The ASX is expected to open higher today after Wall Street delivered a strong performance overnight.

ASX SPI Futures were up around 0.75% to approximately 9,008 points ahead of the market open, while the Australian dollar continued to rise against its US counterpart. A firmer open, if sustained, would offer some relief to local investors after the global rate-hike jitters that have weighed on equity markets in recent sessions.

Overseas, Wall Street rebounded firmly as easing Treasury yields helped quell fears of further interest rate hikes. The Dow Jones gained more than 600 points, and the S&P 550 also performed strongly after US Federal Reserve Governor Christopher Waller appeared to favour keeping interest rates steady, provided upcoming inflation data remained positive. Commentary from Fed officials remains a key swing factor for global equities, as markets parse each speech for signals on the direction of US monetary policy.

The technology sector received a boost after market powerhouse Nvidia agreed to acquire AI platform Hugging Face for US$13 billion. That news helped lift the Nasdaq by 1.40 per cent to 26,584.06 points. The deal is the latest in a series of large investments by major technology companies in artificial intelligence infrastructure and platforms, a theme that has been a significant driver of tech-sector performance.

Oil prices held overnight, with Brent crude sliding back to $94.6 per barrel. Energy costs remain a watch item for Australian miners and manufacturers, for whom fuel is a substantial input expense.

Meanwhile, Canada's Methanex Corporation has entered into an agreement to sell substantially all of its New Zealand natural gas contractual entitlements, commencing in the first quarter of 2027 and continuing through the end of the decade, when those entitlements expire. Methanex is the world's largest producer of methanol, and natural gas is its principal feedstock, making gas supply a critical input for its operations.

Given the continued decline in domestic natural gas availability and the absence of a clear pathway to meaningful new supply, Methanex has determined that continued operations in New Zealand are not sustainable, and has accordingly taken steps to optimise value from its remaining gas position there. As a result of the agreement, the company expects to indefinitely idle its New Zealand production facilities during the first quarter of 2027. The decision reflects broader concerns about declining gas production in New Zealand, which have also been raised by other industrial gas users in the country.

ASX Company News

• Everest Metals Corporation (ASX: EMC) has named Hall Chadwick as strategic adviser for the Mt Edon rubidium project in Western Australia. Rubidium is a niche critical-minerals output, used in specialty electronics and research applications.
• Firefly Metals (ASX: FFM) has completed a $180 million equity raising. Capital raisings remain a common way for developers to fund exploration and project studies.
• Neometals (ASX: NMT) has obtained high-grade gold assays at Ironclad.
• Tartana Minerals (ASX: TAT) has commenced an operational review following its board stoush.
• Stanmore Resources (ASX: SMR) has agreed to acquire Moranbah South from Exxaro for US$105 million. The deal adds to Stanmore's Queensland metallurgical coal portfolio, following its earlier expansions in the Bowen Basin.

Dollar and Commodities

In forex, the Australian dollar is buying US$0.720.

In commodities, all priced in US dollars:

• Iron ore was up 1.74 per cent to $99.42 per tonne in Singapore today. Iron ore is Australia's largest goods export by value, so its price movements are closely watched as a bellwether for resource-sector earnings.
• Brent crude was down 1.01 per cent to $94.663 per barrel.
• Gold was selling at $4,473.63.
• US natural gas futures were down 0.87 per cent to $2.9302 per gigajoule.

That's HotCopper's Market Open, by Colin Sandell-Hay.

The material provided in this article is for information only and should not be treated as investment advice. Readers are encouraged to conduct their own research and consult a certified financial adviser before making any investment decisions.