ASX Live Coverage: Market Insights for July 14

Greetings from our live ASX coverage on Monday, July 14! We’re testing out this new format with increased pre-market posts and periodic updates throughout the trading day. Please remember to refresh the page manually for the latest updates and feel free to share your feedback on how we can improve our service.

Silver Prices Soar to Highest Level Since 2011

[8:45 AM] Silver prices experienced a significant uptick, soaring 3.79% overnight and surpassing the US$38 mark for the first time since October 2011. This surge propelled the NYSE-listed Global X Silver Miners ETF to rise by 3.5%, marking its highest point since January 2021.

Source: TradingView

Escalating Tariff Tensions: Trump vs. Trade Partners

[8:42 AM] Over the weekend, Donald Trump announced a series of new tariffs, exacerbating trade tensions with key partners:

• A 30% tariff will be imposed on goods from the European Union and Mexico beginning August 1, a notable increase from previous levels.
• Trump has threatened a staggering 35% tariff on imports from Canada.
• During an NBC News interview on Thursday, he indicated that he may elevate the baseline tariff rate globally as high as 20%.

Despite these aggressive tariff announcements, the S&P 500 and Nasdaq concluded Friday’s session with relatively minor declines of 0.33% and 0.22%, respectively. This tepid market reaction suggests that investors are increasingly interpreting these tariff threats as tactical moves rather than concrete actions. The market’s resilience will be further tested with the forthcoming inflation data; Bloomberg anticipates that US core inflation could rise to 2.9% in June, marking its first annual acceleration since January.

Market Overview: Morning Trends

[8:28 AM] S&P/ASX 200 futures appear sluggish, down 13 points (-0.15%) following the US equity markets’ broadly negative performance on Friday, marking the end of a two to three-week period of gains for the S&P 500 and Nasdaq.

Today promises to be eventful with numerous updates related to tariffs, commodity price shifts, and corporate announcements. For those who are new to our coverage, make sure to catch up quickly with today’s Morning Wrap.

This concise summary captures the significant market movements and updates impacting traders and investors today. Stay tuned for more insights and updates as the day unfolds!