and left indexes in the U.S. mostly red.
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The Dow Jones was left trailing by the hesitancy, losing around -0.2%. The S&P 500 fared a little better, ending flat, while the tech-heavy Nasdaq composite came out of the flip-flopping Wall Street trading day up around +0.3% by close.
Interestingly, all the uncertainty in the U.S. directly helped Oz somewhat overnight — our dollar hiked to over 65 cents for a time; it’s back to 64.9c now.
All this has become lumped up in talks about a July rate cut, even this far out.
In company news, Mayne Pharma Group (ASX:MYX) will be closely watched at open after American pharmaceutical giant Cosette scrapped its $672 million takeover bid for the Adelaide drug company. Mayne sagged -5% yesterday.
Asian Battery Metals (ASX:AZ9) has spiked early on HotCopper forums after intercepting “massive sulphides” at its North Oval project – a discovery the company says may confirm an 800-metre long mineralisation zone.
They’re not today’s only winner either: Elevate Uranium (ASX:EL8) has delineated a large mineralised polygon at its Namib IV tenement as expansion continues.
And, Metal Hawk (ASX:MHK) is zeroing in on new gold targets after Thylacine mapping.
More market news
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As mentioned in forex, the Aussie dollar is buying 64.9 US cents.
To commodities, which are all in the greenback,
Iron Ore is on a slow rebound, regaining 1%, to sell at $95.35 a tonne in Singapore,
Brent Crude is trading at $64.78,
Gold is trading at $3,376 per ounce, and,
US natgas futures are at $3.70 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
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