• SPI Futures imply the ASX starts higher
  • Wall St struggled overnight
  • It could be PushPay takeover day

Local shares are poised to open lower on Monday. Wall St, rattling along overnight, remains largely rattled and shook.

The Nasdaq managed to find a two year low while you were sleeping, while an ugly escalation in the Ukraine war added complexity to anxiety.

All the major US indices down and still really looking for a sign as to what the hell they’re supposed to do next.

The ASX 200 also floundered yesterday. Rising bond yields continue to weigh on stocks and most verily the growth names in Tech.

China’s COVID-cases are resurgent just ahead of Sunday’s 20th Party Congress, lockdowns loom, the property market remains a ginormous question and the US is really starting to squeeze hard on tech transfers, trade and the future control of the global semiconductor empire.

The US CPI is the next hurdle for all involved in the equity game. That’s due on Thursday followed by the Fed’s next rate policy decision on the 2nd of November – it’s hard to imagine any sustained buying until these major hurdles have been overcome.

Bitcoin breached US$20,000 again last week, before trending back down in the wake of fresh US jobs data.

This is where it is circa, 10am in Sydney:

bitcoin price
Via Coindesk

The world’s largest crypto asset started the week trading below US$19,000 before surging to above US$20,000 midweek. The US’s latest labour data took the steam out of the rally however sending price levels back below US$19,500. It is currently trading around US$19,167.20 according to coindesk.com

Ether, if you’re interested – I know I’m not  – enjoyed its own midweek rally, touching US$1,360 from a low of US$1,280. It too lost the gunpowder from its firecrackers on Friday and is now trading around $1,300.

Oil of the American sort fell  around 1.7%.

Iron ore futures have had a bold run in Singapore. They’re back up around 1.7% as well.

The  much diminished Aussie dollar is literally being dared to go sub-63 US cents by a goadingly good greenback.

Looking ahead, it’s going to be a massive week of massive Q3 US bank earnings. That’ll go down ahead of Thursday night’s (AEST)  producer prices inflation read, the US consumer prices and Friday’s retail sales numbers.

5 ASX small caps to watch today

Openn Negotiation (ASX:OPN)

The Aussie-listed prop-tech company had a real breakthrough moment on Monday.  The curious little co’s proprietary software is now live in the US, a pretty happy milestone. Usage will continue under pilot conditions during the December quarter.

The news comes as OPN also reveals a “successful integration” of its products and systems with the Canadian Real Estate Association (CREA), as well as making Openn’s software available within the REALTOR.ca property sales website.

Queensland Pacific Metals (ASX:QPM)

QPM is coming out of a halt right now – there’s word of a material investment and offtake agreement.

State Gas (ASX:GAS)

Up enormously on Monday after securing a strategic investment from leading energy entrepreneurs, Trevor and Philip St Baker (who the company says were won over by the recent progress at the 100%-owned gas projects in Central Queensland) “in the context of the unprecedented global opportunity in the natural gas market.”

The St Baker group, headed by Trevor, has a track record of successful energy sector investments in Australia and overseas. The arrival on the scene of the notoriously keen energy sector experts has triggered an associated capital raising to help accelerate production from its east coast gas projects.

Pushpay (ASX:PPH)

In its own halt pending an announcement regarding that takeover by private equity firm BGH Capital readying to launch another stab at buying it.

“The company has received a revised indicative non-binding proposal and is continuing to assess whether there is the potential for a transaction that is in the best interests of shareholders as a whole.

“There is no certainty that a transaction will proceed or as to the pricing or timing of any transaction. Pushpay will continue to keep the market updated in accordance with its continuous disclosure obligations.”

BGH already owns some 20% of PushPay, which is up 12.7% for the week.

Magnum Mining and Exploration (ASX:MGU)

There’s a major MGU acquisition on the cards.