{"id":1085,"date":"2023-11-07T22:23:43","date_gmt":"2023-11-07T22:23:43","guid":{"rendered":"https:\/\/economicherald.net\/?p=1085"},"modified":"2023-11-07T22:23:43","modified_gmt":"2023-11-07T22:23:43","slug":"market-highlights-iron-ore-oil-and-gold-stocks-on-watch-today-after-prices-slump-on-weak-china-data","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=1085","title":{"rendered":"Market Highlights: Iron ore, oil and gold stocks on watch today after prices slump on weak China data"},"content":{"rendered":"<p>ASX to open flat despite tech stocks surging in New York<br \/>\nMagnificent Seven stocks led, while Arm surged 4pc<br \/>\nASX companies need to communicate better with retail investors to make them stay \u2013 expert<\/p>\n<p>\u00a0<\/p>\n<p>Aussie shares are poised to open flat on Wednesday despite US stocks continuing their hot streak.<\/p>\n<p>Overnight, the S&amp;P 500 fell by -0.69%, the blue chips Dow Jones index was up by +0.17%, and the tech-heavy Nasdaq climbed by +0.90%.<\/p>\n<p>Nasdaq notched its eighth straight day of gains, as the <strong>Magnificent Seven<\/strong> stocks advanced and paced the session. <strong>Amazon<\/strong> led as it rose by 2%.<\/p>\n<p><strong>Uber<\/strong> surged almost 4% despite reporting\u00a0Q3 results that missed analysts\u2019 expectations.<\/p>\n<p><strong>Arm Ltd<\/strong> shares rose 4% following reports that Nvidia and AMD are both planning to launch CPUs for Windows-based PCs using Arm-based chips.<\/p>\n<p>The best performer overnight was cybersecurity stock <strong>Datadog<\/strong>, which rose 28% after stronger-than-expected Q3 earnings and a bullish full-year guidance.<\/p>\n<p>Meanwhile, <strong>iron ore, gold and oil stocks<\/strong> on the ASX will be on watch today after Chinese data published yesterday evening showed that China\u2019s exports fell by 6.4% year-on-year in October.<\/p>\n<p>Crude prices dived -4% on the data to their lowest since July.<\/p>\n<p>\u201cTraders will also remain on high alert for signs of a wider conflict emerging in the [Middle East] region that could disrupt supplies, but it seems those fears are subsiding,\u201d OANDA analyst Craig Erlam said.<\/p>\n<p>\u00a0<\/p>\n<h2>Communicate your strategy more to investors, expert tells companies<\/h2>\n<p>Yesterday\u2019s<strong> decision by the RBA<\/strong> to raise the cash rate by 25bp to 4.35% comes as no surprise, following the upward trend of the CPI data over recent months.<\/p>\n<p>As a result, the retail investor community, which represents over a third of ASX market capital, will approach their investments with an increasingly frugal mentality.<\/p>\n<p>That\u2019s the view of<strong> Amy Benson, founder and CEO of investor communications company,\u00a0Diolog<\/strong>, who also believes that tighter purse strings will lead to retail investors reviewing their investment strategies and considering liquidating investments if the risk appears to outweigh the reward.<\/p>\n<p>\u201cASX companies need to look beyond how higher interest rates will impact their profit margins, and consider how they will also impact investors,\u201d said Benson.<\/p>\n<p>Benson said it\u2019s vital that companies foster confidence amongst retail investors by acknowledging economic headwinds, and providing a clear path forward for investors to avoid a further dip.<\/p>\n<p>\u201cWith more active retail investors than ever before, there is still a lot of work to be done to improve the relationship between publicly listed companies and Australia\u2019s investor community.<\/p>\n<p>\u201cBuilding trust and confidence in long-term performance with more communication can be the competitive edge ASX companies need, as retail investors consider selling their positions following the interest rate hike,\u201d she added.<\/p>\n<p>\u00a0<\/p>\n<h2>In other markets \u2026<\/h2>\n<p><strong>Gold price<\/strong> fell -0.5% to US$1,968.67 an ounce.<\/p>\n<p><strong>Oil prices<\/strong> plunged -4%, with Brent trading at US$81.70 a barrel on sluggish Chinese data.<\/p>\n<p><strong>Iron ore futures<\/strong> slumped -0.5% to US$125.95 a tonne.<\/p>\n<p>Base metals prices traded strong however, with 3-month <strong>nickel futures<\/strong> jumping by +1.22%, and <strong>copper futures<\/strong> by +076%.<\/p>\n<p>The <strong>Aussie dollar<\/strong> fell -0.85% to US64.36c.<\/p>\n<p>Meanwhile, <strong>Bitcoin<\/strong> was up +1.65% over the past 24 hours at US$35,578.<\/p>\n<p>\u00a0<\/p>\n<h2>5 ASX small caps to watch today<\/h2>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/james-bay-minerals-jby\/\">James Bay Minerals (ASX:JBY)<\/a><\/strong><br \/>\nJBY says it has swiftly moved to strategically increase the total land position of its 100%-owned La Grande Project in the Istchee-James Bay region in Quebec, Canada, through the staking of an additional 236 claims. The ~70% increase in the company\u2019s total landholding across the La Grande Project stems from the success of its maiden field exploration program, desktop studies, regional activity success and results to date.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/devex-resources-dev\/\">DevEx Resources (ASX:DEV)<\/a><\/strong><br \/>\nSignificant uranium mineralisation has been intersected in latest drilling along the U40 Fault Zone at the U40 Prospect, with new uranium equivalent (eU3O8) intercepts including: 16.9m @ 0.22% eU3O8, and 28.9m @ 0.10% eU3O8. These results highlight the growing scale of the system, says DevEx.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/elevate-uranium-el8\/\">Elevate Uranium (ASX:EL8)<\/a><\/strong><br \/>\nEL8 announced an updated JORC Inferred Mineral Resource Estimate of 48 Mlb eU3O8 for its Koppies Uranium Project in Namibia.The MRE increase represents a 136% increase in the Koppies resources, and a 42% increase in Elevate Uranium\u2019s Namibian resources. Significant potential remains for resource expansion at Koppies and into the adjoining tenements, says the company.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/revolver-resources-rrr\/\">Revolver Resources (ASX:RRR)<\/a><\/strong><br \/>\nAssays from reconnaissance diamond drilling, combined with reassaying of previous drill core, has returned vein-scale endowment ranging from 0.1% to 3.7% copper, clearly evidencing proximity to a potential large-scale copper system. Project-level discussions are now well advanced with respect to potential new funding to accelerate exploration progress on this highly prospective Osprey tenement base.<\/p>\n<p><strong><a href=\"https:\/\/stockhead.com.au\/company\/heramed-hmd\/\">HeraMED\u00a0(ASX:HMD)<\/a><\/strong><br \/>\nThe medical data company announced that David Groberman has resigned as Chief Executive Officer and Managing Director with immediate effect, but will continue in a non-Executive role as Product Strategist. The role of CFO meanwhile will be outsourced to Shimony Finance Partner, Ido Toronchik following the transition of incumbent, Sivan Sadan.<\/p>\n<p>\u00a0<\/p>\n<p><em>At Stockhead we tell it like it is. While James Bay Minerals and Elevate Uranium are Stockhead advertisers, they did not sponsor this article.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/news\/market-highlights-iron-ore-oil-and-gold-stocks-on-watch-today-after-prices-slump-on-weak-china-data\/\">Market Highlights: Iron ore, oil and gold stocks on watch today after prices slump on weak China data<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>ASX to open flat despite tech stocks surging in New York Magnificent Seven stocks led, while Arm surged 4pc ASX companies need to communicate better <a href=\"https:\/\/economicherald.net\/?p=1085\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":1086,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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