Yesterday’s green open may have tricked some people into thinking the Week 10 dive was over, but ASX 200 futures this morning would be setting them right – there’s a 1.1% downturn coming at 10am when trade gets going.

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The local bourse retreated below 8,100 points at close yesterday and now looks set to compound that red rush by dipping dangerously close to under 8,000.

As mentioned by HotCopper as we wrapped up Thursday, Donald Trump’s snap call to pause Mexico and Canada’s tariffs has knocked markets around; the Nasdaq was hit especially hard, down 10% from its recent December highs.

The S&P 500 wasn’t spared either; it’s nearly entirely handed back its election jump.

Conversely, stocks in Europe mostly advanced overnight after the European Central Bank cut interest rates in an attempt to re-fire the region’s stalled economy.

Aussie markets look like they’re headed the same way as the U.S., with “the most volatile earnings season on record” and Cyclone Alfred not helping.

Back home, directional data will come at 11.30am today when the ABS shares its January Household Spending Indicator. While things may have changed, spending had mostly stalled to start the year; CommBank predicted as much in mid-February.

In company news, Star Entertainment (ASX:SGR) looks to have found a guardian angel in the shape of its Hong Kong investors, who are plotting a $50 million bailout loan.

Similarly, Queensland coal miner Chris Wallin has offered the Star a $200m bridging loan.

In a big win, Hillgrove Resources (ASX:HGO) has hauled in record copper production at its Kanmantoo mine through February, the company reported this morning.

Westpac (ASX:WBC) chief executive Jason Yetton, who ran the consumer division, has also resigned this morning after less than two years at the bank.

More market news

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Tough trim: Why rate cuts are bad news for the Australian economy

Later today, Siguiri Gold Corp will be joining the local bourse at 12pm in Sydney. The mineral explorer – which has been building to this float for some time – will list under ticker code “SGD” at 20cps; it’s aiming to raise $10 million.

Western Australia goes to the polls this weekend too: That election’s results may have long-lasting effects for the mining companies based in the western Oz state.

To the forex, the Aussie dollar is buying 63.3 US cents.

And to commodities, which are in the greenback,⁠

Iron Ore has climbed back to a hair above $100 a tonne in Singapore,

Brent Crude is trading at $69.44,

Gold is trading at $2,922 per ounce, and, 

US natgas futures are at $4.27 per gigajoule.

That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.