Join our daily newsletter At The Bell to receive exclusive market insights
Australian shares are tipped to open Wednesday trade +0.29% higher, but how long that lasts through today remains the question as Donald Trump and Elon Musk lock horns over the President’s “big beautiful” tax bill.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
The U.S. President’s signature bill scrapped through the Senate with a 51-50 vote that came down to Vice President JD Vance casting a tiebreaker.
Musk has claimed the bill is “fiscally irresponsible” while Trump suggested it – and a possible probe into Tesla – would save the U.S. a lot of money as they cut down on “rockets launches, satellites, and electric cars.”
All in all, an amusing fallout to watch, but one that could have further consequences for traders; the Nasdaq already dropped -0.8% on a -5.3% dive for Tesla.
The Dow Jones managed to avoid the spill, adding +0.9%. The FTSE gained +0.3%.
Back home, Aussie retail sales drop at 11.30am; a +0.6% increase is expected — and should get chins wagging around a possible RBA rate cut next Tuesday.
(For mine, I tipped ‘cut’ on the HotCopper Wire podcast in last week’s episode.)
And in company news, Civmec (ASX:CVL) is already catching eyes on the HotCopper forums after scooping up 100% of the shares in Luerssen, a shipbuilding rival. The acquired company will be renamed “Civmec Defence Industries.”
Meeka Metals (ASX:MEK) is celebrating its first pour at Murchison right on scheduled too as the miner’s production plans “continues to ramp-up smoothly.”
More market news
Meet GeoGeorge: The HotCopper poster so accurate he got hired as an analyst
“Not possible”: ACCC is taking AGN to court over gas port claims
Looking at forex, the Aussie dollar is 65.8 US cents.
And to commodities, all in the greenback,
Iron Ore is another -0.9% lower, selling at $93.15 a tonne in Singapore,
Brent Crude is at $67.24,
Gold is at $3,345 per ounce, and,
US natgas futures are another -1.2% lower at $3.41 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
Join the discussion: See what’s trending right now on Australia’s largest stock forum and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
