The ASX200 is set to open around 2% higher, echoing a rally on Wall Street overnight, which suggested investors are becoming a tad more hopeful on the possibility the current trade war between the U.S. and China could cool down.
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The S&P 500 and Nasdaq were both 2.5% higher, and the Dow Jones jumped by 1,016 points after Treasury Secretary Scott Bessent – speaking at a JPMorgan-hosted summit – said the current standoff on tariffs is “unsustainable” and hinted that discussions with China could lead to a resolution. His further comments acknowledging that formal talks were still up in the air did cause some pullback on the day’s gains.
The market was still somewhat jittery after Donald Trump attacked Federal Reserve chair Jerome Powell earlier in the week. However, the U.S. President said more recently he had “no intention” of firing Powell.
Tech stocks led the US rally, including Tesla, up 4.6% ahead of its earnings release.
On the ASX, several companies have released reports for the March quarter, including Talisman Mining (ASX:TLM), which told investors it’d completed a maiden drilling program at the Mabel Creek IOCG project in South Australia during the period, testing large, near-coincident gravity targets.
Meanwhile, Redstone Resources (ASX:RDS) said it’s kicked off deep diamond drilling at the Tollu copper deposit in Western Australia, and Predictive Discovery (ASX:PDI) has reported a maiden mineral resource estimate of 153,000 ounces at the Argo area of its Bankan gold project in Guinea.
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To commodities – all in US$ here: Iron ore is $98.65 in Singapore, gold’s trading at $3,329, Brent crude is $68.24, and U.S. Nat Gas futures are $3.04 a gigajoule.
One Aussie dollar is buying just over 63.7 US cents.
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