Latest news with #US64.02
Sydney Morning Herald
08-05-2025
- Business
- Sydney Morning Herald
ASX set for flat open; US stocks gain as Trump says ‘buy' before China talks
The Australian sharemarket is set for a flat open, even as Wall Street rose overnight after Donald Trump announced a trade deal with the UK, made encouraging comments on this weekend's trade talks with China and said investors should buy shares now. ASX futures were up 3 points, or less than 0.1 per cent, at 8216 as of 6.59am AEST. The expected lukewarm open will come after a sluggish session on Thursday, when the S&P/ASX 200 edged up 0.2 per cent. The Australian dollar was trading at US64.02¢. A focus for local investors will be earnings from companies including investment bank Macquarie Group, insurance giant QBE, Rupert Murdoch's News Corp and property listings site REA Group. News Corp said after the close of US trading its third-quarter earnings jumped 67 per cent to $US107 million as it had lower restructuring charges than last year, while sales edged up 1 per cent to $US2 billion. On Wall Street overnight, the S&P 500 Index ended up 0.6 per cent higher, after earlier jumping as much as 1.6 per cent when Trump announced a framework trade agreement with the UK - the first such deal to be struck since his unilateral declaration of 'reciprocal tariffs' on April 2. Both sides acknowledged the details were yet to be finalised. The Nasdaq 100 Index advanced 1 per cent, and the Dow Jones Industrial Average gained 0.6 per cent. Riskier corners of the market clocked in stronger gains, with the small-cap Russell 2000 Index climbing 1.9 per cent, a Goldman Sachs basket of heavily shorted stocks rising 3.1 per cent, and another Goldman index of unprofitable tech names up 3.6 per cent. 'This country will hit a point that you better go out and buy stock. Now, let me tell you this, this country will be like a rocket ship that goes straight up.' Donald Trump 'Tariffs are steering the boat again,' said Louis Navellier, chief investment officer at Navellier & Associates. 'We are seeing a risk-on sentiment. The fear of missing out on favourable agreements being reached has limited the number of sellers.' Bitcoin topped $US100,000. As the safety bid ebbed, gold and haven currencies fell. Short-term Treasury yields surged as traders pared bets on rate cuts.
The Age
08-05-2025
- Business
- The Age
ASX set for flat open; US stocks gain as Trump says ‘buy' before China talks
The Australian sharemarket is set for a flat open, even as Wall Street rose overnight after Donald Trump announced a trade deal with the UK, made encouraging comments on this weekend's trade talks with China and said investors should buy shares now. ASX futures were up 3 points, or less than 0.1 per cent, at 8216 as of 6.59am AEST. The expected lukewarm open will come after a sluggish session on Thursday, when the S&P/ASX 200 edged up 0.2 per cent. The Australian dollar was trading at US64.02¢. A focus for local investors will be earnings from companies including investment bank Macquarie Group, insurance giant QBE, Rupert Murdoch's News Corp and property listings site REA Group. News Corp said after the close of US trading its third-quarter earnings jumped 67 per cent to $US107 million as it had lower restructuring charges than last year, while sales edged up 1 per cent to $US2 billion. On Wall Street overnight, the S&P 500 Index ended up 0.6 per cent higher, after earlier jumping as much as 1.6 per cent when Trump announced a framework trade agreement with the UK - the first such deal to be struck since his unilateral declaration of 'reciprocal tariffs' on April 2. Both sides acknowledged the details were yet to be finalised. The Nasdaq 100 Index advanced 1 per cent, and the Dow Jones Industrial Average gained 0.6 per cent. Riskier corners of the market clocked in stronger gains, with the small-cap Russell 2000 Index climbing 1.9 per cent, a Goldman Sachs basket of heavily shorted stocks rising 3.1 per cent, and another Goldman index of unprofitable tech names up 3.6 per cent. 'This country will hit a point that you better go out and buy stock. Now, let me tell you this, this country will be like a rocket ship that goes straight up.' Donald Trump 'Tariffs are steering the boat again,' said Louis Navellier, chief investment officer at Navellier & Associates. 'We are seeing a risk-on sentiment. The fear of missing out on favourable agreements being reached has limited the number of sellers.' Bitcoin topped $US100,000. As the safety bid ebbed, gold and haven currencies fell. Short-term Treasury yields surged as traders pared bets on rate cuts.
Sydney Morning Herald
30-04-2025
- Business
- Sydney Morning Herald
ASX set to open lower after another manic session on Wall Street
The Australian sharemarket is set to snap its five-day winning streak after Wall Street continued its wild swings overnight as evidence builds that the US economy is buckling under the weight of Donald Trump's trade war. ASX futures were down 19 points, or 0.2 per cent, to 8123 as of 6.40am AEST after a mixed session on Wall Street. US stocks began trading with a thud after a report suggested the world's largest economy may have shrunk at the start of the year. But the big losses soon evaporated in the latest bit of manic trading on Wall Street amid uncertainty about what damage the trade war will do. The Australian dollar was 0.3 per cent higher at $US64.02¢. The S&P/ASX 200 rose 0.7 per cent on Wednesday, shrugging off higher-than-expected local inflation numbers to gain for a fifth straight day as investors keep betting on another interest rate cut from the RBA next month. Much like its wild month of April, a scary Wednesday for Wall Street found a gentler ending as US stocks stormed back from steep early losses to continue their manic swings. The S&P 500 ended 0.1 per cent higher, extending its winning streak to a seventh day. The Dow Jones Industrial Average added 0.3 per cent, while the Nasdaq composite edged down 0.1 per cent. Investors had been on track for much worse losses, with the S&P 500 down as much as 2.3 per cent in early trade, after the report on the US economy showed a sharp turnaround from the economy's solid growth at the end of last year. Importers rushed to bring products into the country before tariffs could raise their prices, which helped drag on the country's overall gross domestic product. Loading Such data raises the threat of a worst-case scenario called 'stagflation,' one where the economy stagnates yet inflation remains high. Economists fear it because the Federal Reserve has no good tools to fix both problems at the same time. If the Fed were to try to help one by adjusting interest rates, it would likely make the other problem worse. 'Even if today's weak GDP may have partially reflected companies trying to get ahead of tariffs, it was still a stagflation warning shot over the bow of the economy,' according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. Investors got some better news later in the morning when a report said the measure of inflation that the Federal Reserve prefers to use slowed in March. Inflation decelerated to 2.3 per cent, closer to the Fed's goal of 2 per cent, from February's reading of 2.7 per cent. Stocks more than halved their losses after that report.
The Age
30-04-2025
- Business
- The Age
ASX set to open lower after another manic session on Wall Street
The Australian sharemarket is set to snap its five-day winning streak after Wall Street continued its wild swings overnight as evidence builds that the US economy is buckling under the weight of Donald Trump's trade war. ASX futures were down 19 points, or 0.2 per cent, to 8123 as of 6.40am AEST after a mixed session on Wall Street. US stocks began trading with a thud after a report suggested the world's largest economy may have shrunk at the start of the year. But the big losses soon evaporated in the latest bit of manic trading on Wall Street amid uncertainty about what damage the trade war will do. The Australian dollar was 0.3 per cent higher at $US64.02¢. The S&P/ASX 200 rose 0.7 per cent on Wednesday, shrugging off higher-than-expected local inflation numbers to gain for a fifth straight day as investors keep betting on another interest rate cut from the RBA next month. Much like its wild month of April, a scary Wednesday for Wall Street found a gentler ending as US stocks stormed back from steep early losses to continue their manic swings. The S&P 500 ended 0.1 per cent higher, extending its winning streak to a seventh day. The Dow Jones Industrial Average added 0.3 per cent, while the Nasdaq composite edged down 0.1 per cent. Investors had been on track for much worse losses, with the S&P 500 down as much as 2.3 per cent in early trade, after the report on the US economy showed a sharp turnaround from the economy's solid growth at the end of last year. Importers rushed to bring products into the country before tariffs could raise their prices, which helped drag on the country's overall gross domestic product. Loading Such data raises the threat of a worst-case scenario called 'stagflation,' one where the economy stagnates yet inflation remains high. Economists fear it because the Federal Reserve has no good tools to fix both problems at the same time. If the Fed were to try to help one by adjusting interest rates, it would likely make the other problem worse. 'Even if today's weak GDP may have partially reflected companies trying to get ahead of tariffs, it was still a stagflation warning shot over the bow of the economy,' according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. Investors got some better news later in the morning when a report said the measure of inflation that the Federal Reserve prefers to use slowed in March. Inflation decelerated to 2.3 per cent, closer to the Fed's goal of 2 per cent, from February's reading of 2.7 per cent. Stocks more than halved their losses after that report.
