1 week Ago By Josefine Ganko
The Australian sharemarket is set to dive, with futures at 6.17am AEST pointing to a fall of 123 points, or 1.6 per cent, at the open.
The ASX surged 4.5 per cent on Thursday after Donald Trump said he would back off on most of his tariffs temporarily . The latest fluctuation follows the dive in US stocks recorded on Thursday, that saw the S&P 500 tumbled 3.
5 per cent, slicing into Wednesday’s surge of 9.5 per cent following Trump’s decision to pause many of his tariffs worldwide. The Dow Jones dropped 1014 points, or 2.
5 per cent, and the Nasdaq composite tumbled 4.3 per cent. Workers on the floor at the New York Stock Exchange as TV’s show President Donald Trump’s Oval Office address on Wednesday.
Credit: AP Experts weighed in on the latest movements, with UBS strategist Bhanu Baweja observing that, “Trump blinks, but the damage isn’t all undone”. Francis Lun, chief executive of Geo Securities, said, “everything is still very volatile”. “With Donald Trump, you don’t know what to expect.
This is really big uncertainty in the market. The threat of recession has not faded.” Read the full report on what’s forecast for the ASX today here.
AP with Josefine Ganko Coalition leader Peter Dutton will build on his pitch to commuters by dumping Labor’s penalties on gas-guzzling vehicles as new research shows his cut to the petrol excise will provide the biggest boon for lower-income outer-suburban voters. The analysis by economic research institute e61 also warned that the 25.4¢-per-litre cut to the fuel excise, which Dutton has pitched as a temporary measure, could be more difficult to retract than the last time the fuel excise was slashed under the Morrison government in 2022.
The promise to slash the price of petrol is the centrepiece of the Coalition’s plan to alleviate cost pressures on families, which it claims is a more immediate form of relief than Labor’s “top-up” tax cuts . Adding a new plank to the opposition’s focus on the cost of commuting, Dutton will on Friday confirm his intention to drop penalties for car companies that breach Australia’s first vehicle efficiency standards, due to begin in July. Read our full report on the Coalition’s latest pitch to drivers here.
Welcome to today’s federal election live blog, where we’ll bring you updates from the campaign trail, as well as other national and international news likely to impact the election. My name’s Josefine Ganko , and I’ll be leading our coverage until the early afternoon as we near the end of the second week of campaigning. Stick with us for rolling updates from our reporters on the ground around the country.
A bird crosses the path of Prime Minister Anthony Albanese and Leichardt candidate Matt Smith on Green Island on Thursday. Credit: Alex Ellinghausen.
