Tuesday 1st April 2025

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Gold hit another new high overnight on the back of the continued uncertainty about the shape and extent of President Trump’s Liberation Day tariffs tomorrow. He has suggested that it will include all countries, in some form or other. NAB’s Skye Masters says US shares did regain some ground during the session, having fallen sharply after Friday’s weaker than expected US data. Oil is also higher, with the US President threatening secondary tariffs on any country buying oil from Russia. The RBA will keep rates on hold today, and Skye says it’ll be interesting to see if the governor pushes back on current market pricing for another 70bp of cuts this year.

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