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<\/a><\/p>\n ASX top extend last week\u2019s gains on Monday<\/strong> \u00a0<\/p>\n Aussie shares are poised to extend last week\u2019s gains on Monday ahead of the RBA\u2019s rate decision tomorrow. At 8am AEST, the ASX200 futures contract was pointing up by +0.2%.<\/p>\n On Friday, Wall Street rallied once again after a softer-than-estimated non-farm payrolls (NFP) number.<\/strong><\/p>\n The S&P 500 rose by +1.26%, the blue chips Dow Jones index was up by +1.18%, and the tech-heavy Nasdaq surged ahead by +1.99%.<\/p>\n US non-farm payrolls rose by 175k jobs in April, versus the 240k consensus in the Bloomberg survey \u2013 boosting expectations of a September Fed rate cut.<\/p>\n \u201c\u2026The market is fully discounting a 25bp September interest rate cut once again, with a second one before the end of the year,\u201d said ING\u2019s chief economist, James Knightley.<\/em><\/p>\n \u201cThe payroll miss hands the baton to the bulls,\u201d said Jose Torres at Interactive Brokers.<\/em><\/p>\n To stocks, Apple <\/strong> surged by 6% following its announcement of sales exceeding expectations in the previous quarter, and a forecast of resurgence in growth for the current quarter.<\/p>\n Biopharma Amgen <\/strong> jumped by +11% following the CEO\u2019s optimistic remarks about early findings from a study of the company\u2019s potential obesity treatment, MariTide<\/strong>.<\/p>\n Berkshire Hathaway<\/strong> held its annual general meeting in Omaha over the weekend, as Warren Buffett made it clear that his empire will continue to be a major shareholder in Apple, even after offloading billions of dollars\u2019 worth of shares in the tech giant.<\/p>\n At 93, Buffett has been gradually passing the torch to a new generation of leaders. Greg Abel, currently overseeing Berkshire\u2019s non-insurance ventures, is poised to take the reins when he passes. Buffett said that when that happens, \u201cthe stock would go up tomorrow.\u201d<\/p>\n Meanwhile, the RBA board will huddle for their first of a two-day meeting today, with a rates decision due tomorrow.<\/p>\n Experts are now debating whether the RBA will opt to lower or raise the cash rate next.<\/p>\n Currently, the cash rate stands at 4.35%, and most investors don\u2019t expect it to go up this month. If it does, it\u2019ll mark the 14th increase in two years and the first since November.<\/p>\n \u00a0<\/p>\n According to Emma Lawson, a fixed interest strategist at Janus Henderson,<\/strong> the Australian economy is slowing gently, and while no recession is forecast, the pressure of higher interest rates is expected to continue to broaden out across sectors of the economy.<\/p>\n \u201cOur base case is for the RBA to remain on hold at current rates, before commencing an easing cycle in late 2024.<\/p>\n \u201cWe price a more modest than historically average easing cycle, of around 175bps, spread over an extended period,\u201d Lawson said.<\/p>\n However Lawson says the market is pricing it slightly different at the moment.<\/p>\n \u201cWe see the near-term pricing hinting at a rate hike this year, and very limited cuts in 2025, as underestimating the risks to the economy after a long period of policy tightness.\u201d<\/p>\n \u00a0<\/p>\n Gold price<\/strong> traded flat at US$2,302.38 an ounce.<\/p>\n Oil prices <\/strong> rose around +0.6%, with Brent crude now trading at US$83.30 a barrel.<\/p>\n The benchmark 10-year US Treasury yield<\/strong> was down 8 basis points (bond prices higher) after the NFP print, to 4.51%.<\/p>\n The Aussie dollar<\/strong> keeps climbing, surging further by +0.6% to US66.12 cents.<\/p>\n Bitcoin<\/strong> meanwhile was flat in the last 24 hours to US$63,766.<\/p>\n \u00a0<\/p>\n Mandrake Resources (ASX:MAN)<\/a><\/strong> Finder Energy (ASX:FDR)<\/a><\/strong> Pioneer Credit (ASX:PNC)<\/a><\/strong> Brightstar Resources (ASX:BTR)<\/a><\/strong> MTM Critical Metals (ASX:MTM)<\/a><\/strong> \u00a0<\/p>\n At Stockhead we tell it like it is. While Brightstar Resources is a Stockhead advertiser, it did not sponsor this article.<\/em><\/p>\n <\/span><\/p>\n The post Market Highlights: ASX to rise ahead of RBA; Buffett still bullish on Apple despite selloff<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"
\nWarren Buffett addressed shareholders at Berkshire Hathaway\u2019s AGM <\/strong>
\nThe RBA to make rates decision tomorrow, here\u2019s a preview<\/strong><\/p>\nRBA rates decision preview<\/h2>\n
In other markets \u2026<\/h2>\n
5 ASX small caps to watch today<\/h2>\n
\nRio Tinto-backed Direct Lithium Extraction (DLE) and refining company ElectraLith have successfully produced 99.9% pure battery-grade Lithium Hydroxide from Mandrake\u2019s 100%-owned Utah Lithium Project using its cutting-edge DLE-R process. Mandrake and ElectraLith are currently progressing a Strategic Partnership Agreement to facilitate the construction of a DLE-R pilot facility at the Utah Lithium Project.<\/p>\n
\nFinder announced that it has received offer letters from the North Sea Transition Authority (NSTA), notifying that it has been successful in winning two licences in the final tranche of awards in the 33rd UK Offshore Licensing Round. The first licence is located in the Ettrick Sub-basin between Finder\u2019s P2528 and P2527 licences, and is adjacent to the giant Buzzard and Golden Eagle oil fields. The second licence is located to the north on the South Halibut Shelf, where Finder will hold a 100% interest.<\/p>\n
\nPioneer advised that it is upgrading its FY24 Purchase Debt Portfolio (PDP) investment guidance from $85m to circa $95m. This represents a ~12% increase on prior investment guidance, and marks the company\u2019s second investment upgrade in FY24. At the outset of FY24, the company forecast PDP investment of $60m.<\/p>\n
\nA +30,000m reverse circulation (RC) and diamond drilling program will commence imminently across the Brightstar portfolio, targeting resource upgrades and extensions in conjunction with feasibility workstreams at Menzies and Laverton, as well as Linden Gold\u2019s Second Fortune and Jasper Hills Gold Projects. The RC drilling is targeting gold mineralisation within conservative ($2,750\/oz and $2,800\/oz) economic pit shells and underground designs previously announced in Brightstar Scoping Studies.<\/p>\n
\nFlash Joule Heating (FJH) prototype testing has produced significant increases in the acid leachability of Rare Earth Elements (REE) and target Critical Metals from Coal Fly Ash (CFA) samples. CFA samples treated by the FJH prototype have delivered a +50% increase in the recovery of REE and Critical Metals.<\/p>\n