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It’s going to be a bloody start to Week 42, with ASX shares today heading for a -1.27% nosedive at open after U.S. President Donald Trump renewed his global tariffs threats – for now, aimed entirely at China.
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Trump plans to (or at least, he declared as much) impose a further 100% tariffs on China and major export controls on “any and all critical software.”
His stance comes after Beijing recently clamped down on rare earth exports.
The due date for China to back down is November 1, he said, which isn’t that far away.
While salvos from either side won’t specifically hit anywhere but the U.S. and China, the idea that the two largest economies in the world could tumble into a nasty trade war certainly has some investors very, very worried.
This HotCopper journo suspects we could see some green before long in Week 42 as buyers snap up cheap deals, but beyond that, it could well be quite red.
Life on the ASX goes on, red or no, though, so let’s look at Monday’s company news.
ASX stocks to watch
Quarterlies start this week, with Rio Tinto (ASX:RIO) and Paladin Energy (ASX:PDN) starting us off on Tuesday morning. Gold miner Evolution Mining (ASX:EVN) joins the queue on Wednesday; it’s hosting an AGM that same day.
Elsewhere, ANZ Group (ASX:ANZ) is facing a fight with the Fair Work Commission after chopping 3,500 jobs in early September. New chief Nuno Matos will be arguing for why the move is a “better focus” for the bank.
Infini Resources (ASX:I88) has expanded its Portland Creek Project by as much as 10,250 hectares, the uranium explorer said this morning, after staking another 410 mineral claims in the Newfoundland region.
And, we have a float this week: Nano biotechnology developer Nexsen is lined up to join the bourse on Tuesday. It will list under ticker code “NXN” at 20cps.
Some stats will roll out through W34, too, including the Reserve Bank’s September meeting minutes (Tuesday) and labour data (Thursday).
Buck and ore
Now – in forex, the Oz dollar is buying 65 U.S. cents.
And looking at commodities, all in the greenback,
Iron Ore has leapt +1.6% higher, to $106.50 a tonne in Singapore,
Brent Crude is down -3.8%, at $62.73/bbl,
Gold shapes as safety this week, and is up to $4,042 an ounce already, and,
US natgas futures have dumped -5%, to $3.10 per gigajoule.
That’s HotCopper’s ASX Market Open, I’m Isaac McIntyre – good luck, happy trading.
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