Australian shares are expected to open just +0.18% higher today as the local bourse returns from a slightly extended break into a shortened Week 24 trading week.
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We Aussies had a break for the King’s Birthday, but overseas things have continued to chug along as before — including in Trumpland, with the U.S. President meeting with Chinese officials in London to open trade talks.
The talks, Trump admitted after a six-hour sit-in, have “not been easy” for either side.
U.S. Commerce Secretary Howard Lutnick did declare the first pow-wow was “fruitful,” but markets have all but halted advances to watch what happens next.
Back home, other bellwethers will hit our desks through today too: The NAB is releasing its business confidence report this morning, while Westpac’s report on consumer confidence will be available around the same time.
The ASX IPO machine is slowly rumbling to life too, with VBX Limited to join the bourse this Wednesday, hot on the heels of gold producer Robex’s $120M float late last week.
BHP Limited (ASX:BHP) and Rio Tinto (ASX:RIO) will have to wait at least 60 more days to start building their mega-sized copper mine in Oak Flat, Arizona, after a federal judge issued an injunction over ongoing concerns around a religious site.
And, Perseus Mining’s (ASX:PRU) chief operating officer, Amanda Weir, resigned today.
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Looking at forex, the Aussie dollar is buying 65.1 US cents.
To commodities, which are all in the greenback,
Iron Ore is starting low this week, down -0.9% to $94.65 a tonne in Singapore,
Brent Crude is trading at $67.05,
Gold is trading at $3,327 per ounce, and,
US natgas futures are at $3.60 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
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