A US Federal Court has blocked President Trump’s ‘Liberation Day’ tariffs from going into effect, influencing market sentiment. The local market is poised for a marginally higher opening. On Wall Street, anticipation surrounded Nvidia’s earnings report, which exceeded expectations for the March quarter, driving the company’s shares up by approximately 4% in extended trading.
The US dollar strengthened for the second consecutive day, fueled by optimism surrounding potential improvements in the US economic outlook due to trade deals. Concurrently, the Australian dollar weakened to US64.2c. Oil prices experienced a gain of over 1% on Wednesday due to supply concerns, with OPEC+ maintaining its output policy. Brent crude futures settled at $64.90 a barrel, up 81 cents. Meanwhile, copper prices declined by 1.4%, while iron ore saw a slight increase to $97. Gold experienced a marginal dip, settling at $3289 an ounce.
Domestically, investors will be watching private capital expenditure figures for the March quarter, alongside corporate results from Champion Iron and Mainfreight. MA Financial is also scheduled to hold its Annual General Meeting.
