The ASX is tipped to open higher this morning — the ASX SPI Futures are up 0.10% at 8,335 points — following a mixed session on Wall Street overnight.
The Dow Jones index fell by 55 points or 0.1%, but the S&P 500 index gained 0.4% and the Nasdaq index added 112 points or 0.6%.
The S&P 500 and the Nasdaq indexes rebounded as investors awaited quarterly results from artificial intelligence leader Nvidia on Wednesday. The chip giant's shares fell 1.3%.
Tesla jumped 5.6% following a report that members of US President-elect Donald Trump's transition team were seeking to ease US rules for self-driving cars. Shares of Uber and Lyft fell 5.4% and 4.5%, respectively.
Apple and Netflix rose 1.3% and 2.8%, respectively, while Advanced Micro Devices surged 3%.
Chipmaker Super Micro is expected to file a plan for its annual report by Monday so as to avoid having its listing removed from the Nasdaq.
Nike slid 2.3%, weighing on the Dow Jones index, as did TD Cowen after meeting with channel contacts and field work.
European markets kicked-off the week on a dour note on Monday, weighed down by declines in real estate stocks, which fell 1.7%.
Basic Resources was the best-performing sector, gaining 0.6% as copper prices ticked up.
- The continent-wide FTSEurofirst 300 index inched up 0.1%.
- In London, the UK FTSE 100 index gained 0.6%, buttressed by a 3.2% jump in precious metal miners.
Currencies
Currencies were mixed against the US dollar in European and US trade.
- The Euro rose from US$1.0532 to US$1.0606 and was near US$1.0595 at the US close.
- The Aussie dollar lifted from 64.47 US cents to 65.10 US cents and was near 65.05 US cents at the US close.
- The Japanese yen eased from 154.31 yen per US dollar to JPY155.32 and was near JPY154.60 at the US close.
Commodities
Global oil prices gained over US$2 a barrel on Monday after news of halted crude production at Norway's Johan Sverdrup oilfield, which added to earlier gains stemming from escalation in the Russia-Ukraine war.
- The Brent crude price rose US$2.26 or 3.2% to US$73.30 a barrel.
- The US Nymex crude price added US$2.14 or 3.2% to US$69.16 a barrel.
Base metal prices were mixed on Monday. The US dollar weakened, but the upside was limited due to uncertainty about potential US tariffs and Chinese stimulus.
Copper futures rose 1.4% but aluminium futures fell 1.2% as the market digested news about China's scrapping of export rebates.
The gold futures price rose US$44.50 or 1.7% to US$2,614.60 an ounce on Monday, after six days of losses, as the US dollar's surge stalled and heightened uncertainty over the Russia-Ukraine conflict rekindled safe-haven demand.
- Spot gold was trading near US$2,610 an ounce at the US close.
Iron ore futures gained 13 US cents or 0.1% to US$101.76 a tonne on Monday, underpinned by firm near-term demand and revived hopes of further economic stimulus from China.
What’s on today?
The RBA Board issues the minutes from the November 5 monetary policy meeting.
ALS and Technology One release earnings. BlueScope Steel (ASX:BSL), KMD Brands, SEEK and Sonic Healthcare all host AGMs. Santos holds an investor briefing.
What’s happening in small caps?
- Olympio Metals Ltd (ASX:OLY, OTC:COPGF) is acquiring 80% of the Dufay copper-gold project on the Cadillac-Lake Larder Fault Zone in Canada. The terrane is associated with world class endowments of VMS and orogenic gold and copper mineralisation.
- Leeuwin Metals Ltd (ASX:LM1) rock chip sampling results at its West Pilbara Iron Ore Project in Western Australia continue to confirm the project's potential, highlighting its proximity to established iron ore operations and its strategic location near key infrastructure.
- Tryptamine Therapeutics Ltd (ASX:TYP, OTC:TYPTF) advises its Phase 1b study successfully met all key objectives needed to advance to Phase 2 clinical trials using TRP-8803 for specific therapeutic indications.
- Green Technology Metals Ltd (ASX:GT1, OTC:GTMLF) has provided an update on its Eastern Hub projects in Ontario, Canada, including drilling and DFS progress.
- Latin Resources Ltd (ASX:LRS, OTC:LRSRF) has drawn down $5 million under the $10 million loan facility provided by Pilbara Minerals as part of its acquisition of LRS.