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Australian shares are expected to gain +0.12% heading into trade in the middle of Week 28, though things could flatten out before the bell as investors try to wrap their heads around the RBA’s slightly-surprising ‘hold’ call.
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Many had tipped the Reserve Bank to chop again in July; Bullock and the board playing it safe has left many Oz traders eyeing the sell button closely today.
Trump’s latest trade claims aren’t helping sentiments either. The U.S. President stirred things up after saying he had no plans to extend the imposition of new tariffs beyond August 1. He’s also considering 50% duties on copper.
Those suggestions left the Dow down -0.37% by close, while the S&P 500 slipped into the red at -0.07%. The Nasdaq held just in the green, +0.03%.
The aforementioned copper tariffs have put majors like Rio Tinto (ASX:RIO) and BHP Group (ASX:BHP) on the radar today. Copper miners like Hot Chilli (ASX:HCH) and Capstone Copper (ASX:CSC) are also bracing.
L1 Capital (ASX:LF1) has sealed a merger with Platinum Asset Management (ASX:PTM) in a move it says it focused on being “the best player,” not the biggest.
And, Haranga Resources (ASX:HAR) is starting maiden drilling at Ibel South Gold in southeast Senegal this week. Testing a line of gold mineralisation is first up on the agenda.
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Against the grain: RBA holds cash rate in defiance of expectations
Looking at forex, the Aussie dollar buys 65.2 US cents.
And to commodities, all in the greenback,
Iron Ore is back in the green again, selling at $95.95 a tonne in Singapore,
Brent Crude is at $69.97,
Gold is at $3,305 per ounce, and,
US natgas futures are another -1.9% lower at $3.34 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre, good luck and happy trading.
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