Market Highlights and 5 ASX Small Caps to watch on Tuesday

US on holidays, Europe climbs

Wall Street was closed overnight for the Martin Luther King Jr holiday, and will resume trading tomorrow.

European markets climbed, with the Stoxx 50, FTSE, and CAC indexes all climbing by 0.5%-1%.

China’s central bank meanwhile has made a move to jumpstart the Chinese economy, lowering the interest rates on its medium term notes by 10 basis points. The move followed its weakest GDP growth in 18 months.

Back home, NSW top doctor Kerry Chant warned of increasing COVID-19 fatalities, with deaths from the current wave now running at triple the rate of the delta wave.

In 2022, there have been 27 deaths in NSW on average per day, compared to 8 deaths per day between July and Dec last year.

In other markets, the spot iron ore price was down 2% overnight to $US124.00 a tonne, while oil prices were up around 0.5%.

Bitcoin has slid another 3%, talking its January loss to 10%. BTC is currently trading US$41,800 at 8am AEDT.

The coin is heading closer to the end of a triangular pattern, which is usually about the point for a decisive move.

Read more of that story here on Coinhead.

ASX 200 to open higher on Tuesday

The ASX 200 looks set to open higher this morning, with futures markets (January contracts) pointing up by 0.17% at 8:30am AEDT.

Yesterday, the local benchmark steadied in afternoon trade to finish around 0.5% higher.

Fintech debutante Beforepay (ASX:B4P) attracted most of the headlines — probably for the wrong reasons.

After raising $35m from investors at $3.41, B4P shares slumped more than 40% to close the day down 44% at $1.90. Stockhead spoke with B4P CEO Jamie Twiss to get his thoughts on the company’s outlook post-listing.

On the IPO front today, set to make its debut listing is ChemX Materials (ASX:CMX). The company produce materials used in new energy and technology markets, and has raised $8m at 20c a share.

5 ASX small caps to watch today

Data#3 Limited (ASX:DTL)
The software company says net profit before tax (NPBT) for the first half of FY22 is expected to be slightly ahead of the top end of the $15 to $18m guidance range. Earnings per share are also expected to be approximately 30% higher than the record 1H FY21 results.

Decmil Group (ASX:DCG)
The construction services company has won an $18.1 million contract from the Town of Port Hedland to construct a new Port Hedland Community Centre building complex. The contract is scheduled to be completed in March 2023.

Calidus Resources (ASX:CAI)
The company has formed a new Pilbara lithium exploration venture, covering more than 1,000sqkm in the East Pilbara of WA. Calidus says it has a 50 per cent interest in Pirra Lithium, which is now owned equally by itself and Haoma Mining.

Auteco Minerals (ASX:AUT)
Drilling results continue to point to significant increase in Auteco’s 1.7Moz resource with intersections that include: [email protected]/tgold from 9.4m, and [email protected]/tgold from 541.5m.

African Gold (ASX:A1G)
A 3,000m diamond drilling program is currently underway at Blaffo Gueto and Pranoi Prospects at the Didievi Project in Cote D’Ivoire. Results so far include 10m at 123g/t gold from 66m including 2m at 613g/t gold at Blaffo, and 12m at 5.60g/t gold from 24m at Pranoi.