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The Australian market looks set to continue its trickling down slide through to the closing bell in Week 23, with Thursday’s red close – mostly spurred on by traders trying to bank profits – tipped to track through to Friday open.
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The boilover between Trump and Elon Musk hasn’t helped either – in the U.S., the two chummy billionaires have locked horns. Musk said his former ally has been “ungrateful” after his $300 million support; Trump said he was “very disappointed” by his former DOGE advisor; and markets were caught in the middle.
Wall Street, which had yoyoed for much of Week 23, dropped across the board: The S&P 500 closed -0.5% down and was beat by the Nasdaq’s -0.8% drop.
The only thing that may have stabilised things was a call between Trump and Xi Jinping a little later – “very positive,” Trump said – but traders largely ignored that.
It’s perhaps most worrying for Tesla holders, who have to stomach a -14% nosedive.
Back home, BHP Group (ASX:BHP) is pondering a return to nickel. The multinational miner is eyeing a $1.5 billion mine in Tanzania that has the potential to overcome Indonesia’s seemingly endless production flow in the industry.
Magmatic Resources (ASX:MAG) is popping early on the HotCopper forums after declaring it was “very encouraged” by early Myall drilling. The gold miner has seen mineralisation “continue to open up” as they’ve drilled deeper.
And, Oro Banda Mining (ASX:OBM) is preparing for its full-year gold production to come in below guidance after its Davyhurst project was halted for a time.
In NZ, SkyCity (ASX:SKC) is suing Fletcher Building (ASX:FBU) for $330M for “gross negligence.”
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Looking at forex, the Aussie dollar is buying 65 US cents.
To commodities, which are all in the greenback,
Iron Ore has dipped -0.5% to sell at $95 flat a tonne in Singapore,
Brent Crude is trading at $65.19,
Gold is trading at $3,361 per ounce, and,
US natgas futures are at $3.65 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
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