ASX Market Open: Pullback after consecutive record days help crack 8,800 | Aug 7

Australian shares mounted a gutsy push over the 8,800 level yesterday – and sit around +7% higher YTD – but Tuesday and Wednesday’s back-to-back ASX records were always to be followed by some calculated selling.

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That’s exactly what’s happening this morning: ASX 200 futures are now pointing to a -0.1% dip (still quite modest) as traders play it safe on Thursday.

The Aussie red morning goes against the Wall Street grain, where U.S. indexes piled on advances on Apple’s coattails. The tech behemoth ran more than +5% after reports that the iPhone may help India avoid tariffs.

That’s not certain, though, iPhone hype or no, with Trump still quite eager to hike India’s levies to 50% (from 25%) because it “keeps buying oil from Russia.” India continues to refuse for defence and national security reasons.

All this saw the Nasdaq add a lofty +1.2% to close; the S&P added +0.7%.

The Nikkei enjoyed a green lift too, advancing +0.6% as it rumbles into trading in Japan.

In company news, our Aussie operator is under fire again: The ASX (ASX:ASX) itself is catching flak for a “ridiculous” internal error that saw more than $400 million in value wiped from TPG Telecom (ASX:TPG) yesterday.

There’s been a tech merger move today, too: Prophecy International (ASX:PRO) has acquired Complexica to create a “AI pure play” software company.

And, Lindian Resources (ASX:LIN) has scored a huge legal win too, with the Deep Blue Sea case dismissed. Proceedings were formally dismissed, and Lindian has had full costs awarded by the High Court of Malawi.

Earnings roll on too; AMP (ASX:AMP) and Light & Wonder (ASX:LNW) on the docket.

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To forex, the Aussie dollar is buying 65 US cents.

To commodities, all in the greenback,

Iron Ore has dropped +0.51% to sell at $101.95 a tonne in Singapore,

Brent Crude is at $66.83 after dropping -7.7% this week,

Gold is up at $3,374 per ounce, and,

US natgas futures keep climbing, up +2.6%, to $3.08 per gigajoule.

That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck and happy trading.

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