ASX to rise, US stocks fluctuate, oil surges towards $US70 a barrel
Australian shares are set to open higher, though futures pared earlier gains as US stocks fluctuated after reports that the US is preparing to evacuate its Iraqi embassy due to heightened security risks in the region.
Oil surged more than 4 per cent in afternoon trade in New York, moving towards $US70 a barrel. Gold edged higher.
Shares swung in New York having been bolstered earlier by the latest US-China trade détente and a muted US consumer price inflation report.
Market highlights
ASX futures are pointing up 18 points or 0.2 per cent to 8620.
All US prices near 2.40pm New York time.
Today's agenda
David Jacobs, RBA head of domestic markets department is to give a speech – Australia's Bond Market in a Volatile World – at the Australian Government Fixed Income Forum, Tokyo at 5.20pm AEST.
At 10.30pm on Thursday, the US will release its latest PPI and initial jobless claims data.
Top stories
AUKUS in jeopardy as Pentagon reviews US role | Australia's $300 billion-plus plans to build and acquire nuclear submarines to protect against Chinese military action in the Indo-Pacific are in jeopardy.
Trump says China will ship rare earths in 'done' trade deal | The US and China will maintain tariffs at their current, lower levels following the two nations' agreement this week in London, the president said.
Unions will push AI regulation and pay at productivity summit | White-collar groups want protections for workers disrupted by artificial intelligence while blue-collar ones are seeking wage rises through productivity boosts.
| The entrepreneur who struck an agreement to buy the software start-up's assets is in dispute with his business partner, and denies any wrongdoing.
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Herald Sun
12 minutes ago
- Herald Sun
These explorers are looking to revamp gold in the historic Gascoyne
Don't miss out on the headlines from Stockhead. Followed categories will be added to My News. Gold exploration in Gascoyne heating up BNZ, SPR and WYX eyeing a slice of the pie Region also prospective for precious metals like silver WA's Gascoyne region was dug up by old timers for over a century, with towns built on the dreams of gold prospectors. And plenty of what glittered turned out to be gold. Notable mines included the Star of Mangaroon, which was found in 1956 and mined until 1983, producing a total of 7464oz of gold at a whopping 34.8g/t gold. The story goes that the assayer wrote on the bottom of his report 'If you don't start working this, I'll come up and do it myself.' In recent years, the region has received a new lease on life, with major discoveries in gold, rare earths, lithium and more. But today we're looking at the goldies who are looking to revive the Gascoyne. One of these new movers is dual-listed Benz Mining Corp (ASX:BNZ),which back in January acquired Spartan Resources' (ASX:SPR) Glenburgh gold project, mopping up a resource containing 16.3Mt at 1g/t gold for 510,000oz. With previous gold hits up to 11.6g/t and huge exploration potential over 50kms of strike within over 786km2 of underexplored terrain, BNZ has previously called it a 'transformational acquisition,' comparing the project's geological setting to the multi-million-ounce Tropicana gold discovery. BNZ kicked off maiden drilling this year reporting new hits of up to 19.9g/t gold and a high-grade wide zone of mineralisation smack bang between the Icon and Apollo deposits – indicating they could be linked. Now, BNZ has commenced a massive 30,000m program to chase the tail of this potentially continuous, large scale gold system. And keeping a slice of the pie, SPR is also now the biggest shareholder Benz, holding a 14.9% stake and participating $2m in a recent $13.5m placement to drive drilling at the project. BNZ has shown the opportunities on offer from the gold rich region, Gascoyne gold back in fashion BNZ is not the only company hunting for gold in the area. Western Yilgarn (ASX:WYX)has also pivoted to explore for the precious metal, having just secured the Gascoyne project following the acquisition of three exploration licences (E09/2986, E09/2987 and E09/2988) covering a total area of 201km2. The latest addition to the company's portfolio holds huge exploration upside over the same host rocks as the Glenburgh project, which is just 8.7km down the road. 'We are extremely pleased to secure the Gascoyne Gold Project as it provides excellent potential to delineate gold resources similar to the Benz Mining Corp, Glenburgh mineralised gold system which now expands over 50km in length," WYX non-executive director Pedro Kastellorizos said after picking up the project in early may. "The company has the same geological lithologies (Dalgaringa Supersuite metamorphic rocks) as the Glenburgh Gold Project located to the north of the current tenements. We have now commenced a geological and geophysics review for the purposes of delineating gold targets to commence ground exploration activities." The company is confident that – despite the region's strong gold potential being explored in recent decades – there remain areas that are highly underexplored and could present a substantial opportunity to host gold mineralisation. Geological and geophysics reviews are underway to define gold drill targets. 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More precious metals than just gold? While gold is the commodity of choice in the region, don't discount other precious metals like silver. The "poor cousin" of gold has come to life in the past week after breaking a key resistance level of US$35/oz. Taruga Minerals (ASX:TAR) is one example, having recently applied for three contiguous permits (covering 385km2) in the highly prospective northern Gascoyne province, which contain numerous high grade historical workings for base and precious metals. The Thowagee tenement is especially interesting, as it features two historic polymetallic mining operations, with the Thowagee mine producing 15.2 tonnes of lead and 5878 grams of silver. Gold, copper and zinc are also present in the mineral system. Notable historic rock chip results include up to 286g/t silver, 143g/t gold, 59.3% lead and 4.35% copper. While West Coast Silver's (ASX:WCE) main game is at the Elizabeth Hill silver project in the West Pilbara, a deal that has propelled the junior to its highest share price since early 2024, WCE has a stake in the Gascoyne gold game as well via its JV with Falcon Metals (ASX:FAL) at Errabiddy, where Falcon Metals can earn a 70% stake by spending $2m on exploration. The project contains 960km2, including over 400km2 solely owned by WCE, with the company also holding 100% of the graphite rights – important given its proximity to Buxton Resources' (ASX:BUX) Graphite Bull project. At Stockhead, we tell it like it is. While Buxton Resources, Western Yilgarn, Spartan Resources, Taruga Minerals and West Coast Silver are Stockhead advertisers, they did not sponsor this article. Originally published as Gold is back in the spotlight in WA's Gascoyne region
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19 minutes ago
- West Australian
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AU Financial Review
29 minutes ago
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ASX to rise, Wall St up on muted PPI, oil tops $US70 late
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