Here's what my colleague, market strategist Mike "Willo" Wilson says happened while we were sleeping… US stocks rose despite tariff tensions with a new 'greed' narrative replacing the FOMO mantra. In the AI space, Nvidia's market cap topped $4 trillion, with the stock now accounting for about 7.5% of the S&P 500 Index. Trump slapped a 50% tariff on Brazil which saw that nation's currency, the Real, plunge. Currencies were steady with the Aussie and kiwi little changed. Bonds rallied after a strong US auction saw dip buyers emerge. Apart from some NZ migration data and bond sales, today's local calendars are bare. ASX futures point to a solid opening in equities. US President Donald Trump unveiled a new round of tariff demand letters on Wednesday, including a 50% rate on Brazil, one of the highest so far announced for the levies which are set to hit in August. Linda Yaccarino, who was hired two years ago by Elon Musk as chief executive officer of X, is stepping down less than three months after the social-media platform was absorbed by Musk's artificial intelligence startup, xAI. Linda Yaccarino, outgoing CEO of X Corp. Photographer: PATRICK T. FALLON/AFP A proposed plan by India to spur local production of rare-earth magnets has drawn initial interest from a clutch of large conglomerates, people familiar with the matter said, as the country seeks to cut its reliance on China for these vital electric-vehicle and wind-turbine materials. In a remarkable achievement, the One Big Beautiful Bill Act got worse with each iteration before finally being enacted last week, writes Bloomberg's Editorial Board. |
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