The ASX teetered into the red this morning after closing flat on Tuesday.
The benchmark ASX 200 was down 25 points to 7,116, while the All Ords dipped 0.3% to 7,322 at lunchtime.
Overnight, New York’s major indices trended up thanks to better-than-expected producer price data.
The news could bring the Federal Reserve one step closer to slowing its interest rate hike, so watch this space.
Looking at commodities now, oil prices continue to seesaw as investors weigh the latest OPEC report against the global economic outlook.
Gold recorded a weak increase in value, while iron ore futures also notched a slight gain.
The Aussie dollar gained some ground against major currencies overnight — it’s currently buying 68 US cents and 57 British pence.
Major cryptocurrencies staged a slight reversal overnight, with Bitcoin and Ethereum clawing back 2% of their value.
Checking in with today’s top stories, ASIC has barred insolvent crypto exchange FTX Trading’s Australian arm from its financial services licence.
Administrators were called into FTX Australia on Friday after its holding company imploded and investors withdrew billions of dollars.
In other news, Medibank says its bottom line could take a $35 million hit in FY23’s first half as it recovers from a recent data breach.
And among the small caps, Southern Gold is out to raise $2 million to accelerate exploration in South Korea.
Meanwhile, QMines has unearthed new copper and zinc targets at its Mt Chalmers project in Queensland.
And Bellevue Gold is ahead of schedule as it gets its namesake gold project ready to generate its first gold bar.