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Wall St closed higher on Wednesday after the Fed said two rate cuts are still on the cards for 2025. The Dow Jones rose 0.92%, the S&P500 added 1.08% and the Nasdaq ended the day up 1.41%. The US central bank maintained the current cash rate as was widely expected at the latest meeting overnight however boosted investor sentiment by saying two rate cuts are still coming this year.

In Europe overnight, markets closed mostly higher led by the French CAC rising 0.7%, while the STOXX 600 added 0.26%, Germany’s DAX fell 0.34% and the UK’s FTSE 100 ended the day flat.

The APAC markets closed the midweek session mixed on turbulence in the US on Tuesday and after Japan’s central bank maintained interest rates steady at 0.5% and signalled potential impact of US President, Donald Trump’s tariffs. Japan’s Nikkei lost 0.25%, South Korea’s Kospi index rose 0.62%, China’s CSI index closed flat and Hong Kong’s Hang Seng also ended the day flat.

The market movements locally yesterday matched the rollercoaster of sentiment around the globe right now, with the ASX bouncing between red and green before sliding in afternoon trade with the key index ending the day down 0.41%.

Materials stocks came under pressure yesterday amid a 5.1% sell-off in Mineral Resources following the cessation of haulage on its crucial Onslow iron haul road, while gold miners also slipped as traders took profits on the record gold price rally this week.

Mortgages insurer Helia Group took the biggest hit yesterday with a 15% dive after shares traded ex-dividend.

What to watch today:

• On the commodities front this morning oil is trading 0.5% higher at US$67.23/barrel, gold is up 0.51% at US$3047/ounce and iron ore is up 0.1% at US$102.42/tonne.
• The Aussie dollar has further strengthened overnight to buy 63.61 US cents, 94.61 Japanese Yen, 49.13 British Pence and 1 New Zealand dollar and 9 cents.
• Ahead of Thursday’s trading session on the ASX the SPI futures are anticipating the ASX will open the day up 0.67% tracking Wall Street’s gains overnight.

Trading Ideas:

• Bell Potter has upgraded the rating on Alcidion (ASX:ALC) from a hold to a buy and maintain a 12-month price target of 11cps on the healthcare IT company following a significant restructure of the business through reducing headcount and operating expenses, while also signing its largest commercial contract to date with NCIC to the value of $37.5m over 10-years.
• Trading Central has identified a bearish signal on Stockland Corp (ASX:SGP) following the formation of a pattern over a period of 5-days which is roughly the same amount of time the share price may fall from the close of $4.88 to the range of $4.54 to $4.60 according to standard principles of technical analysis.