The Australian sharemarket is set to open lower, but an unexpected revival in iron ore prices is helping to cushion it from US President Donald Trump’s latest tariff shocks, propelling a rotation away from Commonwealth Bank and into the major miners.
ASX futures indicate the benchmark index will open 13 points lower on Monday after modest losses on Wall Street that sent the S&P 500 down 0.3 per cent. The ASX 200 sits about 1 per cent below the record of 8639.1 reached in June.
Miners remain in focus after iron ore futures in Singapore rallied around 4 per cent last week to $US99.50 a tonne, sealing a third straight weekly gain – its best run since January.
Source: https://www.afr.com/markets/equity-markets/asx-to-open-lower-miners-shield-asx-from-trade-war-20250714-p5meok