Australian shares rise as Boss Energy sheds 40%
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More news: Australian shares lifted at the open as real estate and technology stocks led gains, while uranium miner Boss Energy tanked after flagging "potential challenges" at its flagship Honeymoon project.
The benchmark S&P/ASX 200 index was up 18.9 points, or 0.22%, to 8,685.8 at 10:30am AEST. Eight of the 11 sectoral indices were in the green.
Real estate and technology stocks both added 0.8%. Property groups Charter Hall and Mirvac were both up more than 1%, as were tech companies NextDC and Life360. The market's largest tech stock WiseTech Global lowered 0.7% after appointing Zubin Appoo as its permanent chief executive.
Meanwhile, Boss Energy fell 39.7% after flagging cost increases at its South Australia-based Honeymoon project, and warning that the mine may struggle to achieve its nameplate capacity in future years. Uranium rivals Paladin Energy (-5.8%) and Deep Yellow (-3.6%) were also among the worst performers on the ASX 200.
ASX to lower as traders prepare for volatile week ahead of US tariff deadline
The news: Australian shares are set to edge down this morning as investors prepare for a week of volatile trading ahead of US President Donald Trump's looming 1 August deadline for new tariff rates.
The numbers: Updated at 7:30am AEST:
- ASX futures: down 5 points to 8,626 points
- Wall Street: Dow Jones up 0.47%, S&P 500 up 0.40%, and Nasdaq up 0.24%
- Europe: CAC 40 up 0.21%, DAX down 0.32%, and FTSE 100 down 0.20%
- Spot gold: down 0.93% to USD3,337 per ounce
- Oil prices: Brent down 0.09% to USD67.60/bbl, and US WTI down 0.14% to USD65.07/bbl
- AUD: down 0.25% to 65.75 US cents
- Bitcoin: flat at USD118,796.
The context: Wall Street is due for a turbulent week of trading following a series of successive record high closes for the S&P 500 and Nasdaq in recent sessions.
Higher levies on a range of US trading partners are set to take effect on 1 August, unless new trade deals are agreed. This morning the US and the European Union reached a trade agreement, setting a 15% tariff on most EU goods. Meanwhile, Beijing and Washington are expected to extend their tariff truce by another 90 days at trade talks beginning later today.
Elsewhere, this week investors will monitor the US Federal Reserve's monetary policy meeting, new US employment data and second-quarter earnings reports from the likes of Apple and Microsoft.
The source: Reuters
