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The Australian sharemarket is expected to jump at open this Tuesday, with ASX 200 futures now pointing to a +0.8% hike – up to nearly 8,459 points – as China and the U.S. continue to trade headline blows in their trade war.
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Overnight, Beijing declared the White House had “seriously undermined” their truce – a rebuttal to Trump claiming Xi Jinping had violated their deal.
The back and forth did little to knock investor sentiments, though (perhaps considering traders have seen it all before), and the S&P 500 had advanced as much as +0.4% higher by close. The Nasdaq ended even higher, up +0.7%.
Back home, Telstra (ASX:TLS) will be a mover and shaker today after the telecom titan partnered with Elon Musk’s SpaceX for its satellites to allow customers to send and receive text messages in areas without mobile service.
Woodside Energy (ASX:WDS) is taking on the Senegal gov’t, filing a complaint with the World Bank over taxes they’ve been forced to pay while operating in the country.
And, HotCopper users are watching MTM Critical Minerals (ASX:MTM) after the explorer scooped up 98% recovery of high-grade antimony from U.S. waste.
To note early today – the Fair Work Commission will be handing down the annual award wage decision at 10am in Sydney. The decision is tipped to be “less consequential” thanks to lower inflation, with a rise of around 3.5% most likely.
Also in economic news, we’ll get the RBA’s May meeting minutes at 11:30am today.
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Over in forex, the Aussie dollar is buying 64.9 US cents.
To commodities, which are in the greenback,
Iron Ore has fallen -0.3% to sell at $95.30 a tonne in Singapore,
Brent Crude is trading at $65.14,
Gold is trading at $3,389 per ounce, and,
US natgas futures are at $3.73 per gigajoule.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
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