Australian shares are set to open lower. Wall Street advanced, helped by a more than 5 per cent surge in Apple on reports that the iPhone has eased tensions with the Trump administration.
The White House said the iPhone maker will commit to investing an additional $US100 billion into its US business. In addition, there were reports iPhones will avert new tariffs on imports from India.
Apple surged 5.1 per cent, lifting its market cap back above the $US3 trillion mark. Amazon rallied 4 per cent. Tesla gained 3.6 per cent.
President Donald Trump said he’s going to increase tariffs on India to 50 per cent, from 25 per cent because India refuses to stop buying oil from Russia. India says it needs the oil for its national security.
Source: https://www.afr.com/markets/equity-markets/asx-to-fall-apple-leaps-oil-slides-20250807-p5ml0f