ASX to rise, US stocks fluctuate, oil surges towards $US70 a barrel
Oil surged more than 4 per cent in afternoon trade in New York, moving towards $US70 a barrel. Gold edged higher.
Shares swung in New York having been bolstered earlier by the latest US-China trade détente and a muted US consumer price inflation report.
Market highlights
ASX futures are pointing up 18 points or 0.2 per cent to 8620.
All US prices near 2.40pm New York time.
Today's agenda
David Jacobs, RBA head of domestic markets department is to give a speech – Australia's Bond Market in a Volatile World – at the Australian Government Fixed Income Forum, Tokyo at 5.20pm AEST.
At 10.30pm on Thursday, the US will release its latest PPI and initial jobless claims data.
Top stories
AUKUS in jeopardy as Pentagon reviews US role | Australia's $300 billion-plus plans to build and acquire nuclear submarines to protect against Chinese military action in the Indo-Pacific are in jeopardy.
Trump says China will ship rare earths in 'done' trade deal | The US and China will maintain tariffs at their current, lower levels following the two nations' agreement this week in London, the president said.
Unions will push AI regulation and pay at productivity summit | White-collar groups want protections for workers disrupted by artificial intelligence while blue-collar ones are seeking wage rises through productivity boosts.
| The entrepreneur who struck an agreement to buy the software start-up's assets is in dispute with his business partner, and denies any wrongdoing.
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9 News
21 minutes ago
- 9 News
Trump putting Washington police under federal control, deploying National Guard
Your web browser is no longer supported. To improve your experience update it here US President Donald Trump says he's deploying the National Guard across Washington, DC , and taking over the city's police department in the hopes of reducing crime, even as the city's mayor has noted that crime is falling in the nation's capital. The Republican president, who said he was formally declaring a public safety emergency, compared crime in the American capital with that in other major cities, saying Washington performs poorly on safety relative to the capitals of Iraq, Brazil and Colombia, among others. Trump also said at his news briefing that his administration has started removing homeless encampments "from all over our parks, our beautiful, beautiful parks". US President Donald Trump speaks with reporters in the James Brady Press Briefing Room at the White House, Monday, August 11, 2025, in Washington. (AP Photo/Alex Brandon) "We're getting rid of the slums, too," Trump said, adding that the US would not lose its cities and that Washington was just a start. Attorney General Pam Bondi will be taking over responsibility for Washington's metro police department, he said, while also complaining about potholes and graffiti in the city and calling them "embarrassing". For Trump, the effort to take over public safety in Washington reflects a next step in his law enforcement agenda after his aggressive push to stop illegal border crossings. But the move involves at least 500 federal law enforcement officials as well as the National Guard, raising fundamental questions about how an increasingly emboldened federal government will interact with its state and local counterparts. The president has used his social media and White House megaphones to message that his administration is tough on crime, yet his ability to shape policy might be limited outside of Washington, which has a unique status as a congressionally established federal district. Nor is it clear how his push would address the root causes of homelessness and crime. Trump said he is invoking Section 740 of the District of Columbia Home Rule Act to deploy members of the National Guard. Protesters demonstrate against US President Donald Trump's planned use of federal law enforcement and National Guard troops in Washington, during a rally in front of the White House, Monday, August 11, 2025, in Washington. (AP Photo/Julia Demaree Nikhinson) About 500 federal law enforcement officers are being tasked with deploying throughout the nation's capital as part of the Trump administration's effort to combat crime, a person familiar with the matter told The Associated Press on Monday (Early Tuesday AEST). More than 100 FBI agents and about 40 agents with the Bureau of Alcohol, Tobacco, Firearms and Explosives are among federal law enforcement personnel being assigned to patrols in Washington, the person briefed on the plans said. The Drug Enforcement Administration, Immigration and Customs Enforcement and the Marshals Service are also contributing officers. The person was not authorised to publicly discuss personnel matters and spoke to the AP on the condition of anonymity. The Justice Department didn't immediately have a comment. US President Donald Trump speaks with reporters in the James Brady Press Briefing Room at the White House, Monday, August 11, 2025, in Washington. (AP Photo/Alex Brandon) Mayor Muriel Bowser, a Democrat, questioned the effectiveness of using the Guard to enforce city laws and said the federal government could be far more helpful by funding more prosecutors or filling the 15 vacancies on the DC Superior Court, some of which have been open for years. Bowser cannot activate the National Guard herself, but she can submit a request to the Pentagon. "I just think that's not the most efficient use of our Guard," she said on Sunday on MSNBC's The Weekend , acknowledging it is "the president's call about how to deploy the Guard". Bowser was making her first public comments since Trump started posting about crime in Washington last week. She noted that violent crime in Washington has decreased since a rise in 2023. Trump's weekend posts depicted the district as "one of the most dangerous cities anywhere in the World". For Bowser, "Any comparison to a war-torn country is hyperbolic and false". Mayor of the District of Columbia Muriel Bowser speaks as US Attorney Jeanine Ferris Pirro, left, listens during a news conference in Washington, May 22, 2025. (AP Photo/Jose Luis Magana, File) Trump in a Sunday social media post had emphasised the removal of Washington's homeless population, though it was unclear where the thousands of people would go. "The Homeless have to move out, IMMEDIATELY," Trump wrote on Sunday. "We will give you places to stay, but FAR from the Capital. The Criminals, you don't have to move out. We're going to put you in jail where you belong." Last week, the Republican president directed federal law enforcement agencies to increase their presence in Washington for seven days, with the option "to extend as needed". On Friday night, federal agencies including the Secret Service, the FBI and the US Marshals Service assigned more than 120 officers and agents to assist in Washington. Trump said last week that he was considering ways for the federal government to seize control of Washington, asserting that crime was "ridiculous" and the city was "unsafe", after the recent assault of a high-profile member of the Department of Government Efficiency. The US Capitol building gives backdrop to a homeless man resting on a steam vent on the National Mall, December 18, 2019, on Capitol Hill in Washington. (AP Photo/Julio Cortez, File) Police statistics show homicides, robberies and burglaries are down this year when compared with this time in 2024. Overall, violent crime is down 26 per cent compared with this time a year ago. Trump offered no details in Truth Social posts over the weekend about possible new actions to address crime levels he argues are dangerous for citizens, tourists and workers alike. The White House declined to offer additional details about Monday's announcement. The police department and the mayor's office did not respond to questions about what Trump might do next. The president criticised the district as full of "tents, squalor, filth, and Crime", and he seems to have been set off by the attack on Edward Coristine, among the most visible figures of the bureaucracy-cutting effort known as DOGE. Police arrested two 15-year-olds in the attempted carjacking and said they were looking for others. US President Donald Trump speaks with reporters in the James Brady Press Briefing Room at the White House, Monday, August 11, 2025, in Washington, as Secretary of Defence Pete Hegseth and Attorney General Pam Bondi look on. (AP Photo/Alex Brandon) "This has to be the best run place in the country, not the worst run place in the country," Trump said Wednesday. He called Bowser "a good person who has tried, but she has been given many chances". Trump has repeatedly suggested that the rule of Washington could be returned to federal authorities. Doing so would require a repeal of the Home Rule Act of 1973 in Congress, a step Trump said lawyers are examining. It could face steep pushback. Bowser acknowledged that the law allows the president to take more control over the city's police, but only if certain conditions are met. "None of those conditions exist in our city right now," she said. "We are not experiencing a spike in crime. In fact, we're watching our crime numbers go down." Donald Trump US POLITICS Politics crime police washington USA World CONTACT US
Perth Now
an hour ago
- Perth Now
Wall St mixed, chip majors in focus after China deal
Wall Street's main indexes are mixed as investors prepare for a busy week and chip companies teeter after agreeing to share a portion of revenue from China sales with the US under a trade policy shift from the Trump administration. Semiconductor giant Nvidia and Advanced Micro Devices wobbled in early trading and were last marginally higher after a US official told Reuters the companies had agreed to give the United States government 15 per cent of revenue from sales of their advanced computer chips to China. Enabling semiconductor sales to China was an integral issue in the agreement Washington and Beijing signed earlier this year - which expires on Tuesday - and markets will keenly watch how the latest development impacts the relationship between the world's two largest economies. "It's a good way for the United States government to increase its cash and income... but a lot of people are going to argue that this is the wrong way to go," said Robert Pavlik, senior portfolio manager at Dakota Wealth. "The Chinese government will probably use it as a point to argue that they need different chips because these particular chips might be susceptible to be reviewed by the Americans." Markets also sought clarity on the sector tariffs that US President Donald Trump had announced. In early trading on Monday, the Dow Jones Industrial Average fell 63.86 points, or 0.14 per cent, to 44,109.53, the S&P 500 gained 0.84 points, or 0.01 per cent, to 6,390.29, and the Nasdaq Composite added 1.42 points, or 0.01 per cent, to 21,451.44. Seven of the 11 major S&P 500 sectors slipped, while healthcare gained 0.6 per cent, recovering some of the 5.0 per cent declines it had logged so far this year. Traders took a step back after last week's rally helped the S&P 500 and the Nasdaq log their strongest weekly performance in more than a month. Investors expect that the recent shake-up at the US Federal Reserve and signs of labour market weakness could nudge the central bank into adopting a dovish monetary policy stance later this year, fuelling much of the optimism. July's consumer inflation report is due on Tuesday and investors anticipate the Fed will lower borrowing costs by about 60 basis points by December, according to data compiled by LSEG. A better-than-feared earnings season brought some relief, with BofA's monthly fund manager survey showing that buying megacap stocks was again the most popular trade. Citigroup and UBS Global Research became the latest brokerages to raise their year-end targets for the benchmark S&P 500. In earnings, Micron raised its forecast for fourth-quarter revenue and adjusted profit, sending its shares up 3.4 per cent. The broader chips index added 1.0 per cent. Intel was up 4.9 per cent after a report said CEO Lip-Bu Tan was expected to visit the White House. Trump had called for his removal last week. Trump is expected to meet Russia's President Vladimir Putin on Friday to try and negotiate an end to the war in Ukraine. Advancing issues outnumbered decliners by a 1.42-to-1 ratio on the NYSE and by a 1.33-to-1 ratio on the Nasdaq. The S&P 500 posted 11 new 52-week highs and nine new lows, while the Nasdaq Composite recorded 48 new highs and 41 new lows.
West Australian
an hour ago
- West Australian
Wall St mixed, chip majors in focus after China deal
Wall Street's main indexes are mixed as investors prepare for a busy week and chip companies teeter after agreeing to share a portion of revenue from China sales with the US under a trade policy shift from the Trump administration. Semiconductor giant Nvidia and Advanced Micro Devices wobbled in early trading and were last marginally higher after a US official told Reuters the companies had agreed to give the United States government 15 per cent of revenue from sales of their advanced computer chips to China. Enabling semiconductor sales to China was an integral issue in the agreement Washington and Beijing signed earlier this year - which expires on Tuesday - and markets will keenly watch how the latest development impacts the relationship between the world's two largest economies. "It's a good way for the United States government to increase its cash and income... but a lot of people are going to argue that this is the wrong way to go," said Robert Pavlik, senior portfolio manager at Dakota Wealth. "The Chinese government will probably use it as a point to argue that they need different chips because these particular chips might be susceptible to be reviewed by the Americans." Markets also sought clarity on the sector tariffs that US President Donald Trump had announced. In early trading on Monday, the Dow Jones Industrial Average fell 63.86 points, or 0.14 per cent, to 44,109.53, the S&P 500 gained 0.84 points, or 0.01 per cent, to 6,390.29, and the Nasdaq Composite added 1.42 points, or 0.01 per cent, to 21,451.44. Seven of the 11 major S&P 500 sectors slipped, while healthcare gained 0.6 per cent, recovering some of the 5.0 per cent declines it had logged so far this year. Traders took a step back after last week's rally helped the S&P 500 and the Nasdaq log their strongest weekly performance in more than a month. Investors expect that the recent shake-up at the US Federal Reserve and signs of labour market weakness could nudge the central bank into adopting a dovish monetary policy stance later this year, fuelling much of the optimism. July's consumer inflation report is due on Tuesday and investors anticipate the Fed will lower borrowing costs by about 60 basis points by December, according to data compiled by LSEG. A better-than-feared earnings season brought some relief, with BofA's monthly fund manager survey showing that buying megacap stocks was again the most popular trade. Citigroup and UBS Global Research became the latest brokerages to raise their year-end targets for the benchmark S&P 500. In earnings, Micron raised its forecast for fourth-quarter revenue and adjusted profit, sending its shares up 3.4 per cent. The broader chips index added 1.0 per cent. Intel was up 4.9 per cent after a report said CEO Lip-Bu Tan was expected to visit the White House. Trump had called for his removal last week. Trump is expected to meet Russia's President Vladimir Putin on Friday to try and negotiate an end to the war in Ukraine. Advancing issues outnumbered decliners by a 1.42-to-1 ratio on the NYSE and by a 1.33-to-1 ratio on the Nasdaq. The S&P 500 posted 11 new 52-week highs and nine new lows, while the Nasdaq Composite recorded 48 new highs and 41 new lows.
