ASX to drop after Trump threatens EU, Apple with tariffs; gold climbs
The Australian sharemarket is set to turn lower on Monday after US President Donald Trump's threat to impose major tariffs on the EU and Apple sparked renewed selling on Wall Street.
ASX futures are pointing down 30 points, or 0.4 per cent, predicting the Index will reverse the prior session's gains.
The Nasdaq dropped 1 per cent and the dollar hit its lowest level since 2023 on Friday (Saturday AEST) after Trump at the weekend suggested he would apply a steeper tax to European exports in just over a week, describing trade talks with the bloc as 'going nowhere'.
Trump said he would recommend a 50 per cent tariff on imports from Europe starting at the end of the month. US futures are pointing to further falls this week, while gold soared almost 2 per cent as Trump's remarked sparked fresh demand for haven assets.
Apple shares tumbled 3 per cent after Trump threatened to slap a 25 per cent tariff on iPhones if manufacturers including Samsung and Apple don't move output to the US.
For local investors, the focus will return to the interest rate outlook this week ahead of Wednesday's April consumer price index data, which is tipped to show a decline in annual inflation to 2.3 per cent from 2.4 per cent.
Stocks to watch
Former Commonwealth Bank data and analytics officer Andrew McMullan has joined Westpac in the newly created role of chief data, digital and AI officer.
WiseTech Global is expected to announce the acquisition of American software firm e2open for $US2.6 billion ($4 billion) this week.
Market highlights
ASX futures are pointing down 30 points or 0.4 per cent to 8350.
All US prices are as of Sunday 5.15pm New York time.
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