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Australian shares are now expected to open Week 16 as much as 0.7% higher as hopeful traders everywhere leave Donald Trump’s chaotic tariffs campaign and its historically wild market swings behind – at least, for now.
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Week 15 was, of course, one of the strangest trading weeks we’ve seen outside of complete economic collapses and global pandemics like COVID-19.
Now, maybe, we can take a breath and resume regular scheduling from today.
There are still some out-of-the-ordinary factors too though – we’re well and truly in the countdown to the 2025 Election now, with Liberal and Labor tussling over a whole fistful of political battlegrounds up to Saturday, May 3.
There is still turmoil in the U.S., with futures there pointing to a more mellow outlook after Wall Street indexes rose around 5% through last week’s rollercoaster.
In company news, Glencore brass’ visit to Australia in Week 15 has restarted whispers it and Rio Tinto (ASX:RIO) may be discussing a blockbuster merger.
In a similar vein: Dexus (ASX:DXS) is being closely watched after GPT Group (ASX:GPT) emerged as a potential team-up partner. Dexus talked to Blackstone in the past, but may have now found a second interested M&A suitor.
BlueScope Steel (ASX:BSL) is the top topic on HotCopper forums to start today after its team suggested the Whyalla steelworks needs $180M in repairs.
Up later this week – The RBA will share its April meeting minutes at 12.30pm tomorrow.
Oz employment data from March will also be available from midday Thursday.
More market news
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Looking at forex, the Aussie dollar is buying 62.8 US cents.
To commodities, which are in the greenback,
Iron Ore has stayed mostly flat, up 0.06% to $97.20 a tonne in Singapore,
Brent Crude is trading at $64.68,
Gold is trading much higher at $3,240 per ounce, and,
US natgas futures are at $3.48 per gigajoule.
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