ASX 200 futures are pointing to a 0.7% decline when Australian shares start trading today, marking Week 9 as a five-day run to forget for many investors – and everything else caught in the splash, like iron ore and the Aussie dollar.
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Just like yesterday, any hopes of a late-week rally have been sorely dented by Trump spruiking tariffs. This time, it’s 10% more to be laid on China, apparently.
He confirmed on his Truth social platform these would begin in March and April.
All this put paid to any green in the U.S.; the S&P 500 dipped into a negative performance for the year to date with a 1.6% drop while the Nasdaq composite etched its worst trade day since the end of January with a 2.78% nosedive.
Back home, most sectors are bracing for the Trump-led downturn, with Materials, Industrials, IT, and Healthcare among those facing the biggest market value drops.
Star Entertainment (ASX:SGR) has landed at its next hurdle as it fights for survival (though my colleague John Davidson and I agreed in this week’s HotCopper podcast its April license renewal is most key there). Today, the floundering casino may call a trading halt after its board again failed to ink financial statements.
Hospitality giant Endeavour Group (ASX:EDV) has found its next executive chairman after a plotted five-month search: Ari Mervis will now succeed Steve Donohue.
TPG Telecom (ASX:TPG) reported it lost $107M this last year after “intense competition.”
In mining, Metals Australia (ASX:MLS) has fired up its drilling rigs at its Lac Carheil high-grade flake-graphite project in Quebec after clearing the usual red tape.
Talisman Mining (ASX:TLM) is being closely watched on HotCopper forums for similar reasons; maiden exploration just started at its Mabel Creek Iron Oxide Copper Gold Project.
Brambles Ltd (ASX:BXB) has had a leadership reshuffle too with Vik Bansal, who was Boral’s chief executive, as a non-executive director. His focus will be on “business strategy and transformation,” the equipment company said.
Looking at forex, the sinking Aussie dollar is buying 62.3 US cents.
To commodities, which are in the greenback,
Iron Ore has shaved 0.5% to $105.30 a tonne in Singapore,
Brent Crude is trading at $73.74,
Gold is trading at $2,887 per ounce, and,
US natgas futures have retreated 5% to sell at $3.93 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
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