Before the Bell: ASX to rise, S&P 500 presses higher
Australian shares are set to open higher, with US equities advancing on hopes for a positive outcome from US-China trade talks in London and the S&P 500 moving closer to resetting its record high.
The Trump administration is signalling that it's ready to ease some restrictions on sales of semiconductors to China in exchange for China easing limits on rare earth shipments.
'Fear, capitulation and offsides positioning have driven the 20 per cent-plus rebound in the S&P 500 and Nasdaq Composite,' Morgan Stanley Wealth Management's Lisa Shalett said in a note. 'While 'peak pessimism' may be past, we believe we are far from back to where we were in January.'
Shalett also said regardless of what actually happens with tariffs, the market seems to view them as 'old and manageable news'. Still: 'While markets are anticipatory, the current rally still seems to be struggling with a credible narrative.'
Market highlights
ASX futures are pointing up 23 points or 0.3 per cent to 8582.
All US prices are as of 2.20pm New York time.
Today's agenda
NAB will release its monthly business confidence report on Tuesday morning as well as Westpac releasing its June consumer confidence report.
Top stories
ASIC shakes up float rules to jumpstart struggling IPO market | The trial measures will accelerate listings and represent the biggest changes to the process for almost a decade.
Big majority doesn't mean big plans, Albanese cautions | Anthony Albanese is hosing down expectations he is about to embark on a bold new agenda, saying Labor must deliver what it promised in the election.
| Western Australia reserves a portion of its export gas for domestic use – and has some of the lowest prices in the world.
US distressed debt giant lobs bid for collapsed airline Rex | Bids for the carrier, better known as Rex, were collected last week with local and international buyers canvassed by investment bank Houlihan Lokey.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
41 minutes ago
- News.com.au
US-China trade talks providing ‘optimism' of possible progress
CommSec's Tom Piotrowski claims there's 'optimism' that there'll be some progress made in the trade war between China and America amid a new round of talks between the two nations. 'One of the factors that is top of mind for Northern Hemisphere investors – or indeed globally at the moment – is the looming trade talks that will take place between the Chinese and US leadership. This is going to happen in London,' he told Sky News Australia. 'There's some optimism that there'll be some progress made, but that's only been reflected very modestly in US markets as they closed overnight.'
West Australian
2 hours ago
- West Australian
Anthony Albanese says Labor will fight ‘frustration' in government and deliver on election promises, in National Press Club address
Anthony Albanese will use his first major speech since winning a second term to promise to fight against growing cynicism and 'frustration' in government. The Prime Minister will put forward his second-term agenda in an address to the National Press Club in Canberra on Tuesday, vowing to 'make a real difference to people's lives'. That includes delivering on Labor's policies to boost bulk-billed GP appointments, decrease student debt and other cost-of-living measures. While he will acknowledge the 'significant global uncertainty' and 'economic instability' currently underpinning the world, he says Labor will be a 'practical and positive alternative' and delivers on its 'vision for a stronger, fairer Australia'. 'It is the more corrosive proposition that politics and government and democratic institutions, including a free media, are incapable of meeting the demands of this moment,' he is expected to say. 'Our responsibility is to disprove it. 'To recognise that some of this frustration is drawn from people's real experience with government – be it failures of service delivery, or falling through the cracks of a particular system. 'To counter this, we have to offer the practical and positive alternative.' Mr Albanese's comments on a volatile international environment comes as he is expected to have his first face-to-face meeting with US President Donald Trump when he travels to Canada for the G7 Leader's Summit over the weekend. Labor faces a heavy policy agenda when parliament finally sits on July 22 for the first time since the May 3 election, with Mr Albanese promising to legislate a 20 per cent discount of student debts as its first priority. Mr Albanese will also highlight Labor's election vow to ensure 90 per cent of GP visits are bulk-billed by 2030, progress on reaching net zero emissions by 2050, and its continued target to build 1.2 million new homes through the Housing Accords as other key areas for 'delivery' in Labor's second term. 'Our second term agenda has been shaped by the lives and priorities of the Australian people. And it is built on Australian values,' he will say. 'It is the mission and the measure of a Labor government to give those enduring ideals of fairness, aspiration and opportunity renewed and deeper meaning, for more Australians. 'To deliver reforms that hold no-one back – and drive progress that leaves no-one behind.' The government will also expand its First Home Guarantee scheme to all first home buyers, regardless of income caps, which allow them to purchase an eligible property with a 5 per cent deposit, while also avoiding lender's mortgage insurance. Labor has also committed to investing $10bn to build 100,000 new homes which will be earmarked for firsthome buyers. Since Labor's election landslide on May 3, it has faced attacks on its plan to bring in a 30 per cent tax on superannuation balances over $3m. While the Greens have already flagged it will work with Labor to most likely pass the tax in the Senate, the Coalition have criticised the policy as a 'grab for revenue'. However Jim Chalmers has rebuked changes to the tax, calling the changes 'modest' and 'methodical,' which will make a 'meaningful difference to the budget'.
Perth Now
2 hours ago
- Perth Now
Albo's vow to Aussies after landslide win
Anthony Albanese will use his first major speech since winning a second term to promise to fight against growing cynicism and 'frustration' in government. The Prime Minister will put forward his second-term agenda in an address to the National Press Club in Canberra on Tuesday, vowing to 'make a real difference to people's lives'. That includes delivering on Labor's policies to boost bulk-billed GP appointments, decrease student debt and other cost-of-living measures. While he will acknowledge the 'significant global uncertainty' and 'economic instability' currently underpinning the world, he says Labor will be a 'practical and positive alternative' and delivers on its 'vision for a stronger, fairer Australia'. 'It is the more corrosive proposition that politics and government and democratic institutions, including a free media, are incapable of meeting the demands of this moment,' he is expected to say. 'Our responsibility is to disprove it. 'To recognise that some of this frustration is drawn from people's real experience with government – be it failures of service delivery, or falling through the cracks of a particular system. 'To counter this, we have to offer the practical and positive alternative.' Anthony Albanese will outline his vision for his second-term government at the National Press Club on Tuesday. NewsWire/ Martin Ollman Credit: News Corp Australia Mr Albanese's comments on a volatile international environment comes as he is expected to have his first face-to-face meeting with US President Donald Trump when he travels to Canada for the G7 Leader's Summit over the weekend. Labor faces a heavy policy agenda when parliament finally sits on July 22 for the first time since the May 3 election, with Mr Albanese promising to legislate a 20 per cent discount of student debts as its first priority. Mr Albanese will also highlight Labor's election vow to ensure 90 per cent of GP visits are bulk-billed by 2030, progress on reaching net zero emissions by 2050, and its continued target to build 1.2 million new homes through the Housing Accords as other key areas for 'delivery' in Labor's second term. 'Our second term agenda has been shaped by the lives and priorities of the Australian people. And it is built on Australian values,' he will say. 'It is the mission and the measure of a Labor government to give those enduring ideals of fairness, aspiration and opportunity renewed and deeper meaning, for more Australians. 'To deliver reforms that hold no-one back – and drive progress that leaves no-one behind.' The May 3 federal election delivered a thumbing win to Mr Albanese, with Labor securing a significant majority of 94 seats. Jason Edwards/ NewsWire Credit: News Corp Australia The government will also expand its First Home Guarantee scheme to all first home buyers, regardless of income caps, which allow them to purchase an eligible property with a 5 per cent deposit, while also avoiding lender's mortgage insurance. Labor has also committed to investing $10bn to build 100,000 new homes which will be earmarked for firsthome buyers. Since Labor's election landslide on May 3, it has faced attacks on its plan to bring in a 30 per cent tax on superannuation balances over $3m. While the Greens have already flagged it will work with Labor to most likely pass the tax in the Senate, the Coalition have criticised the policy as a 'grab for revenue'. However Jim Chalmers has rebuked changes to the tax, calling the changes 'modest' and 'methodical,' which will make a 'meaningful difference to the budget'.
