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Australian shares are expected to climb back to over 8,000 points today, with a tipped 0.7% gain to open Week 11. Monday’s bounceback could mark a possible return to the mostly-upward rally we’ve seen through 2025 to date.
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After a tumultuous Week 10, the ASX 200 ended Friday’s trade under 8,000 points to ring in a six-month low; now buying seems to be on the menu at cheaper prices.
One to watch closely: Trump has refused to rule out a U.S. recession, saying he “hates to predict things” during a Sunday interview with Fox News.
His fence-sitting comes as possible Oz steel and aluminium tariffs loom from this week.
Albanese and his government are still trying to change Trump’s mind on that front, lobbying the State-based powerbrokers up to today. Should nothing change, expect the trade levies (to be around 25%, at this stage) to start from Wednesday.
Also back home, Labor has just won the Western Australian election; the party promised to help WA mining “flourish” in a HotCopper interview before voting began.
Also in politics, the Queensland government must this week make a call on the Star Entertainment (ASX:SGR) and the sale of its $3.9 billion casino precinct to its Hong Kong allies – Chow Tai Fook and the Far East Consortium, who already own 50%, will be speaking to the gov’t to gain necessary approvals.
A second buyer is lurking too, with US casino operator Bally’s Corporation still interested in picking up a chunk of the Star with a $250 million bailout.
Cobre Ltd (ASX:CBE) has signed an earn-in agreement with BHP Group (ASX:BHP) which will see A$40 million injected into the copper-silver explorer’s Botswana projects. In return, BHP gets an option to take 75% interest in the mines.
Also in mining investments, billionaire Gerry Harvey has funneled another $3 million into Papua New Guinea-based explorer Mayur Resources (ASX:MRL) in recent days.
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Looking at forex, the Aussie dollar is buying 63 US cents.
To commodities, which are in the greenback,
- Iron Ore has crept up 0.3% to $100.70 a tonne in Singapore,
- Brent Crude is trading at $70.36,
- Gold is trading at $2,936 per ounce, and,
- US natgas futures are at $4.39 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
