Australian shares are being tipped to open +0.65% higher today, reclaiming much of the earlier Week 22 slip as Donald Trump backed down on threats to level weighty 50% tariffs on the European Union as soon as possible.
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Wall Street edged back to near its three-month high after Trump delayed the EU tariffs deadline until July 9; he then said he was “encouraged” by talks overnight.
(It’s far from the first time Trump has balked, hence the pretty funny new “TACO” acronym being spruiked in Aussie media — Trump always chickens out.)
Also buoying U.S. traders was a “striking” Conference Board report that confirmed the Consumer Confidence Index has spiked by 12.3 points. Early estimates hadn’t placed the rise nearly that high, spurring some eager buying.
Following these headwinds, the S&P 500 closed 2.1%. The Nasdaq beat it too, up +2.5%.
At home, beleaguered Nufarm (ASX:NUF) is facing pressure after its weak first-half profits reports; shareholders are demanding John Gillam consider a sale.
Mineral Resources (ASX:MIN) will be one to watch today after it snuck in an Onslow downgrade late on Tuesday. It dropped predictions from 8.7 million tonnes to 7.8 million.
Elsewhere, Santos (ASX:STO) and Woodside Energy (ASX:WDS) are still throwing haymakers over the North West Shelf extension — the Aussie LNG superpowers called recent arguments against the deal “ridiculous” and warned any moves to block it would only see coal consumption quickly increase instead.
To note too: The Oz Monthly CPI Indicator will be shared today at 12:30pm.
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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 is down yet another 1%, selling at $96.05 a tonne in Singapore,
Brent Crude has dropped again to sell at around $64.30 a barrel,
Gold is trading at $3,307 per ounce, and,
US natgas futures are at $3.41 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
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