Australian shares are expected to open -0.7% lower today, with traders left skittish after U.S. CPI data from June showed Trump’s long-standing tariffs campaign is starting to seep into consumer prices, sending them higher.
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The 0.3% CPI rise in May was expected, but shares still dropped on the largest gain since January; the U.S. dollar bumped up, and Treasury yields spiked.
Wall Street had mixed feelings on it all – the S&P 500 and the Dow Jones lost -0.4% and a full -1%, respectively, while the tech-loaded Nasdaq composite defied its sister indexes and closed in the green on Tuesday.
Oz looks destined to follow the Dow lower, with a 60-point loss in ASX futures.
Also at home, more shockwaves from the Reserve Bank’s proposed card surcharge ban are expected too, with Financials a hot Wednesday watch. (EFTPOS merchant Tyro Payments (ASX:TYR) is already down -2.7% this week.)
Elsewhere, Rio Tinto (ASX:RIO) has found a new helmsman. The mining giant appointed its Australian head of iron ore, Simon Trott, to the role.
The major – which has dropped more than -2.3% on Wall Street – will also share its latest quarterly report today alongside earnings updates from Evolution Mining (ASX:EVN), Amplitude Energy (ASX:AEL), and more.
And on HotCopper forums, West Coast Silver (ASX:WCE) has popped up as an early topic after the explorer hit high-grade silver intercepts at Elizabeth Hill.
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Looking at forex, the Aussie dollar is 65.1 US cents.
To commodities, all in the greenback,
Iron Ore has slumped back, down -0.6% to $98.95 a tonne in Singapore,
Brent Crude is at $68.95,
Gold is at $3,329 per ounce, and,
US natgas futures are at $3.52 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck and happy trading.
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