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Australian shares are headed for a 0.3% decline when Week 13 trade begins today.
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The ASX 200’s impending 23.6-point loss – to around 7,898 – comes after the local bourse posted a top weekly gain last week. With uncertainty still reigning, however (even without Trump saying much in Week 12) a dip is no surprise.
Wall Street actually ended its trade week up slightly, with the Nasdaq composite leading the way with a 0.5% gain; the Dow Jones and S&P 500 both advanced 0.1%.
Europe’s STOXX 600 is more in line with Aussie futures, losing 0.6% in last trade.
Back home, James Hardie Industries (ASX:JHX) has made a big Monday splash, sealing a deal to buy U.S. home-building products manufacturer AZEK in a huge $14 billion agreement. The cash and share move is being described as “a merger.” James Hardie will list on the NYSE after the blockbuster deal goes through.
Elsewhere, miner South32 (ASX:S32) has been accused of stealing secrets from Strang International, a Sydney engineering and logistics company. A case relating to the contract in question has been filed in the Federal Court today.
All this feels like tasty appetisers for the real hit this week though: Treasurer Jim Chalmers is sharing what will prove a crucial 2025/26 federal budget tomorrow.
Expect Labor’s budget to include $8B in further stimulus, including more electricity rebates.
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Looking at forex, the Aussie dollar is buying 62.7 US cents.
To commodities, which are in the greenback,
Iron Ore has held at exactly $100 a tonne in Singapore,
Brent Crude is trading at $72.16,
Gold is trading at $3,075 per ounce, and,
US natgas futures are at $3.98 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
