Market woes continue to build as the Fed keep the door open for a potential additional quarter point increase this year.
What are your thoughts on technical analysis?
City Index Analysts now looking to crucial technical levels for the ASX 200 to hold. A failure to do so likely brings 7100 and 7000 handles into focus.
COMMODITY/FOREX/CRYPTO MARKET PRICES
Gold: US$1,945.6 (+0.66%)
Silver: US$23.305 (-0.31%)
Nickel (3mth): US$19,936/t (-1.56%)
Copper (3mth): US$8,375/t (-0.55%)
Oil (WTI): US$91.20 (+0.57%)
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Iron 62pc Fe: US$121.29/t (+0.6%)
AUD/USD: 0.6445 (+-0.02%)
Bitcoin: US$26,604.00 (+0.17%)
Across markets
Australian shares are poised to open lower, following the S&P 500’s reversal as the potential for another rate rise later this year and a delayed start to rate cuts in 2024 dented previous rate expectations.
US Treasury two-year yields climbed to the highest level since 2006. The 10-year yield topped 4.40 per cent late in New York’s day.
ASX futures were down 16 points or 0.2 per cent to 7155 near 7am AEST, after having been more than 20 points higher earlier.
“We’re not expecting miracles on the ASX 200 today, but given it fell three days leading into the [Fed] meeting … it may not be a complete disaster today either, said Matt Simpson, senior market analyst at City Index.
“The key question is whether it can cling on to trend support from the March 2020 low, as failure to do so likely brings the 7100 and 7000 handles into focus.”
- On Wall St: Dow -0.2% S&P -0.9% Nasdaq -1.5%
- In New York: BHP -0.6% Rio +0.2% Atlassian -2.2%
- Tesla -1.5% Apple -2% Alphabet -3.1% NYSE Fang -2.1%
- Klaviyo +9.2% Instacart -10.7% Arm Holdings -4.1%
In their statement at 4am AEST, Fed policymakers as expected said they voted to hold rates steady this month, though they kept the door open to a potential additional quarter point increase this year. They also tipped a slower shift to rate cuts in 2024.
In repeated language in their statement, the Fed’s Open Market Committee said officials will determine the “extent of additional policy firming that may be appropriate”.
The FOMC held its target range for the federal funds rate at 5.25 per cent to 5.5 per cent, while updated quarterly projections showed 12 of 19 officials favoured another rate hike in 2023, underscoring a desire to ensure inflation continues to decelerate.
Source: AFR
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Alderan Resources (ASX:AL8) has acquired 100% ownership of seven lithium exploration projects from Parabolic Lithium, consisting of 24 granted exploration licences covering 472km2 in Brazil’s Eastern Lithium Belt.
BPH Global (ASX:BP8) is acquiring Foshan Gedishi Biotechnology, which is set to commercialise its birds’ nest business following a successful pilot study with BP8’s China partners.
Resource Base (ASX:RBX) has identified and mapped abundant pegmatitic outcrops over both the Wali and Ernst Lake projects within the prolific James Bay region in Québec, Canada.
OzAurum Resources (ASX:OZM) has received firm commitments to raise $2.4m via a placement at $0.075 per share to commence exploration of its new Linopolis Jaime lithium project in Brazil.
National Tyre & Wheel (ASX:NTD) subsidiaries have signed a deal with Goodyear and Dunlop Tyres (Australia) and Goodyear and Dunlop Tyres (New Zealand) for the wholesale distribution of Dunlop consumer and commercial tyres expected from in November 2023 in New Zealand and from April 2024 in Australia.
Source: Stockhead
Company: Alderan Resources (ASX:AL8)
Sector: Lithium
Deal Type: Placement
Raise Amount: $1.75M
Latest Entry Price: $0.006 with a 1:2 AL8O
Today’s Price Change: $0.013 +62.50%
Company: Terra Uranium (ASX:T92)
Sector: Uranium
Deal Type: IPO
Raise Amount: $7.5M
Latest Entry Price: $0.20
Today’s Price Change: $0.135 Unchanged
Company: Patagonia Lithium (ASX:PL3)
Sector: Lithium
Deal Type: IPO
Raise Amount: $8.6M
Latest Entry Price: $0.20
Today’s Price Change: $0.125 +4.17%
Company: Gold Mountain Limited (ASX:GMN)
Sector: Lithium
Deal Type: Placement
Raise Amount: $2.25M
Latest Entry Price: $0.0075
Today’s Price Change: $0.007 Unchanged
Company: Unith Ltd. (ASX:UNT)
Sector: AI/ChatGPT
Deal Type: Placement
Raise Amount: $4.5M
Latest Entry Price: $0.033 with a 1:1 UNTO
Today’s Price Change: $0.026 Unchanged
Company: Volt Resources Ltd. (ASX:VRC)
Sector: Battery Metals
Deal Type: Placement
Raise Amount: $5.75M
Latest Entry Price: $0.011
Today’s Price Change: $0.008 +6.67%
Company: Castle Minerals Ltd. (ASX:CDT)
Sector: Battery Metals/Base Metals
Deal Type: Placement
Raise Amount: $1.52M
Latest Entry Price: $0.02 with a 2:3 CDTOA
Today’s Price Change: $0.01 -9.09%
Company: Avenira Ltd. (ASX:AEV)
Sector: Phosphate
Deal Type: Placement
Raise Amount: $2.1M
Latest Entry Price: $0.01 with a 1:2 AEVO
Today’s Price Change: $0.011 +10.00%
Company: Latrobe Magnesium Ltd. (ASX:LMG)
Sector: Magnesium
Deal Type: Placement
Raise Amount: $3M & $11.5M
Latest Entry Price: $0.10 with a 1:4 LMGO
Today’s Price Change: $0.047 Unchanged
Company: Askari Metals Ltd (ASX:AS2)
Sector: Mining
Deal Type: IPO
Raise Amount: $5.7M
Latest Entry Price: $0.35 with a 1:3 AS2O
Today’s Price Change: $0.205 -8.89%
Company: Tymlez Ltd (ASX:TYM)
Sector: Blockchain
Deal Type: IPO/On-market purchase
Raise Amount: $13.3M
Latest Entry Price: $0.004 with a 1:1 option
Today’s Price Change: $0.004 Unchanged
Company: iCandy (ASX:ICI)
Sector: Gaming & Digital Advertising
Deal Type: Placement
Raise Amount: $1.25M
Latest Entry Price: $0.02 with a 1:1 ICIOB
Today’s Price Change: $0.038 +5.56%
Company: Fatfish Group (ASX:FFG)
Sector: Fintech
Deal Type: Placement
Raise Amount: $1.5M
Latest Entry Price: $0.015 with a 1:2 FFGOA
Today’s Price Change: $0.011 Unchanged
Company: Paradigm Biopharma (ASX:PAR)
Sector: Biopharma
Deal Type: IPO Cornerstone
Raise Amount: $1M+
Latest Entry Price: $0.35
Today’s Price Change: $0.62 -8.15%
Company: ReNu Energy Limited (ASX:RNE)
Sector: Energy
Deal Type: Placement
Raise Amount: $1.46M
Latest Entry Price: $0.06 with a 1:1 RNEO
Today’s Price Change: $0.031 Unchanged
Company: Carly Holdings Ltd (ASX:CL8)
Sector: AI and Car subscription
Deal Type: Placement
Raise Amount: $1.25M
Latest Entry Price: $0.025 with a 1:2 CL8O
Today’s Price Change: $0.019 Unchanged
Company: Avecho Biotechnology (ASX:AVE)
Sector: CBD
Deal Type: Placement
Raise Amount: $5M
Latest Entry Price: $0.006 with a 3:2 AVEOA
Today’s Price Change: $0.004 -20.00%
Company: ECS Botanics Holdings Ltd (ASX:ECS)
Sector: Medicinal Cannabis
Deal Type: Placement
Raise Amount: $6.6M
Latest Entry Price: $0.033 with 1:2 ECSO
Today’s Price Change: $0.024 Unchanged
If you would like more information on future Peak deals, please don’t hesitate to get in touch.
Peak on 1300 304 460
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