Australian shares are tipped to open Wednesday trade +0.29% higher, but how long that lasts through today remains the question as Donald Trump and Elon Musk lock horns over the President’s “big beautiful” tax bill.
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The U.S. President’s signature bill scrapped through the Senate with a 51-50 vote that came down to Vice President JD Vance casting a tiebreaker.
Musk has claimed the bill is “fiscally irresponsible” while Trump suggested it – and a possible probe into Tesla – would save the U.S. a lot of money as they cut down on “rockets launches, satellites, and electric cars.”
All in all, an amusing fallout to watch, but one that could have further consequences for traders; the Nasdaq already dropped -0.8% on a -5.3% dive for Tesla.
The Dow Jones managed to avoid the spill, adding +0.9%. The FTSE gained +0.3%.
Back home, Aussie retail sales drop at 11.30am; a +0.6% increase is expected — and should get chins wagging around a possible RBA rate cut next Tuesday.
(For mine, I tipped ‘cut’ on the HotCopper Wire podcast in last week’s episode.)
And in company news, Civmec (ASX:CVL) is already catching eyes on the HotCopper forums after scooping up 100% of the shares in Luerssen, a shipbuilding rival. The acquired company will be renamed “Civmec Defence Industries.”
Meeka Metals (ASX:MEK) is celebrating its first pour at Murchison right on scheduled too as the miner’s production plans “continues to ramp-up smoothly.”
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Looking at forex, the Aussie dollar is 65.8 US cents.
And to commodities, all in the greenback,
Iron Ore is another -0.9% lower, selling at $93.15 a tonne in Singapore,
Brent Crude is at $67.24,
Gold is at $3,345 per ounce, and,
US natgas futures are another -1.2% lower 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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