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Australian shares will end Week 31 on a dour note, down 70 points in futures, with Trump’s long-heralded tariffs unpause date – which has been pushed back at the eleventh hour before – inked in for Friday, Aug. 1 in the U.S.
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The ASX 200’s -0.75% dip in futures lines up closely with the Dow’s -0.7% drop, as well as the DAX in Europe, -0.8%, and Shanghai’s composite, -1.18%.
Overall sentiments are low as Trump prepares to sign executive orders imposing higher tariffs on any country that failed to set up deals with the White House through to Trump’s all-important August 1 restart date.
A baseline 15-to-20% tariff will hit “the world,” the U.S. President has said.
Oz may dodge more than that thanks to its free trade deal with America, but it’s still a lot.
All eyes are on the White House to see if Trump chickens out again and extends the delay; he’s been saying he’ll “stand strong” and deploy them this time.
Under that big tariff shadow, there’s not been much morning company news on the Australian markets yet. Lakes Blue (ASX:LKO) has started drilling at its Wombat-5 Well, while Bellevue Gold (ASX:BGL) bumped up guidance.
ResMed (ASX:RMD) is also reporting today as earnings season wraps up.
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To forex, the Aussie dollar is ending W31 at 64.2 US cents.
To commodities, all in the greenback,
Iron Ore has kept dropping, down another -2% to $99.70 a tonne in Singapore,
Brent Crude is at $71.82,
Gold is at $3,296 per ounce, and,
US natgas futures are up slightly, selling at $3.09 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck and happy trading.
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