Australian shares are up around +0.2% in ASX 200 futures heading into Week 28, though all that may change as we get closer and closer to Tuesday’s RBA rate cut call and Trump’s impending “Liberation Day” tariffs unpause day on July 9.
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With Wall Street markets closed at the end of last week for a July 4 holiday, Oz traders are setting their own pace at the start of the week with a +20pt hike.
A big one coming into this week is that the RBA will be hosting its July meeting.
There’s no general consensus on whether we’ll see a cut or a hold on July 8, though this HotCopper writer called ‘cut’ on the HotCopper Wire’s latest episode.
And Trump’s grand unpause day – July 9 in the U.S. – has gov’t officials hurrying around the globe and traders baulking at going too long in Week 28. Treasury Secretary Scott Bessent has suggested some countries may be able to get a three-week extension on the halt, somewhat dampening worry there for the time being.
And through all this, it’s been record-cracking season; the S&P 500 and Nasdaq Composite both closed at ATHs while the ASX again reset the top just last Friday.
Elsewhere, through Week 28, we’ll also welcome another trading debutant: Stepchange Holdings will list on July 10 under ticker code “STH.” The software company is looking to raise $14 million through a 20c-a-share raise.
Data-wise, we’ll get monthly Oz house and building stats on Wednesday morning.
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Looking at forex, the Aussie dollar is 65.5 US cents.
And to commodities, all in the greenback,
Iron Ore will open the new week -0.6% lower, at $95.85 a tonne in Singapore,
Brent Crude is at $67.64,
Gold is at $3,337 per ounce, and,
US natgas futures are another -1.2% lower at $3.34 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
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