ASX futures down after record week
Wall Street ended mixed on Friday as earnings results disappointed and concerns grew over Donald Trump's push for new tariffs on European goods. The Dow fell 142 points, while the S&P 500 was flat and the Nasdaq edged higher.
Back home, attention turns to the Reserve Bank of Australia, with Tuesday's meeting minutes and a Thursday speech from governor Michele Bullock set to shape expectations ahead of the August board meeting. Markets had been pricing in a rate cut this month, but were caught off guard when the RBA held steady at 3.85 per cent. A jump in the unemployment rate, from 4.1 to 4.3 per cent, has since added weight to the case for easing.
'If markets can get their head around the fact that a rate cut is more likely than not, and Michele Bullock is seen to keep the door open to that this week, then markets may well continue on their merry way,' said Stephen Miller, an investment strategy adviser at GSFM.
This week's agenda
Minutes from the RBA's shock decision to hold rates at 3.85 per cent will be released on Tuesday, before Bullock delivers a major speech in Sydney on Thursday.
A string of results from US companies will be announced this week including those from Alphabet, Tesla, Honeywell, Lockheed Martin, Northrop Grumman and General Motors.
Locally, company earnings will be released from the likes of AMP, Woodside Energy, Fortescue and Whitehaven.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News AU
an hour ago
- Sky News AU
The Trump administration's tariffs have taken effect worldwide, with Australia remaining at a 10 per cent rate
President Trump's sweeping tariffs on imports into the United States came into effect on Thursday, after a deadline to strike a trade deal with the US passed. Some countries have been able to strike a deal, such as the United Kingdom and the European Union bloc, however Australia has been unable to do so. Various Australian goods have been exempted, but the White House has hinted that could change. Posting on Truth Social, President Trump said that "billions of dollars" were now "flowing" into the United States, and confirmed separately that he had imposed additional tariffs on India due to the country's imports of Russian oil. He wrote, "RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA. THE ONLY THING THAT CAN STOP AMERICA'S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!" He then posted: 'IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!' Australian Trade Minister Don Farrell has said previously that Australia will continue arguing for tariffs to be dropped to zero. 'America still has a significant advantage in terms of our trading relationship,' he said. He also revealed in an interview with the Australian Financial Review last Saturday that he had invited US trade representative Howard Lutnick to visit Australia for further discussions.
AU Financial Review
an hour ago
- AU Financial Review
India-US oil spat could delay Albanese-Trump meeting
A deepening spat between the US and India could cancel this year's Quad leaders' summit, potentially delaying a planned meeting between Donald Trump and Anthony Albanese and undermining the region's premier democratic bloc against China's rise. The Albanese government is concerned by the escalating tensions after US President Donald Trump threatened to slug Indian exports to America with an extra 25 percentage points in tariffs unless it curbs purchases of Russian crude oil.
Canberra Times
an hour ago
- Canberra Times
Modi backs Indian farmers amid Trump's tariff salvo
Indian Prime Minister Narendra Modi says he will not compromise the interests of the country's farmers even if he has to pay a heavy price, in his first comments after US President Donald Trump's salvo of a 50 per cent tariff on Indian goods.
