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Highlights
- ASX expected to dip amid global trade tensions and mixed data
- Nvidia earnings provide some relief, but economic signals are fragile
- Nova Minerals, Solis Minerals, and Latrobe Magnesium advance exploration efforts
The S&P/ASX200 is set for a cautious open on Friday, with futures down 17 points (-0.2%) by 8:30 am AEST. A volatile session on Wall Street overnight is dampening sentiment, driven by shifting headlines around U.S. tariffs and underwhelming economic indicators. Despite a brief uplift from Nvidia’s bullish earnings, market nerves resurfaced as a federal appeals court temporarily reinstated controversial tariffs, reigniting global trade uncertainties.
Investors are treading lightly ahead of key Australian data, including retail sales, private sector credit, and dwelling approvals, due at 11:30 am AEST. These figures will provide fresh insights into the health of domestic demand, particularly in light of slowing investment trends and high interest rates. International attention, meanwhile, is fixed on the upcoming release of the U.S. Core PCE Price Index, a key inflation measure watched closely by the Federal Reserve.
On Wall Street, major indices closed modestly higher but off their intraday peaks. The Nasdaq rose 0.39%, the S&P 500 climbed 0.4%, and the Dow added 0.28%. Nvidia’s strong earnings and reaffirmed US$45 billion revenue outlook helped lift sentiment, despite an $8 billion hit from Chinese sales losses. However, mixed macroeconomic indicators—including a 0.2% contraction in U.S. GDP and weak consumer spending—kept enthusiasm in check.
Back home, the S&P/ASX200 gained 0.15% on Thursday, led by defensive sectors and gold stocks. However, softness in capital expenditure—down 0.1% in Q1—signals that business investment may remain subdued, raising questions about long-term economic momentum heading into FY26.
In the small-cap space, several developments stood out. Nova Minerals (ASX:NVA) launched its 15,000-metre 2025 drill campaign at the Estelle Project in Alaska, targeting both feasibility and maiden resource zones. Solis Minerals (ASX:SLM) initiated a 2,500-metre drilling program at its Chancho al Palo copper project in Peru, aiming to test priority targets using recent survey data. Meanwhile, Latrobe Magnesium (ASX:LMG) moved closer to operational readiness, having submitted final environmental documents and nearing commissioning at its Victorian demonstration plant.
Commodity markets saw gold bounce back 0.96% to US$3,317.73/oz, supported by ongoing uncertainty. Copper edged higher, while oil prices slipped ahead of the OPEC+ meeting. The AUD hovered around US64.44c, mildly firmer despite weak investment data.
Investors looking toward ASX dividend stocks may find pockets of resilience in defensive plays, especially with heightened market volatility. As economic data continues to unfold, the path for the S&P/ASX200 remains clouded by global trade dynamics and inflation outlooks.
