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Donald Trump has made sure Week 22 will open +0.07% up for a flat open in Australia — and most of the trading world — after the U.S. President threatened to pressure the European Union with heavy 50% tariffs by the end of the month.
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This latest Trump tizzy comes because he feels trade talks with the bloc are “going nowhere” and wants more immediate action — an unsurprising play from him these days.
Apple has been down (around -3% heading into Monday) after Trump made similar threats against the tech leader; he wants iPhone production moved to the U.S. Should they fail to comply, he says he’ll leverage 25% tariffs on its sales.
At time of writing, neither the EU or Apple have really baulked at Trump’s warnings.
Back home, interest rates are the topic of the day with April consumer price index data due Wednesday. That should show annual inflation down to 2.3%.
WiseTech Global (ASX:WTC) is expected to be a mover this week too: The Richard White-led digital business giant is all lined up to unveil the bumper $4 billion acquisition of American supply software firm e2open early in Week 22.
And, Westpac (ASX:WBC) has poached CBA (ASX:CBA) exec Andrew McMullan; the nine-year CBA vet will be the first bank boss with “AI” in his title at his upcoming gig.
In mining, SGH Limited (ASX:SGH) is sniffing around the gov-seized Whyalla steelworks.
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Looking at forex, the Aussie dollar is today buying 65 US cents.
To commodities, which are listed in the greenback,
Iron Ore is down another 1%, selling at $98.05 a tonne in Singapore,
Brent Crude has bounced back somewhat to sell at around $65.19 a barrel,
Gold is trading at $3,354 per ounce, and,
US natgas futures are at $3.36 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
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