There was no other way we’d be wrapping up Week 15, with broad Wall Street selling to drag Australian shares as much as 1.7% lower at open today.
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In a rollercoaster week that saw some of the most historic rises and falls in the last few decades, ASX 200 futures are pointing to a dour end, with escalating China-U.S. trade war issues at the forefront of the 100-plus point dip.
Oz may have even dodged worse – the Nasdaq lost -7%; the S&P 500 shaved -4%.
Neither Trump nor Beijing seem interested in backing down either. The U.S. President declared there was always going to be “transition problems” with tariffs, while many have warned things will escalate before they mellow.
Beijing – which is now facing down up to 145% in levies – staunchly refuses to back down against the United States, calling the tariffs “a mistake on a mistake.”
Interestingly, Europe went the other way with the STOXX 600 jumping 3.7%.
Back home, Jade Gas Holdings (ASX:JGH) has wrapped up “promising” horizontal drilling at its Red Lake Gas Field, with the company now expecting everything to be online and producing within the next three or four weeks.
On a similar progression note, VHM Limited (ASX:VHM) has landed a mining licence for its flagship Goschen Rare Earths and Mineral Sands Project in northwest Victoria.
Renergen (ASX:RLT) has also shared a win with shareholders: The defective Section 53 MPRDA approval for its solar facility has been formally revoked.
And, Carnaby (ASX:CNB) has scored two Queensland grants for its copper-gold projects.
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Looking at forex, the Aussie dollar is buying 62.3 US cents.
To commodities, which are in the greenback,
Iron Ore has rebounded 2.6% to $97.25 a tonne in Singapore,
Brent Crude is trading at $63.40,
Gold has surged today to $3,202 per ounce, and,
US natgas futures are 8% lower at $3.50 per gigajoule.
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