ASX 200 LIVE: ASX to slip, Wall St awaits July CPI data, reporting on Tuesday: Life360, SGH, Seven West Media
President Donald Trump signed an executive order to extend a tariff truce with China for another 90 days, according to CNBC. Trump earlier said gold imports to the US will not be hit by tariffs.
Results scheduled for Tuesday are: Life360, SGH and Seven West Media. For more details see our reporting season calendar.
The US CPI report is expected to show that President Donald Trump's embrace of tariffs continues to bleed into prices for goods, offset in part by lower petrol prices.
📩 Get the daily Results Wrap newsletter during earnings season, with our Chanticleer columnists' analysis of the key results of the day. Sign up here. Market highlights
ASX 200 futures are pointing down 17 points or 0.2 per cent to 8779.
All US prices near 2.30pm New York time. AUD -0.1% to US65.15¢
-0.1% to US65.15¢ Bitcoin +1% to $US119,724
+1% to $US119,724 On Wall St: Dow -0.4% S&P -0.1% Nasdaq -0.06%
-0.4% -0.1% -0.06% VIX 0.74 to 15.89
0.74 to 15.89 Gold -1.3% to $US3355.27 an ounce
-1.3% to $US3355.27 an ounce Brent oil +0.2% to $US66.73 a barrel
+0.2% to $US66.73 a barrel Iron ore +1.4% to $US103.55 a tonne
+1.4% to $US103.55 a tonne 10-year yield: US 4.27% Australia 4.24% Today's agenda
The RBA is widely expected to cut the cash rate target by 25 basis points to 3.60 per cent at its Tuesday policy meeting. The policy decision will be released at 2.30pm, as well as the latest Statement on Monetary Policy.
Governor Michele Bullock is scheduled to hold a press conference starting at 3.30pm.
eToro market analyst Farhan Badami: 'While the July [RBA] pause was a surprise, a consecutive pause in August will be a shock. Three cuts before the end of the year are still expected, but there's very little wiggle room left in the calendar if the RBA heightens its degree of risk aversion any further.'
Earlier, at 11.30am, NAB will release its July business confidence and conditions survey.
Later in the day, at 10.30pm, the US will release its July CPI report. Yardeni Research: 'The odds are low that we'll see downside surprises in July CPI inflation data. There's little doubt that tariff effects are boosting durable goods inflation, as they did in June. But the risk of a big upward surprise is tempered by signs that rents and used car prices are cooling. The Cleveland Fed's Inflation Nowcasting model has the CPI rising 3.04 per cent in July and 3.02 per cent in August. Those would be considered too hot to justify Fed easing.' Top stories
Trump's Nvidia shakedown is unprecedented and scary | The chip maker is the latest firm to learn about the US president's new corporate playbook: threaten a company and then watch it agree to a 'deal'.
Former PwC partner banned over $11m in 'false' R&D tax claims | The Tax Practitioners Board said Richard Gregg made false claims on behalf of clients that caused a tax shortfall of more than $11 million.
AI would plan lessons, mark tests under PC schools overhaul | The Productivity Commission is urging the federal government to lead a push to turbocharge the uptake of artificial intelligence in schools.
Captain's pick: Westpac CEO taps Carolyn McCann to run retail division | The move is a key appointment for the bank, given its retail unit was the second-biggest contributor to the bank's profit.
NDIS funding cliff threatens to undermine scheme overhaul | Labor has forecast almost $20 billion in NDIS savings over four years to June 30, 2028, but 1000 jobs key to the transition are only budgeted to June 30, 2026.
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The Age
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China is playing the long game to win its war with Trump
US President Donald Trump's trade war was meant to rebalance global power in the United States' favour. Instead, China is playing the long game, enduring short-term economic pain to shape any eventual deal to its advantage. The strategy appears to be working — for now. On Monday, Washington granted Beijing another 90-day reprieve, extending a pause on tariffs through November 10. China announced it would do the same. Markets welcomed the move, which offered some relief after months of tension. The delay will give Chinese President Xi Jinping's policymakers more time to plan their next move. Time is Xi's ally. So far, the clearest outcome of each round of talks has been a commitment to meet again. Despite Trump's insistence that China has taken significant steps to improve their trade relationship, Beijing has made no consequential concessions on any of his key concerns. (China has offered some small compromises, none on the scale of American demands.) The extension has come at a delicate time for China's economy, which is plagued by sluggish domestic demand and a slowdown in the property sector. Bloomberg Economics says that it is among the few major nations without a clear timeline or terms for a deal, while others have struck agreements to secure lower tariffs. Even with this reprieve, it notes, Beijing faces average US tariffs of 40 per cent — almost 25 percentage points above the global average. Loading This will hurt prospects for Chinese citizens, who have enjoyed more than three decades of near double-digit growth. The economy expanded by 5.2 per cent in April-June from a year earlier — enviable by global standards — but anxieties among the once-thriving middle class over the future for their children are rising. Youth unemployment remains stubbornly high, with joblessness at 14.5 per cent in June. That figure improved in recent months, but analysts point to significant challenges: More than 12 million university students are set to graduate with hopes of joining the workforce. Still, China is betting that despite these economic costs, it can fight this trade war to the end. Politically, Beijing is preparing the population for a long battle. State media editorials have lauded a Mao-era philosophy as a possible strategy to counter US pressure. They reference the former Chinese leader's 1938 essay ' On Protracted War ', which laid out his approach to combating the invading Japanese between 1937 and 1945. During a series of lectures in May and June 1938, Mao spoke of how the 'contest of strength is not only a contest of military and economic power, but also a contest of human power and morale'. Scholars say the idea was to alert his fellow citizens that the war would be long and gruelling, but could be won through endurance and unity.
Sydney Morning Herald
11 minutes ago
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China is playing the long game to win its war with Trump
US President Donald Trump's trade war was meant to rebalance global power in the United States' favour. Instead, China is playing the long game, enduring short-term economic pain to shape any eventual deal to its advantage. The strategy appears to be working — for now. On Monday, Washington granted Beijing another 90-day reprieve, extending a pause on tariffs through November 10. China announced it would do the same. Markets welcomed the move, which offered some relief after months of tension. The delay will give Chinese President Xi Jinping's policymakers more time to plan their next move. Time is Xi's ally. So far, the clearest outcome of each round of talks has been a commitment to meet again. Despite Trump's insistence that China has taken significant steps to improve their trade relationship, Beijing has made no consequential concessions on any of his key concerns. (China has offered some small compromises, none on the scale of American demands.) The extension has come at a delicate time for China's economy, which is plagued by sluggish domestic demand and a slowdown in the property sector. Bloomberg Economics says that it is among the few major nations without a clear timeline or terms for a deal, while others have struck agreements to secure lower tariffs. Even with this reprieve, it notes, Beijing faces average US tariffs of 40 per cent — almost 25 percentage points above the global average. Loading This will hurt prospects for Chinese citizens, who have enjoyed more than three decades of near double-digit growth. The economy expanded by 5.2 per cent in April-June from a year earlier — enviable by global standards — but anxieties among the once-thriving middle class over the future for their children are rising. Youth unemployment remains stubbornly high, with joblessness at 14.5 per cent in June. That figure improved in recent months, but analysts point to significant challenges: More than 12 million university students are set to graduate with hopes of joining the workforce. Still, China is betting that despite these economic costs, it can fight this trade war to the end. Politically, Beijing is preparing the population for a long battle. State media editorials have lauded a Mao-era philosophy as a possible strategy to counter US pressure. They reference the former Chinese leader's 1938 essay ' On Protracted War ', which laid out his approach to combating the invading Japanese between 1937 and 1945. During a series of lectures in May and June 1938, Mao spoke of how the 'contest of strength is not only a contest of military and economic power, but also a contest of human power and morale'. Scholars say the idea was to alert his fellow citizens that the war would be long and gruelling, but could be won through endurance and unity.
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RBA cuts rates again, warns of rising threat to pay packets
Further interest rate relief is in the pipeline after the Reserve Bank cut official interest rates for the third time this year, but governor Michele Bullock has warned slowing productivity growth is already hurting people's hip pockets. Shortly after the RBA trimmed the cash rate to 3.6 per cent – its lowest level in more than two years – on Tuesday, the nation's four major banks announced plans to cut their key lending rates by a quarter percentage point. On a $600,000 mortgage, the cut delivers a $100 a month saving. At a press conference following the decision, Bullock said the board was 'fully behind' the decision to cut after its members last month made a 6-3 split decision to keep rates on hold against economists' expectations. The bank has three more meetings this year. Financial markets believe a rate cut in September is unlikely, but put the chance of one at its November meeting at 92 per cent. By December, markets are convinced the Reserve will have the cash rate at 3.35 per cent, its lowest point since early 2023. The RBA also revised down its assumption for the country's productivity from 1 per cent to 0.7 per cent for the next two years. Next week, Treasurer Jim Chalmers will head the government's three-day economic roundtable that will examine policies to lift the nation's economic speed limit. Bullock warned that weaker productivity growth was already being felt by Australians. 'Real wages are not rising by very much because that's the implication of slow productivity growth … that real wages can't grow as quickly,' she said. Bullock said the latest inflation figures, which came in at 2.7 per cent in the year to June, gave the bank the confirmation it needed to make its latest interest rate cut but noted households were still feeling the pain of higher costs. In its monetary policy statement, the RBA said the jobs market was 'still a little bit tight' despite the unemployment rate rising to 4.3 per cent in June, and that it remained cautious about the outlook for the economy.
