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Australian shares are set to fall somewhat, with futures tipping a -0.4% drop for the ASX 200 at open today, mostly due to — you guessed it — more twists and turns around Trump’s tariffs blitz and whether they’re really legal.
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Trump was yesterday told by the U.S. Court of International Trade that his Liberation Day tariffs had “overstepped his authority” and had to be halted.
Just 18 hours later, though, the trade court has backed down on the hand slap.
(Very Trump of them, we must say, considering that new “TACO” acronym floating around.)
Wall Street seemed emboldened by the court’s reversal, if only slightly, with the S&P 500 and Nasdaq composite both now tracking towards +0.4% gains for close.
Back home, there’s more energy news — Viva Energy (ASX:VEA) has seen its Corio Bay gas import terminal conditionally approved by the Victorian gov’t. Should the project cross the line, it would be the state’s first such terminal.
Elsewhere, West Coast Silver (ASX:WCE) has got its inaugural drilling at Elizabeth Hill underway. It’s testing extensions for known high-grade mineralisations.
Lunnon Metals (ASX:LM8) is on the other side: It just found a new structure after drilling.
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Looking at forex, the Aussie dollar is buying 64.4 US cents.
To commodities, which are in the greenback,
Iron Ore has bounced back 1%, to $97.05 a tonne in Singapore,
Brent Crude is trading at $64.03,
Gold is trading at $3,322 per ounce, and,
US natgas futures are at $3.54 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
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