Crude prices on watch after Iran’s missile strike. Picture via Getty Images
News
The ASX is expected to open flattish when the market resumes on Wednesday after oil prices spiked by as much as 5% overnight.
The tech heavy Nasdaq Composite took a hit, down by 1.5% with Nvidia dropping 3.66%. The NYSE Fang + Index, which covers the biggest seven tech stocks, also slipped by 1.5%.
The blue chips Dow Jones dropped by 0.4%, while the S&P 500 ended the day down 0.9%.
Crude prices spiked to their highest in more than a year after Iran unleashed 200 missiles on Israel, sending sirens wailing throughout the country as residents took refuge in bomb shelters. Israel vowed to retaliate.
James Reilly at Capital Economics said one concern for the market is the impact this could have on inflation.
“An important consideration will be whether Saudi Arabia increases production if Iranian supplies were disrupted,” he added.
Safe haven gold jumped by 1% following the strike, while cryptocurrencies dipped.
Meanwhile, US data shows a surprising rise in job openings to 8.04 million in August.
This now sets the stage for Friday’s highly anticipated September jobs report, where investors will be hoping for confirmation the US economy is cooling, not collapsing.
In stocks news, Nike’s earnings beat expectations, but revenue fell short, causing the stock to plunge 5% in after-hours trading. Nike’s shares have dropped over 25% this year.
Super Micro Computer fell 3% following a 10-for-1 stock split that took effect after the market closed.
Barclays analyst Tim Long raised concerns about weak demand for the iPhone 16, suggesting Apple may have cut production by around 3 million units for the December quarter.
Long has maintained his Underweight rating on Apple, signalling it might be time to sell. Apple’s shares fell by almost 3%.
And, Charles Schwab CEO Walt Bettinger announced his retirement at the end of the year, with President Rick Wurster set to take over in January. Charles Schwab’s shares fell 1.4%.
US vice president candidates Tim Walz and JD Vance are set to debate in the next hour or so, marking the last major prime-time event in the 2024 campaign just 34 days before the election.
The debate rules mirror those of the presidential debates, with one exception: candidates’ microphones won’t be muted while they speak.
Also, both candidates will stand during the debate, a first since the 2008 showdown between Joe Biden and Sarah Palin.
Expect to hear discussions reminiscent of the recent presidential debate, with Walz advocating for higher taxes on the wealthy and tax cuts for lower-income earners.
Vance, meanwhile, supports extending the 2017 tax cuts and raising tariffs on foreign goods.
Gold price rose by 1% to US$2,661.97 an ounce.
Oil prices rose by 5%, with Brent crude now trading at US$74.50 a barrel.
The benchmark 10-year US Treasury yield was down by 5 basis point (bond prices higher) to 3.73%.
Bitcoin tumbled by 4% in the last 24 hours to US$60,831, while Ethereum fell by 6% to US$2,455.
Meanwhile, iron ore dropped by 1.7% to $US107.90 a tonne.
Askari Metals (ASX:AS2)
Askari has identified significant exploration potential for gold at its 100%-owned Mt Maguire project, located in WA. Historical reviews reveal extensive gold mineralisation, including intercepts such as 2m at 12.14g/t Au and broader hits like 31m at 0.84g/t Au. The project features over 8 km of untested shear zones along the same trend as Kalamazoo Resources’ Ashburton Project, which boasts a substantial mineral reserve. With gold prices high and a newly defined JORC mineral resource at the Burracoppin Gold Project, Askari said it’s eager to pursue these immediate opportunities.
KMD Brands (ASX:KMD)
KMD Brands, the owner of Rip Curl and Kathmandu, announced the appointment of Brent Scrimshaw as its new Group CEO, succeeding Michael Daly, who has resigned after three and a half years in the role. Scrimshaw, who has been a director since 2017 and has extensive experience in the sports footwear and apparel industry, is expected to strengthen KMD’s global presence and enhance its product offerings, says KMD. Meanwhile, Daly will continue in his role until Scrimshaw officially takes over.
AuMake International (ASX:AUK)
Aumake has entered a tripartite agreement to promote and sell Hunter Valley wines in China, collaborating with the Hunter Valley Wine & Tourism Alliance and Dimple Story. This three-year partnership aims to generate up to $25.5 million in sales by 2027, leveraging Dimple Story’s expertise in logistics and market access. Also, Aumake has secured a purchase order worth $634k for Australian wines from China Southern Air Cross Border E-Commerce.
Culpeo Minerals (ASX:CPO)
Culpeo has announced promising copper and gold results from its Fortuna Project in Chile, specifically at the El Quillay South Prospect. The Phase 1 Trenching Program revealed significant assay results, including 46 metres at 0.90% copper equivalent and other notable intersections. Ongoing trenching aims to define more drill targets and extend mineralisation, which remains open to the south.
Medallion Metals (ASX:MM8)
Medallion has begun securing essential environmental and mining approvals for the Ravensthorpe Gold Project (RGP) while advancing plans to process its sulphide ore at the Cosmic Boy plant in Forrestania. The RGP contains significant mineral resources, including 770,000 ounces of gold and 36,000 tonnes of copper, located near the surface. The company plans to submit a referral under the Federal Environment Protection and Biodiversity Conservation Act in October, aiming to receive primary approvals within six months.
At Stockhead we tell it like it is. While Culpeo Minerals is a Stockhead advertiser, it did not sponsor this article.
News
News
News
