ASX opens higher as energy and mining stocks pace gains
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More news: Australian shares lifted at the open as energy and mining stocks led gains. The benchmark S&P/ASX 200 index was up 30.8 points, or 0.36%, to 8,596 at 10:45am AEDT, with seven of the 11 sectoral indices in positive territory.
Oil stocks Woodside Energy (+1.3%) and Karoon Energy (+1.7%) were among the top performers as crude benchmarks climbed overnight.
Critical minerals miners Lynas Rare Earths (+2.8%) and Iluka Resources (+2%) also rallied.
Uranium miner Deep Yellow (+2.2%) was higher after appointing Rio Tinto executive Greg Field as its next CEO.
KFC and Taco Bell operator Collins Foods (-1.4%) dropped despite delivering a record first-half revenue.
Australian shares to lift after US stocks end lower, Bitcoin plunges
The news: Australian shares are set to edge higher at the open after Wall Street stocks lowered overnight, as investors responded to new economic data that showed the impact of global tariffs on the manufacturing sector.
The numbers: Updated at 7:30am AEDT:
- ASX futures: up 8 points, or 0.09%, to 8,591
- Wall Street: Dow Jones down 0.67%, S&P 500 down 0.47% and Nasdaq down 0.34%
- Europe: CAC 40 down 0.32%, DAX down 1.04% and FTSE 100 down 0.18%
- Spot gold: up 0.46% to USD4,237 per ounce
- Oil prices: Brent up 1.42% to USD63.26/bbl and US WTI up 1.49% to USD59.42/bbl
- AUD: down 0.12% at 65.45 US cents
- Bitcoin: down 5.45% to USD85,470.
The context: Wall Street's three main indices slipped overnight after an Institute for Supply Management survey showed US manufacturing contracted for a ninth successive month in November, with factories experiencing a drop in order volumes and higher prices stemming from the Trump administration's global tariff policy.
While investors have largely priced in a rate cut from the Federal Reserve at the conclusion of its two-day policy meeting next week, investors will await a delayed September report on the personal consumption expenditures price index, the Fed's preferred inflation gauge, on Friday.
Meanwhile, the world's largest cryptocurrency Bitcoin fell as much as 7% to around USD85,000, before trimming some losses, as nearly USD1 billion of leveraged crypto positions were liquidated.
