Nvidia's $1.5 trillion rally has traders primed for more
Nvidia shares have staged a $US1 trillion ($1.5 trillion) rebound in two months — and investors are betting the rally has further to go as fears about the chipmaker give way to optimism.
Last week's earnings report assuaged some key investor concerns: particularly whether US restrictions on the sales of advanced semiconductors in China would derail Nvidia's rapid revenue growth as well as the outlook for artificial intelligence spending, and the firm's ability to expand supply of its newest Blackwell chips.
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Man of Many
20 hours ago
- Man of Many
The Nintendo Switch 2 is Out Today: Here's What You Need to Know
By Dean Blake - News Published: 5 June 2025 Share Copy Link Readtime: 8 min Every product is carefully selected by our editors and experts. If you buy from a link, we may earn a commission. Learn more. For more information on how we test products, click here. The day we've been waiting for is finally here: The Nintendo Switch 2 launches today. After literal years of leaks, months of waiting since the reveal event hosted in April, and a deluge of information being released by the Japanese company what feels like every day, people will today be able to get their hands on the next-gen handheld-hybrid console. I got the chance to test the console out a few months ago, which you can read about here, but if you haven't been able to try out the device at any of the local showings, it honestly looks and feels great. That's not a review, though: those are likely to start dropping in the next few days and weeks. Nintendo has made the very-Nintendo decision to send out review consoles this week, rather than ahead of time, due to the fact the console will need a firmware update to operate. Does this mean the console won't work at all without being able to connect to the internet at least once? We honestly don't know yet. We'll be getting a console and a few games care of Nintendo this week, and getting you some honest thoughts and feedback on the console will be my personal highest priority. For now though, let's review (ha) what the console is delivering in terms of upgrades over the original system, the games you can grab on day one, as well as where you can even buy this thing. 'Mario Kart World' on Nintendo Switch 2 | Image: Dean Blake/Man of Many How Powerful is the Nintendo Switch 2? While the Switch 2's reveal event was pretty light on technical details, we've since gotten quite a bit more clarity on exactly what is powering Nintendo's next-gen efforts. Here's what we know, care of the wonderful people over at Digital Foundry for the meaty tech specs. Nintendo Switch 2 Nintendo Switch 1 (OLED Model) Price AUD$699 (console only) AUD$769 (w/ Mario Kart World) AUD$539 Screen 7.9' 1080p LCD screen 279 pixels-per-inch Up to 120hz refresh rate HDR capable 10-point multi touch 7' 720p OLED screen 210 pixels-per-inch Up to 60hz refresh rate 10-point multi touch GPU Nvidia custom Ampere 1007MHz (docked), 561MHz (mobile), Max 1.4GHz Nvidia custom Tegra X1 768MHz (docked), 460MHz (mobile), Max 921MHz CPU 8x ARM Cortex A78C 998MHz (docked), 1101MHz mobile, Max 1.7GHz 1536 CUDA Cores 4x ARM Cortex A57 1020 MHz (docked and mobile), Max 1.785GHz 256 CUDA cores Memory 12GB LPDDR5 RAM 4GB LPDDR4 RAM Battery 5220mAh Approximately 2-6 hours playtime Approximately 3 hours to charge to full 4310mAh Approximately 4.5-9 hours playtime Approximately 3 hours to charge to full Built-in Storage 256GB 64GB Ports Game Card Slot 2 USB-C ports 4-pole stereo 3.5mm audio jack microSD Express card slot Game Card Slot 1 USB-C port 4-pole stereo 3.5mm audio jack microSD card slot Dimensions 166mm x 272mm x 13.9mm Approximately 401 grams 102mm x 242mm x 13.9mm Approximately 320 grams What's included – Switch 2 Console – Joy-Con 2 controllers (L+R) – Joy-Con 2 Grip – Joy-Con 2 Straps – Nintendo Switch 2 Dock – Ultra High-Speed HDMI Cable – Nintendo Switch 2 AC Adapter – USB-C Charging Cable – Mario Kart World Download Code (in bundle) – Switch OLED Console – Joy-Con controllers (L+R) – Joy-Con Grip – Joy-Con Straps – Nintendo Switch Dock – HDMI Cable – Nintendo Switch AC Adapter – USB-C Charging Cable – Pack-in Game (in bundles) Scroll horizontally to view full table What does any of that mean? Well, it means many of the rumours, some of which go back to 2021, were spot on, and also that the Switch 2 is going to outclass the original Switch by a country mile. In terms of power, the Switch 2 is already showing off some big power gains on even comparable and competitive hardware, such as Valve's Steam Deck, though I doubt it'll outclass some of the higher-end (and far more expensive) PC handhelds, such as the Lenovo Legion Go or the AyaNeo Kun, in terms of raw power. It is a much smaller, more portable device than any of those, though, and has the benefit of the Nintendo brand to pull it to success. Yes, the Steam Deck is a very popular console that has sold an estimated 4 million units since its launch in 2022, but compare that to the Switch 1's meteoric 150 million units sold since 2017 and you'll start to see how wide the sales gulf is. We're already seeing lines around the block for the Switch 2's launch, so it's fair to expect the Switch 2 to do well. What's particularly impressive about the new system is the screen: it's a pretty sizeable bump up in multiple ways. Obviously, it's bigger, but it's also denser: the Switch 2 features 279 pixels-per-inch, which will go a long way in making that larger 7.9' screen pop, especially with the increase in resolution from 720p on the OG Switch to 1080p. Plus, it's capable of hitting 120Hz, which is nothing to sneeze at. The Switch OLED plays host to a 60Hz screen, the Steam Deck OLED 90Hz, while the ROG Ally X also sits at 120Hz. Only the Lenovo Legion Go beats the pack with a 144Hz screen, but that console is about twice as thick, heavy, and expensive as the Nintendo Switch 2. Well all know Nintendo consoles tend to sell off the back of solid software, though, so let's take a look at what's coming to the Switch 2. Confirmed Switch 2 Games When it comes to exciting launch line-ups, Nintendo really hit it out of the park with the original Switch, which launched with an upgraded version of the now legendary Legend of Zelda: Breath of the Wild. This time around, for the Switch 2, Nintendo is giving us a brand new Mario Kart game in Mario Kart World. While the game may not tickle the fancy of the most hardcore gamers, it's worth remembering that Mario Kart 8, which launched across the WiiU and the Switch with a Deluxe port, are considered the fourth best selling game of all time. If that's not to your taste, though, there's plenty of other options there for you. Beyond being able to play compatible Switch 1 games and the addition of a few Gamecube games to the Nintendo Switch Online + Expansion Pack service, here's a full list of everything confirmed to be coming to the Switch 2 this year. Title Release Date Mario Kart World 5 June, 2025 Cyberpunk 2077: Ultimate Edition 5 June, 2025 Fortnite 5 June, 2025 Street Fighter 6 5 June, 2025 Split Fiction 5 June, 2025 Yakuza 0: Director's Cut 5 June, 2025 The Legend of Zelda: Breath of the Wild – Nintendo Switch 2 Edition 5 June, 2025 The Legend of Zelda: Tears of the Kingdom – Nintendo Switch 2 Edition 5 June, 2025 Arcade Archives 2: Ridge Racer 5 June, 2025 Bravely Default: Flying Fairy HD Remaster 5 June, 2025 Civilisation VII 5 June, 2025 Deltarune 5 June, 2025 Fantasy Lift i: The Girl Who Steals Time – Nintendo Switch 2 Edition 5 June, 2025 Fast Fusion 5 June, 2025 Hitman: World of Assassination – Signature Edition 5 June, 2025 Hogwarts Legacy 5 June, 2025 Kunitsu-Gami: Path of the Goddess 5 June, 2025 Nintendo Switch 2 Welcome Tour 5 June, 2025 Nobunaga's Ambition: Awakening Complete Edition 5 June, 2025 Puyo Puyo Tetris 2S 5 June, 2025 Rune Factory: Guardians of Azuma – Nintendo Switch 2 Edition 5 June, 2025 Shine Post: Be Your Idol! 5 June, 2025 Sonic X Shadow Generations 5 June, 2025 Suikoden I & II HD Remaster: Gate Rune and Dunan Unification Wars 5 June, 2025 Survival Kids 5 June, 2025 Raidou Remastered: The Mystery of the Soulless Army 19 June, 2025 Tamagotchi Plaza – Nintendo Switch 2 Edition 27 June, 2025 Tony Hawks Pro Skater 3 + 4 11 July, 2025 Donkey Kong Bananza 17 July, 2025 Shadow Labyrinth – Nintendo Switch 2 Edition 18 July, 2025 Super Mario Party Jamboree – Nintendo Switch 2 Edition + Jamboree TV 24 July, 2025 No Sleep for Kaname Date – From AI: The Somnium Files 25 July, 2025 Wild Hearts S 25 July, 2025 Ys X: Proud Nordics 31 July, 2025 Madden NFL 26 14 August, 2025 Inazuma Eleven: Victory Road 21 August, 2025 Story of Seasons: Grand Bazaar – Nintendo Switch 2 Editions 27 August, 2025 Kirby and the Forgotten Land – Nintendo Switch 2 Edition + Star-Crossed World 28 August, 2025 Star Wars Outlaws 4 September, 2025 Daemon X Machina: Titanic Scion 5 September, 2025 Borderlands 4 12 September, 2025 Pokemon Legends: Z-A -Nintendo Switch 2 Edition 16 October, 2025 Dragon Quest I & II HD-2D Remake 30 October, 2025 AFL 26 2025 Drag x Drive 2025 Elden Ring: Tarnished Edition 2025 FUR Squadron Phoenix 2025 Goodnight Universe 2025 Hades II 2025 Hollow Knight: Silksong 2025 Hyrule Warriors: Age of Imprisonment 2025 Kirby Air RIders 2025 Marvel Cosmic Invasion 2025 Metroid Prime 4: Beyond – Nintendo Switch 2 Edition 2025 Mouse Work 2025 Obakeidoro 2: Chase & Seek 2025 Professor Layton and the New World of Steam 2025 Reanimal 2025 Two Point Museum 2025 Witchbrook 2025 Yooka-Replaylee 2025 Scroll horizontally to view full table That is quite a bit, and there's already more in the works for 2026—such as From Software's The Duskbloods, a PvPvE souls-style game somehow echoing Bloodborne, Sekiro, Nioh, and The Surge all at once. There'll definitely be more games announced as the weeks and months roll on, so if your favourite Nintendo series isn't represented just yet, there's still hope. New Fire Emblem or Legend of Zelda game, please? Donkey Kong Bonanza | Image: Nintendo Where can you buy the Nintendo Switch 2 In all honesty, it's not clear yet which retailers will have stock left over after pre-orders have been filled. There have been reports across social media of people's pre-orders being cancelled by retailers, which tends to mean they took more pre-orders than Nintendo sent consoles, and could mean we're looking at a lower stock volume at retailers than anticipated and a 'sold out' situation. However, if you want to try your luck, you can try purchase the Switch 2 from any major electronics or games store and hope they restock quickly. God speed.
News.com.au
20 hours ago
- News.com.au
Top 10 at 11: Green open places ASX in touching distance of all-time high
Morning, and welcome to Stockhead's Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading. With the market opening at 10am sharp eastern time, the data is taken at 10:15, once trading kicks off in earnest. In brief, this is what the markets have been up to this morning. Mixed Wall Street performance It was a mixed performance on Wall Street overnight, with semiconductor stocks powering the Nasdaq into the green while the other indices fell or remained essentially flat. ON Semiconductor CEO Hassan El-Khoury signalled the industry was showing signs of recovery at the Bank of America Global Technology Conference. 'We're expecting growth driven by our penetration and our success that we've had in EVs in China, but we're also going to benefit from a broad-based recovery based on the signs that we see even for the second half of this year,' he said. The stock jumped 6.1%, followed by several of its peers. Those included Broadcom, which added 1.65% to hit a new all-time high. Nvidia gained 0.5%, NXP Semiconductors 5.6%, and AMD and Micron Technology about 1% each. Industry leading Taiwanese chipmaker TSMC jumped 4.2%. Unfortunately, the tech stock wins came against a backdrop of a slow down in US economic data. Trump has another go at Powell Private sector hiring slowed to its lowest pace in over two years, transitioning into its fourth contraction period in five years. The services sector also contracted for the first time in nearly a year. Trump predictably took aim at the US Federal Reserve chair Jerome Powell, railing at him to cut interest rates and dubbing him with the moniker 'Too Late Powell' in his latest effort to influence Central Bank policy. The two met at the White House last week to discuss said monetary policy, but by the sounds of things it didn't go well. According to White House press secretary Karoline Leavitt, Trump told Powell he was 'making a mistake by not lowering interest rates, which is putting us at an economic disadvantage to China and other countries.' In an official Federal Reserve statement released after the meeting, the Central Bank insisted that monetary policy must be guided by economic data, based on 'careful, objective, and non-political analysis.' Another strong open for ASX After lifting more than 0.7% yesterday, the ASX has had another strong start to the morning's trade, adding 0.28% as of about 10:30 am AEST. Bullish sentiment from the US on the tech and semiconductor front has translated to a 0.75% boost to the Aussie Info Tech sector this morning, followed closed by Real Estate (+0.63%) and Consumer Discretionary (+0.50%). Only Industrials (-0.05%) and Utilities (-0.13%) are on the wrong side of the balance sheet at present, with 9 of 11 sectors in the green. The ASX 200 Resources index is also performing well, up 0.36% on strength in an eclectic collection of rare earth, gold and lithium stocks. WINNERS Code Name Last % Change Volume Market Cap AXP AXP Energy Ltd 0.002 100% 4355555 $6,684,681 ADD Adavale Resource Ltd 0.0015 50% 250066 $2,287,279 GRE Greentechmetals 0.062 48% 1725380 $4,709,984 EEL Enrg Elements Ltd 0.002 33% 1000000 $4,880,668 CDE Codeifai Limited 0.018 29% 603477 $4,564,445 EVEDA EVE Health Group Ltd 0.029 26% 618517 $3,032,828 RPG Raptis Group Limited 0.05 25% 240000 $7,013,697 AAU Antilles Gold Ltd 0.005 25% 20000 $8,605,471 EDE Eden Inv Ltd 0.0025 25% 2318777 $8,219,762 ENT Enterprise Metals 0.0025 25% 100108 $2,356,635 In the news... AXP Energy (ASX:AXP) has achieved what it described as 'reliable system uptime' for its gas-to-Bitcoin mining operation, using an oil and gas wells in the Pathfinder field of Colorado to power a bitcoin mining site. With the off-grid gas-to-power site now operational, the company is looking to roll out its technology in additional locations to support the bitcoin mining sector. Greentech Metals (ASX:GRE) unearthed bonanza-grade gold mineralisation in historical assays at its Whundo project, where its exploring for copper, zinc and gold. The company has uncovered more than a dozen gold intersections grading more than 1 g/t, peaking with a 1-metre intersection at 64.7 g/t gold from just 47 metres of depth. LAGGARDS Code Name Last % Change Volume Market Cap OVT Ovanti Limited 0.002 -33% 3611682 $8,380,545 PIL Peppermint Inv Ltd 0.002 -33% 2830000 $6,828,269 PRX Prodigy Gold NL 0.002 -33% 36667 $9,525,167 AVE Avecho Biotech Ltd 0.004 -20% 155257 $15,867,318 AON Apollo Minerals Ltd 0.006 -14% 1728998 $6,499,198 CRR Critical Resources 0.003 -14% 20408 $9,149,774 XF1 Xref Limited 0.13 -13% 30000 $33,013,465 CBY Canterbury Resources 0.024 -11% 86747 $5,600,904 BLG Bluglass Limited 0.009 -10% 7051387 $20,180,213 M4M Macro Metals Limited 0.009 -10% 2579 $39,774,175
The Advertiser
2 days ago
- The Advertiser
Asian stocks up, dollar soft amid trade uncertainty
Asian stocks have inched higher as the dollar wobbles near six-week lows as traders brace for higher US duties on steel and aluminium, the latest chapter in the trade war saga that has rattled the markets for much of the year. South Korea's stocks and its currency surged on Wednesday as liberal presidential candidate Lee Jae-myung's election victory raised hopes of swift economic stimulus, market reforms and easing policy uncertainty. The benchmark KOSPI jumped more than two per cent to its highest since August 2024. That left the MSCI's broadest index of Asia-Pacific shares outside Japan 0.6 per cent higher. Japan's Nikkei rose 0.8 per cent, while Taiwan stocks jumped 1.6 per cent after artificial intelligence behemoth Nvidia boosted US stocks overnight. Data on Wednesday showed US job openings increased in April, but layoffs picked up, indicating a slowing labour market as tariffs impact the economic outlook. Investor attention has been on a possible call between US President Donald Trump and Chinese leader Xi Jinping sometime this week as tensions between the world's top two economies simmer. Trump on Friday accused China of violating a Geneva agreement to roll back tariffs and trade restrictions. Beijing said it would safeguard its interests and that the accusation was groundless. Chinese stocks were little changed in early trading with the blue chip index up 0.09 per cent. Hong Kong's Hang Seng index rose 0.27 per cent. "Markets may be desensitised to trade headlines, but Trump-Xi talks remain in focus. A grand deal looks unlikely, yet any escalation could still spark a bout of risk aversion," said Charu Chanana, chief investment strategist at Saxo in Singapore. Also in focus has been the pace of trade negotiations and the lack of significant progress. Wednesday is the deadline for US trading partners to submit their proposals for deals that might help them avoid Trump's hefty "Liberation Day" tariffs from taking effect in five weeks. Trump signed an executive proclamation that puts into effect from 2pm AEST on Wednesday his surprise announcement last week that he was taking the tariffs on steel and aluminium imports that had been in place since March to 50 per cent from 25 per cent. "We believe that the steel & aluminium tariffs are an exemplar of other strategic tariffs that are coming and likely to 'stick'," said Thierry Wizman, global FX & rates strategist at Macquarie. "With that, there's still little impetus for a US dollar rally to take hold." The on-again-off-again tariffs from Trump have led to investors fleeing US assets looking for safe havens, including gold and other currencies, this year as they expect trade uncertainties to take a toll on the global economy. The Organisation for Economic Cooperation and Development said the global economy is on course to slow from 3.3 per cent last year to 2.9 per cent in 2025 and 2026, trimming its estimates from March, mainly on the fallout from the Trump administration's trade war. The dollar on Wednesday was on the back foot, slipping 0.17 per cent against the yen at 143.72 and 0.1 per cent against the Swiss franc at 0.8227. The euro rose 0.15 per cent to $1.1388. The dollar index, which measures the US unit versus six other major currencies, was at 99.11, not far from the six-week low of 98.58 touched on Monday. The index is down 8.5 per cent this year. In commodities, oil prices eased, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures dipped 0.06 per cent to $US65.59 ($A101.54) a barrel while US West Texas Intermediate crude was at $US63.35 ($A98.07) per barrel, down 0.09 per cent. Gold rose 0.5 per cent to $US3,369.59 ($A5,216.49) per ounce, taking its gains for the year to an eye-popping 28 per cent on safe-haven flows. Asian stocks have inched higher as the dollar wobbles near six-week lows as traders brace for higher US duties on steel and aluminium, the latest chapter in the trade war saga that has rattled the markets for much of the year. South Korea's stocks and its currency surged on Wednesday as liberal presidential candidate Lee Jae-myung's election victory raised hopes of swift economic stimulus, market reforms and easing policy uncertainty. The benchmark KOSPI jumped more than two per cent to its highest since August 2024. That left the MSCI's broadest index of Asia-Pacific shares outside Japan 0.6 per cent higher. Japan's Nikkei rose 0.8 per cent, while Taiwan stocks jumped 1.6 per cent after artificial intelligence behemoth Nvidia boosted US stocks overnight. Data on Wednesday showed US job openings increased in April, but layoffs picked up, indicating a slowing labour market as tariffs impact the economic outlook. Investor attention has been on a possible call between US President Donald Trump and Chinese leader Xi Jinping sometime this week as tensions between the world's top two economies simmer. Trump on Friday accused China of violating a Geneva agreement to roll back tariffs and trade restrictions. Beijing said it would safeguard its interests and that the accusation was groundless. Chinese stocks were little changed in early trading with the blue chip index up 0.09 per cent. Hong Kong's Hang Seng index rose 0.27 per cent. "Markets may be desensitised to trade headlines, but Trump-Xi talks remain in focus. A grand deal looks unlikely, yet any escalation could still spark a bout of risk aversion," said Charu Chanana, chief investment strategist at Saxo in Singapore. Also in focus has been the pace of trade negotiations and the lack of significant progress. Wednesday is the deadline for US trading partners to submit their proposals for deals that might help them avoid Trump's hefty "Liberation Day" tariffs from taking effect in five weeks. Trump signed an executive proclamation that puts into effect from 2pm AEST on Wednesday his surprise announcement last week that he was taking the tariffs on steel and aluminium imports that had been in place since March to 50 per cent from 25 per cent. "We believe that the steel & aluminium tariffs are an exemplar of other strategic tariffs that are coming and likely to 'stick'," said Thierry Wizman, global FX & rates strategist at Macquarie. "With that, there's still little impetus for a US dollar rally to take hold." The on-again-off-again tariffs from Trump have led to investors fleeing US assets looking for safe havens, including gold and other currencies, this year as they expect trade uncertainties to take a toll on the global economy. The Organisation for Economic Cooperation and Development said the global economy is on course to slow from 3.3 per cent last year to 2.9 per cent in 2025 and 2026, trimming its estimates from March, mainly on the fallout from the Trump administration's trade war. The dollar on Wednesday was on the back foot, slipping 0.17 per cent against the yen at 143.72 and 0.1 per cent against the Swiss franc at 0.8227. The euro rose 0.15 per cent to $1.1388. The dollar index, which measures the US unit versus six other major currencies, was at 99.11, not far from the six-week low of 98.58 touched on Monday. The index is down 8.5 per cent this year. In commodities, oil prices eased, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures dipped 0.06 per cent to $US65.59 ($A101.54) a barrel while US West Texas Intermediate crude was at $US63.35 ($A98.07) per barrel, down 0.09 per cent. Gold rose 0.5 per cent to $US3,369.59 ($A5,216.49) per ounce, taking its gains for the year to an eye-popping 28 per cent on safe-haven flows. Asian stocks have inched higher as the dollar wobbles near six-week lows as traders brace for higher US duties on steel and aluminium, the latest chapter in the trade war saga that has rattled the markets for much of the year. South Korea's stocks and its currency surged on Wednesday as liberal presidential candidate Lee Jae-myung's election victory raised hopes of swift economic stimulus, market reforms and easing policy uncertainty. The benchmark KOSPI jumped more than two per cent to its highest since August 2024. That left the MSCI's broadest index of Asia-Pacific shares outside Japan 0.6 per cent higher. Japan's Nikkei rose 0.8 per cent, while Taiwan stocks jumped 1.6 per cent after artificial intelligence behemoth Nvidia boosted US stocks overnight. Data on Wednesday showed US job openings increased in April, but layoffs picked up, indicating a slowing labour market as tariffs impact the economic outlook. Investor attention has been on a possible call between US President Donald Trump and Chinese leader Xi Jinping sometime this week as tensions between the world's top two economies simmer. Trump on Friday accused China of violating a Geneva agreement to roll back tariffs and trade restrictions. Beijing said it would safeguard its interests and that the accusation was groundless. Chinese stocks were little changed in early trading with the blue chip index up 0.09 per cent. Hong Kong's Hang Seng index rose 0.27 per cent. "Markets may be desensitised to trade headlines, but Trump-Xi talks remain in focus. A grand deal looks unlikely, yet any escalation could still spark a bout of risk aversion," said Charu Chanana, chief investment strategist at Saxo in Singapore. Also in focus has been the pace of trade negotiations and the lack of significant progress. Wednesday is the deadline for US trading partners to submit their proposals for deals that might help them avoid Trump's hefty "Liberation Day" tariffs from taking effect in five weeks. Trump signed an executive proclamation that puts into effect from 2pm AEST on Wednesday his surprise announcement last week that he was taking the tariffs on steel and aluminium imports that had been in place since March to 50 per cent from 25 per cent. "We believe that the steel & aluminium tariffs are an exemplar of other strategic tariffs that are coming and likely to 'stick'," said Thierry Wizman, global FX & rates strategist at Macquarie. "With that, there's still little impetus for a US dollar rally to take hold." The on-again-off-again tariffs from Trump have led to investors fleeing US assets looking for safe havens, including gold and other currencies, this year as they expect trade uncertainties to take a toll on the global economy. The Organisation for Economic Cooperation and Development said the global economy is on course to slow from 3.3 per cent last year to 2.9 per cent in 2025 and 2026, trimming its estimates from March, mainly on the fallout from the Trump administration's trade war. The dollar on Wednesday was on the back foot, slipping 0.17 per cent against the yen at 143.72 and 0.1 per cent against the Swiss franc at 0.8227. The euro rose 0.15 per cent to $1.1388. The dollar index, which measures the US unit versus six other major currencies, was at 99.11, not far from the six-week low of 98.58 touched on Monday. The index is down 8.5 per cent this year. In commodities, oil prices eased, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures dipped 0.06 per cent to $US65.59 ($A101.54) a barrel while US West Texas Intermediate crude was at $US63.35 ($A98.07) per barrel, down 0.09 per cent. Gold rose 0.5 per cent to $US3,369.59 ($A5,216.49) per ounce, taking its gains for the year to an eye-popping 28 per cent on safe-haven flows. Asian stocks have inched higher as the dollar wobbles near six-week lows as traders brace for higher US duties on steel and aluminium, the latest chapter in the trade war saga that has rattled the markets for much of the year. South Korea's stocks and its currency surged on Wednesday as liberal presidential candidate Lee Jae-myung's election victory raised hopes of swift economic stimulus, market reforms and easing policy uncertainty. The benchmark KOSPI jumped more than two per cent to its highest since August 2024. That left the MSCI's broadest index of Asia-Pacific shares outside Japan 0.6 per cent higher. Japan's Nikkei rose 0.8 per cent, while Taiwan stocks jumped 1.6 per cent after artificial intelligence behemoth Nvidia boosted US stocks overnight. Data on Wednesday showed US job openings increased in April, but layoffs picked up, indicating a slowing labour market as tariffs impact the economic outlook. Investor attention has been on a possible call between US President Donald Trump and Chinese leader Xi Jinping sometime this week as tensions between the world's top two economies simmer. Trump on Friday accused China of violating a Geneva agreement to roll back tariffs and trade restrictions. Beijing said it would safeguard its interests and that the accusation was groundless. Chinese stocks were little changed in early trading with the blue chip index up 0.09 per cent. Hong Kong's Hang Seng index rose 0.27 per cent. "Markets may be desensitised to trade headlines, but Trump-Xi talks remain in focus. A grand deal looks unlikely, yet any escalation could still spark a bout of risk aversion," said Charu Chanana, chief investment strategist at Saxo in Singapore. Also in focus has been the pace of trade negotiations and the lack of significant progress. Wednesday is the deadline for US trading partners to submit their proposals for deals that might help them avoid Trump's hefty "Liberation Day" tariffs from taking effect in five weeks. Trump signed an executive proclamation that puts into effect from 2pm AEST on Wednesday his surprise announcement last week that he was taking the tariffs on steel and aluminium imports that had been in place since March to 50 per cent from 25 per cent. "We believe that the steel & aluminium tariffs are an exemplar of other strategic tariffs that are coming and likely to 'stick'," said Thierry Wizman, global FX & rates strategist at Macquarie. "With that, there's still little impetus for a US dollar rally to take hold." The on-again-off-again tariffs from Trump have led to investors fleeing US assets looking for safe havens, including gold and other currencies, this year as they expect trade uncertainties to take a toll on the global economy. The Organisation for Economic Cooperation and Development said the global economy is on course to slow from 3.3 per cent last year to 2.9 per cent in 2025 and 2026, trimming its estimates from March, mainly on the fallout from the Trump administration's trade war. The dollar on Wednesday was on the back foot, slipping 0.17 per cent against the yen at 143.72 and 0.1 per cent against the Swiss franc at 0.8227. The euro rose 0.15 per cent to $1.1388. The dollar index, which measures the US unit versus six other major currencies, was at 99.11, not far from the six-week low of 98.58 touched on Monday. The index is down 8.5 per cent this year. In commodities, oil prices eased, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff tensions. Brent crude futures dipped 0.06 per cent to $US65.59 ($A101.54) a barrel while US West Texas Intermediate crude was at $US63.35 ($A98.07) per barrel, down 0.09 per cent. Gold rose 0.5 per cent to $US3,369.59 ($A5,216.49) per ounce, taking its gains for the year to an eye-popping 28 per cent on safe-haven flows.
