Company Interview / the open: ASX to drop as Wall Street extends losses

The Australian share market is poised to continue its negative beginning to September with ASX futures down 0.6%. This follows a session on global markets which saw equities fall, while long-dated bond yields rose, and gold extended its record high. 

On Wall Street the share market began the shortened week lower as traders reacted to a US federal appeals court which ruled that most of President Trump's tariffs are illegal. All major indices finished down with real estate among the biggest S&P 500 sector declines. 

President Trump has said his administration will ask the Supreme Court for an expedited ruling on tariffs that a US appeals court found illegal last week. President Trump has said his administration will ask the Supreme Court for an expedited ruling on tariffs that a US appeals court found illegal last week. 

The US dollar index is up 0.6% on the day, meanwhile the Australian dollar has fallen back to US65.2c. And bitcoin is trading near $111,000.