PEAK ASSET: MORNING WRAP 12 MAY: ASX to fall | Wall St drops on bets for higher rates | GBM, Novo hit the high-grades at their Malmsbury gold project |

How are you this morning?

The Australian Council of Trade Unions has recently called for a 5.5% increase in the minimum wage from 1 July.

The figure has already been lambasted by business groups as “unsustainable.”

In other news…

Yesterday, the Creasy-backed digger Galileo Mining (ASX: GAL) exploded out of the blocks after sharing news of a major palladium-platinum discovery at the ‘Norseman’ project in WA.

Apparently, all it took was six holes at its Callisto discovery to whack right on to a significant mineralised sulphide unit tucked nicely under an ultramafic sill.

Assays from a further five drill holes are pending, but GAL has already flagged strong geological continuity “with all drill holes intersecting disseminated sulphides”.

Across markets…

Australian shares are poised to fall at the open, tracking losses in New York as persistent high inflation bolsters the case for the Federal Reserve to lift interest rates much higher and at a faster pace.

ASX futures were down 35 points or 0.5 per cent to 7010 near 6.58am AEST. On Wednesday, the S&P/ASX 200 added 13.5 points or 0.2 per cent to close at 7064.7.

• On Wall St: Dow -1% S&P 500 -1.7% Nasdaq -3.2%
• In New York: BHP +0.4% Rio +0.5% Atlassian -6.5%
• Tesla -8.3% Apple -5.2% Amazon -3.2% Netflix -6.4%
• Meta -4.5% Microsoft -3.3% Alphabet -0.5%

The local currency was flat; the Bloomberg dollar spot index also was little changed.

Source: AFR