AU Morning Wrap | ASX Moves Upward with Mining Companies Gains on China Stimulus Prospects

The US market fell Monday. The Mag Seven pulled back before a Super Micro press release sent Semiconductors higher, with $NVIDIA (NVDA.US)$ at the lead.Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ traded down 0.96%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.94%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 1.18%.

A rally in mining stocks has lifted the Australian sharemarket as investors await a key announcement on potential stimulus from China. The $S&P/ASX 200 (.XJO.AU)$ rose 0.09% to 8212.8 mid-morning, recovering from an initial drop following a weak lead from Wall Street. $BHP Group Ltd (BHP.AU)$ climbed 1.3% and $Rio Tinto Ltd (RIO.AU)$ gained 2%, supported by rising iron ore futures above $US111.75, with Citi predicting a rise to $US120 if Beijing follows through on a public spending package. Additionally, energy stocks benefitted from a surge in $Brent Last Day Financial Futures(JAN5) (BZmain.US)$, which surpassed $US80 a barrel amid escalating tensions in the Middle East.

As of latest data, $Bitcoin (BTC.CC)$ is priced at $62,340, down 0.82% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $2,431, down by 0.47% in the past 24 hours.

$Incitec Pivot Ltd (IPL.AU)$'s CFO is set to leave the company but will remain in his role until February 15, leading to a 0.17% drop in shares.

$NRW Holdings Ltd (NWH.AU)$ has secured a $360 million contract with Evolution Mining for surface mining at Castle Hill, Western Australia, starting in November and expected to be completed by mid-2030, although shares fell by 0.85%.