00:00Currency and futures traders are not an especially reflective lot dwelling on their failures
00:06and they moved quickly from yesterday's non-rate cut surprise and are now focused on August.
00:11With the futures market 91% certain there will be a cut on August the 12th.
00:15The Aussie dollar duly stayed where it was today.
00:18The share market didn't have time to dwell on interest rates, investors were scrambling
00:21to deal with the latest Trump tariff shock, 50% on copper imports.
00:26Smaller copper producers like Sandfire, Capstone and Evolution Mining were sold off while the
00:31big ones BHP and Rio Tinto were less affected because they are more diversified and also
00:37because the copper price surged 12% to a new record high on use of that new tariff.
00:43Among other commodities gold and silver fell while iron ore and oil went up.
00:47The rest of the share market drifted with banks up and retailers down.
00:51The retirement and downsizer village operator Lifestyle Communities came back after two
00:56days on the sidelines and was seriously downsized itself because the Victorian Civil and Administrative
01:02Tribunal ruled that the deferred management fee in its contracts was void because of a lack
01:07of disclosure.
01:08The company says it will appeal but investors weren't hanging around today.
01:12As for Trump's tariffs, well as well as being a disruption to trade they are also a sales
01:18tax on imported goods and maybe that is the main thing.
01:22Monthly tariff revenue in the US has surged to nearly $30 billion.
01:27And there is more to come.
01:29Right now the effective tariff rate is about 9%.
01:31What has been announced so far will double that over the next few weeks.
01:36And that is finance.
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