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Highlights
- Wall Street downturn triggers expected dip in ASX open
- Global uncertainties, rate cut pressure shake investor sentiment
- Race Oncology advances cancer trial with new site activation
The Australian share market is expected to open lower, with the ASX 200 futures down 30 points or 0.38% as of 8:30 am AEST. The soft start follows sharp overnight losses on Wall Street, where deepening economic and geopolitical tensions have shaken investor confidence.
The Nasdaq Composite slid back into bear market territory, leading declines across US equity markets. The retreat was fueled by a mix of economic jitters and political pressure, including renewed criticism from former President Donald Trump directed at the US Federal Reserve. Concerns over central bank independence were reignited after Trump urged for immediate interest rate cuts, casting doubt over policy autonomy.
US markets were broadly lower, with all 11 sectors of the S&P 500 closing in the red. Technology and consumer discretionary stocks bore the brunt of the downturn. Semiconductor and artificial intelligence-related shares were especially weak, triggered by news that Huawei Technologies will soon ship advanced AI chips. Notable declines included Nvidia (NASDAQ:NVDA), down 4.5%, and the Philadelphia Semiconductor Index, which fell 2.1%. Tesla (NASDAQ:TSLA) dropped 5.8% due to production delays in its new Model Y variant, while Amazon (NASDAQ:AMZN) and Meta Platforms (NASDAQ:META) lost 3.1% and 3.4% respectively.
In broader market moves, UnitedHealth (NYSE:UNH) declined 6.3% following a downgrade, while Caterpillar (NYSE:CAT) fell 2.8%. The Dow Jones Industrial Average dropped 972 points or 2.5%, the S&P 500 fell 2.4%, and the Nasdaq Composite shed 415.5 points or 2.6%.
Back home, the ASX is expected to see cautious sentiment amid the global volatility. Although small caps had a strong close last week with gains of over 2% for the week, the broader index is likely to face downward pressure today.
In company news, Race Oncology Ltd (ASX:RAC) has announced the activation of a second site for its Phase 1 clinical trial of RC220, in combination with doxorubicin, targeting advanced solid tumours. The new site, located within the Central Coast Local Health District at Gosford and Wyong Hospitals, has been cleared following human ethics approval and completion of site preparations.
On the global stage, the US dollar strengthened against major peers. The Euro slipped to US$1.1482, while the Australian dollar eased to US64.15 cents. Commodities also reflected risk-off sentiment—Brent crude dropped to US$66.26 a barrel, and gold surged nearly 3% to hit a record intraday high of US$3,430.18 an ounce.
Investors are now eyeing the next policy moves and geopolitical developments closely, as markets continue to navigate a landscape marked by uncertainty and shifting global narratives.
