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ASX today – This whole “Trump Always Chickens Out” business is starting to play like a really broken record, with the U.S. President stepping back his mighty tariffs warnings from the weekend at nearly the first opportunity.
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With Trump suggesting his criticism of China may have ‘gone a little too far,’ and Donny being quite hawkish on whether the 100% tariffs to start in November will ever actually take place, investors have regained their confidence.
The semi-backflip from Trump saw renewed hype on Wall Street: The S&P 500 added +1.56%, while the Dow and Nasdaq climbed +1.2% and +2.2%.
Though a fair bit softer, that tide has come to Australia this morning, too.
Heading into open, ASX futures are now pointing to a +0.25% advance, up 23pts.
None of this suggests the U.S.-China tensions are actually resolved yet, considering Beijing still has its rare earths curbs, but traders seem happy to use Trump’s messages to “not worry… it will all be fine” to buy cheaper deals.
And that brings us to our Oz stocks for the day, after many were left battered and bruised by Monday’s bloodbath.
Here are the Tuesday highlights.
Oz stocks to watch
The Triple Zero story should hit headlines again this morning when Telstra (ASX:TLS) hosts its AGM; chief Vicki Brady is expected to lift the lid on the Aussie telco bosses being summoned by comms minister Anika Wells last week.
Elsewhere, new boss Nuno Matos has grand plans for ANZ Group (ASX:ANZ), with a makeover designed to take it beyond NAB (ASX:NAB) and Westpac (ASX:WBC) in the ‘big four’ hierarchy by 2030, at latest.
Toro Energy (ASX:TOE) will be a watch today after it climbed +39% on reports it would be bought out by Toronto rival IsoEnergy this year.
And, in the same vein, Kula Gold (ASX:KGD) has been offered a bid implementation deed from WA gold company Forrestania Resources (ASX:FRS), which would see it acquire all issued KGD shares it doesn’t already own.
Rio Tinto (ASX:RIO) and Paladin Energy (ASX:PDN) report today.
Buck and ore
Now – in forex, the Oz dollar is buying 65.1 U.S. cents.
And looking at commodities, all in the greenback,
Iron Ore is another +1.4% higher, to $106.50 a tonne in Singapore,
Brent Crude is up +1.9%, at $63.39/bbl,
Gold has held its record heights, and is right now at $4,127 an ounce, and,
US natgas futures slipped -0.2%, to $3.09 per gigajoule.
That’s HotCopper’s ASX Market Open, I’m Isaac McIntyre – good luck, happy trading.
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