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Australian shares are expected to retreat as much as -0.52% heading into a very busy Tuesday, with traders banking cash before Trump’s “Liberation Day” restart – and even sooner, the Reserve Bank’s cut-call decision day.
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For the former, Trump has already returned to threatening tariffs as his grand unpause looms; he wants to impose levies on Japan and South Korea, up to 25% each.
Wall Street has already slunk back slightly on the early tariff salvos, with the Dow Jones retreating -0.94%. The S&P 500, down -0.79%, slid back by its record.
ASX 200 futures – currently around 50 points lower – look set to follow that trend.
The RBA’s July decision may reverse the bourse’s course, though, if a ‘cut’ is actually called.
The sweeping sentiment Down Under seems to be leaning towards that possibility (and even here at HotCopper, I tipped as much on podcast episode fifteen), with CBA economists pointing to July and August as “likely” trim times.
The only thing that may hold Bullock and the board’s hands would be Trump’s tariffs; with them a day later, they’ll hold weight. We’ll know by 2.30pm today.
In company news, BHP Group (ASX:BHP) will be a close watch after a landmark wages ruling from the Fair Work Commission went against the mining major; BHP is now on the hook for as much as $66 million more in wages a year.
And, South32 (ASX:S32) was cut to “Neutral” by Goldman Sachs on its Cerro Matoso sale.
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Looking at forex, the Aussie dollar buys 64.9 US cents.
And over to commodities, all in the greenback,
Iron Ore has kept ticking down, to $95.25 a tonne in Singapore,
Brent Crude is at $69.44,
Gold is at $3,337 per ounce, and,
US natgas futures are selling at $3.40 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre, good luck and happy trading.
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