ASX to fall modestly on Tuesday after a lacklustre session in New York
\nRBA expected to hand down a 25bp rate increase today
\nMozo explains what that would mean for mortgage holders<\/p>\n
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Aussie shares are poised to open lower on Tuesday despite gains on Wall Street. At 8am AEST, the ASX 200 index futures was pointing down by -0.2%.<\/p>\n
Overnight, the S&P 500 rose by +0.18%, the blue chips Dow Jones index was up by +0.10%, and the tech-heavy Nasdaq climbed by +0.38%.<\/p>\n
Last week, US stock markets had their biggest weekly percentage gain in about a year, but analysts believe that we\u2019re in a state of a bear market rally, rather than the start of a bull market.<\/p>\n
To stock news, DISH Network<\/strong> fell -37% on the Nasdaq overnight after disappointing Q3 earnings.<\/p>\n Berkshire Hathaway<\/strong> fell -1.5% after the conglomerate\u00a0reported its first quarterly loss\u00a0in a year.<\/p>\n Also read: No, this is a \u2018recession play\u2019: Berkshire\u2019s Q3 earnings jump more than 40pc<\/a><\/strong><\/em><\/p>\n Disney<\/strong> shares fell -1.23% after naming Hugh Johnston as senior executive vice president and chief financial officer. Johnston is a 34-year career veteran with PepsiCo.<\/p>\n And dating app Bumble<\/strong> fell over -4% after founder and CEO Whitney Wolfe Herd resigned to make way for Slack CEO, Lidiane Jones.<\/p>\n \u00a0<\/p>\n Today, the RBA will hand down its interest rates decision<\/strong> at 2.30pm AEDT.<\/p>\n Traders expect a 25bp hike, and if it does happen, it would be the 13th rate hike since May last year, taking the cash rate to its highest level in over a decade at 4.35%.<\/p>\n Analysis by Mozo<\/strong> shows that the average mortgage holder with a $500k loan could be paying $1,100 more a month than they were before the rate hiking cycle began.<\/p>\n \u201cFor the average mortgage holder with a $500,000 home loan, the impact of those rate hikes could mean they\u2019re paying $1,037 more a month, based on the average variable rate on the Mozo database of 6.62%,\u201d said Rachel Wastell, a Mozo money expert.<\/strong><\/p>\n Considering 73% of the owner-occupier home loan market is with a Big Four bank, Wastell says there does appear to be an opportunity for borrowers struggling to meet those rising repayments to refinance their home loan and get a little more breathing room.<\/p>\n \u201cInterest rates can be deceptive, as less than 1% difference on a home loan rate can add up to tens of thousands of dollars when you\u2019re looking at 25-year loan terms.<\/p>\n \u201cSo, if you\u2019re struggling with rising mortgage repayments, the key is to check your current rate and compare this to what\u2019s on offer in the market, to see if you can get a better rate.\u201d<\/p>\n \u00a0<\/p>\n Source: Mozo<\/strong><\/em><\/p>\n \u00a0<\/p>\n Gold price<\/strong> fell -0.7% to US$1,978.46 an ounce.<\/p>\n Oil prices<\/strong> climbed +0.5%, with Brent trading at US$85.37 a barrel.<\/p>\n Saudi Arabia and Russia confirmed that they will continue with their voluntary additional production cuts of 1 million bpd for the rest of the year.<\/p>\n Iron ore futures<\/strong> lifted +0.4% to US$126.63 a tonne.<\/p>\n Base metals prices traded strong, with 3-month nickel futures<\/strong> jumping by +1.36%, and copper futures<\/strong> by +0.4%.<\/p>\n The Aussie dollar<\/strong> fell back below the US65c handle to US64.87c.<\/p>\n Meanwhile, Bitcoin<\/strong> was flattish in the last 24 hours at US$34,978.<\/p>\n ARK Invest\u2019s Cathie Wood<\/strong> says BTC can serve as a hedge against deflation, in addition to its potential in an inflationary environment.<\/p>\n She added that Bitcoin would be her choice \u201chands down\u201d if she had to choose an asset to hold for the next 10 years.<\/p>\n \u201cGold already has its demand, it\u2019s happened. Bitcoin is new, institutions are barely involved,\u201d she told the Merryn Somerset Webb\u2019s podcast for Bloomberg.<\/em><\/p>\n \u201cYoung people would much prefer to hold Bitcoin than to hold gold.\u201d<\/p>\n \u00a0<\/p>\n Mantle Minerals\u00a0(ASX:MTL)<\/a><\/strong> Thor Energy (ASX:THR)<\/a><\/strong> Orecorp (ASX:ORR)<\/a><\/strong> 92 Energy (ASX:92E)<\/a><\/strong> Aeris Resources (ASX:AIS)<\/a><\/strong> <\/span><\/p>\n The post Market Highlights: How the RBA call today would impact mortgages, and 5 ASX small caps to watch<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"How RBA\u2019s decision today would impact mortgages<\/h2>\n
In other markets \u2026<\/h2>\n
5 ASX small caps to watch today<\/h2>\n
\nMantle announced the granting of the Mt Berghaus exploration licence E45\/5899, which covers approximately 84km2 immediately north of De Grey Mining\u2019s Hemi discovery. The company believes the newly granted exploration licence is the most prospective of the three Mt Berghaus exploration licences. The Mantle team has already\u00a0 planned for approximately 15,000m of aircore drilling for Mt Berghaus in the first half of 2024.<\/p>\n
\nThor announced that the Ambient Noise Tomography (ANT) surveys by Fleet Space Technologies are now complete at the Alford East Copper-REE Project in South Australia. Preliminary ANT models clearly delineate low-velocity, weathered \u2018troughs\u2019 that host the oxide copper-gold-REE mineralisation within the Alford Copper Belt. Fleet is currently reviewing the ANT data, integrating the ANT results with Thor\u2019s 3D geological model using artificial intelligence.<\/p>\n
\nOreCorp announced that Silvercorp Metals\u2019 proposed full acquisition of OreCorp has been approved by the Tanzanian government. The takeover price is at $0.15 in cash and 0.0967 of a Silvercorp share for each Orecorp share acquired. The Scheme remains subject to OreCorp shareholder and court approval, as well as other customary conditions.<\/p>\n
\nAssays confirmed a new parallel mineralised zone at Gemini. Uranium and high-grade copper mineralisation was discovered along a new parallel zone, 300m east of the GMZ. Best results include: GEM23-075: 1.5m @ 0.2% U3O8 (1,957ppm) and 0.5m @ 3.8% Cu.<\/p>\n
\nAeris provided an update on exploration activities at the Constellation deposit, located within the company\u2019s 100% owned Tritton tenement package in NSW. The current six-hole drill program has been completed, and assays have been received for final three drill holes. All holes intercepted copper sulphide mineralisation, including the following high-grade copper intercept: TAKD099 9.8m @ 2.34% Cu, 0.69g\/t Au and 3.1g\/t Ag.<\/p>\n