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Wall Street closed higher on Tuesday as investors assessed Trump’s latest moves and await key earnings results out of Nvidia. The S&P500 rose 0.41%, the Dow Jones gained 0.3% and the Nasdaq ended the day up 0.44%.

In Europe overnight, markets closed lower as global investors assessed Trump’s latest moves in attempt to intervene with the running of the US Federal Reserve. The STOXX 600 lost 0.83%, Germany’s DAX fell 0.4%, the French CAC declined over 2% and, in the UK, the FTSE 100 ended the day down 0.7%.

Across the Asia region on Tuesday, markets mostly fell as investors in the region also weighed Trump’s latest moves both on the Fed and tariff fronts. Trump reportedly warned of ‘200% tariffs or something’ on China if it does not export rare-earth magnets to the U.S. China’s CSI index fell 0.4%, Hong Kong’s Hang Seng dropped 1.18%, Japan’s Nikkei declined 0.97% and South Korea’s Kospi index ended the day down 0.95%.

The Australian share market dropped 0.41% on Tuesday, following global weakness after Donald Trump threatened higher tariffs over digital services taxes and called for the removal of Fed governor Lisa Cook.

We are at the tail end of reporting season now with a few key themes emerging as we head into FY26 including cost management being the key to margin maintenance, the foundations are set for a stronger FY26 through headwinds easing and dividends signalling stability heading into the new financial year.

Yesterday, Coles Group (ASX:COL) reported a solid FY25 that beat expectations with strong outlook for FY26 which sent the share price of Australia’s major supermarket giant up over 8.5%.

Web Travel (ASX:WEB) tumbled over 7.5% on Tuesday after providing a trading update that signalled softer-than-expected results in the first half despite strong FX tailwinds experienced in the half.

And mining giant Fortescue (ASX:FMG) tumbled over 2% after FY25 results reflected the weaker iron ore market during the last financial year including NPAT falling over 40% and the company slashed its dividend to the lowest level in 7-years.

What to watch today: 

• Gold is up 0.54% at US$3385/ounce and iron ore is down 0.07% at US$101.53/tonne.
• On the commodities front this morning, oil is trading 2.32% lower at US$63.30/barrel, gold is up 0.54% at US$3385/ounce and iron ore is down 0.07% at US$101.53/tonne.
• The Aussie dollar has strengthened against the greenback to buy 64.96 US cents, 95.72 Japanese Yen, 48.45 British Pence and 1 New Zealand dollar and 11 cents.
• Ahead of the midweek trading session here in Australia the SPI futures are anticipating the ASX will open the day up 0.53%.

Trading ideas:

• Bell Potter has increased the 12-month price target on Propel Funeral Partners (ASX:PFP) from $5.50 to $5.90 and maintain a buy rating on the full-service funeral provider following the release of the company’s FY25 results including revenue growth of 7.9% and average revenue per funeral rising 1.3%. The company has also had a very strong start to the new financial year which has driven the price target increase.
• And Trading Central has identified a bullish signal on Collins Food Group (ASX:CKF) following the formation of a pattern over a period of 46-days which is roughly the same amount of time the share price may rise from the close of $9.76 to the range of $12.10 to $12.60 according to standard principles of technical analysis.