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The local bourse will open as much as 2% lower this Wednesday morning as Australian markets continue to track the escalating China-U.S. trade war.
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The White House is preparing to impose tariffs worth as much as 104% on Chinese exports today. Trump’s levies pile-up is a response to China’s crackdown – Beijing threatened to impose retaliatory tariffs on the U.S. this week.
Trump and his staff really didn’t like that; they added more tariffs to the count in reply.
Whether that really bothers Beijing remains to be seen, though Chinese Premier Li Qiang declared China has plenty of tools to “fully offset” any external issues.
The back-and-forth salvo dented Wall Street more, with the S&P 500 losing 4%.
JPMorgan Chase & Co warned a mild recession for global markets is “100% priced in.”
Back home, Antipa Minerals (ASX:AZY) now controls 100% of the Paterson Project in Western Australia after IGO Newsearch (an IGO Ltd (ASX:IGO) subsidiary) elected to withdraw from the farm-in agreement signed in 2020.
Great Western Exploration (ASX:GTE) has fired up drills at its Sumo Niobium Target, with the maiden hunt focused on “a large, robust, and coherent lag niobium soil anomaly.”
Brightstar Resources (ASX:BTR) has excited some HotCopper forum users early today too after the gold miner successfully blasted the underground portal at its Fish Mine – and all on a cheaper-than-expected budget than expected too.
Elsewhere, Nine Entertainment (ASX:NEC) has landed a $210 million broadcast rights deal with Rugby Australia that will see the Wallabies on free-to-air to 2030.
Also to watch: New Zealand’s central bank is being tipped to cut rates to 3.5% today.
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Looking at forex, the Aussie dollar is buying 59.4 US cents.
To commodities, which are in the greenback,
Iron Ore has kept falling to now sell at $94.90 a tonne in Singapore,
Brent Crude is trading 4% lower at $61.67,
Gold is trading at $2,998 per ounce, and,
US natgas futures are down another 4.9%, to $3.47 per gigajoule.
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