Australian shares are heading into Week 31 up around 0.33% – in early morning ASX 200 futures, at least – after the U.S. and European Union completed a trade deal that will see European goods whacked with 15% taxes.
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Trump’s already heralding it as “the biggest ever made” – and considering it’s pushing Wall Street on to a fifth straight record day, it is clearly quite sizeable.
Traders liked the deal because, as EU President Von der Leyen said, it brings “stability.”
It sets Aussie trade up for a green start to what could be a very topsy-turvy week, with everything from FY25 earnings to CPI numbers and then a bellwether Federal Reserve meeting coming on Friday in the U.S.
First up, earnings season is kicking off proper this week; Rio Tinto (ASX:RIO) will be among the first big companies opening proceedings today.
And, perhaps even more importantly than what any one company can offer up is Wednesday’s consumer price index report. The RBA has been very clear that any further rate cuts this year will hinge on inflation data.
Early estimates are hovering around 0.9% for the June quarter; 2.3% annually.
The RBA wants it close to 2.7% annually, so that may scupper a possible August chop.
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To forex, the Aussie dollar opens W31 selling at 65.7 US cents.
To commodities, which are all in the greenback,
Iron Ore opens weekly trade selling at $103.10 a tonne in Singapore,
Brent Crude is at $68.52,
Gold is at $3,334 per ounce, and,
US natgas futures are still down, selling at $3.10 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck and happy trading.
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