ASX Market Open: Russia-Ukraine’s nuclear tensions weigh on bull run | November 20, 2024

The Market Herald
20 Nov 2024

The ASX 200 is projected to open red today, down around -0.51% in futures, after Vladimir Putin issued a sombre nuclear weapons warning at the G20 summit in Rio de Janeiro.

Investors had a similar skittish outlook in the U.S., where Wall Street had a mixed day – only the Nasdaq composite managed any real lift at +1.04%.

The pan-European STOXX also dropped 0.4% to string three days of losses.

The overnight worries were bouyed somewhat by earnings from the U.S. though, especially Walmart’s 4.2% rise – it topped profit and revenue forecasts alike – and expectations that Nvidia will share decent results on Wednesday.

Back home, heavyweight packaging group Amcor (ASX:AMC) has made major moves with a blockbuster $13 billion buyout of New York-listed packaging business Berry Group. The market is tentative on the news though, with the company’s indicative price down 1.27% before the Aussie bourse opened today.

Investors will also move on Sayona Mining (ASX:SYA) and Piedmont Lithium’s (ASX:PLL) big merger, with many now tipping the partnership to barely move the needle.

Paladin Energy (ASX:PDN) will have to wait longer for its C$1.14B takeover of Fission Uranium, with Canada extending its review to late December.

The run of AGMs Down Under continues too, with Boss Energy (ASX:BOE), Charter Hall (ASX:CHC), Downer EDI (ASX:DOW), Mount Gibson Iron (ASX:MGX), and Northern Star Resources (ASX:NST) on the docket through Wednesday.

WEB Travel (ASX:WEB) will also share its quarterly earnings today.

Looking at forex, the Aussie dollar is buying 65.3 US cents.

And, like nearly everything else today, commodities (which are in the greenback) also moved on the Kremlin’s nuclear warnings:

Iron Ore lifted to $101.76 a tonne in Singapore,

Brent Crude is trading at $73.47,

Gold – a classic safe haven – is trading at $2637 per ounce, and,

US natgas futures are at $2.96 per gigajoule.

That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.

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