Australian share futures were pointing higher, but gains may prove shortlived after US President Donald Trump stepped up criticism of Federal Reserve chairman Jerome Powell that sent Wall Street tumbling.
ASX futures – which last traded on Thursday AEST – were pointing up 0.6 per cent before the heavy selling hit all three US equity indexes, bonds and the US dollar on Monday.
The S&P 500 Index and the technology-heavy Nasdaq index closed down 2.4 per cent and 2.6 per cent, respectively as Tesla plunged ahead of delivering a much-anticipated earnings report.
Gold shot above $US3400 an ounce, notching a fresh record as the US dollar plunged to its lowest level since 2023 against a basket of prominent currencies, an outsized move that drove the Australian dollar above US64¢. Commodities were not spared from the risk-off mood, with oil plunging 2 per cent.
Source: https://www.afr.com/markets/equity-markets/wall-street-plunges-3pc-as-trump-dials-up-fed-attacks-20250421-p5lt6p