The Overnight Report: EU Tariffs A-Comin’

This story features COLES GROUP LIMITED, and other companies. For more info SHARE ANALYSIS: COL

SPI futures are signalling yet anolther uninspiring, downbeat session lays ahead for Aussie shares (with exception of individual responses to result releases, no doubt).

On the corporate calendar domestically today are result releases by Coles Group ((COL)), Ramsay Health Care ((RHC)), Karoon Gas ((KAR)), Dicker Data ((DDR)), Eagers Automotive ((APE)) and many, many more.

https://fnarena.com/index.php/financial-news/calendar/

This morning, Qantas Airways ((QAN)) handed down a $1.4bn interim profit, and has elected to return money to shareholders via a special dividend rather than increasing its share buyback program.

World Overnight
SPI Overnight	8222.00	– 4.00	– 0.05%
S&P ASX 200	8240.70	– 11.20	– 0.14%
S&P500	5956.06	+ 0.81	0.01%
Nasdaq Comp	19075.26	+ 48.88	0.26%
DJIA	43433.12	– 188.04	– 0.43%
S&P500 VIX	19.10	– 0.33	– 1.70%
US 10-year yield	4.25	– 0.05	– 1.14%
USD Index	106.33	+ 0.16	0.15%
FTSE100	8731.46	+ 62.79	0.72%
DAX30	22794.11	+ 383.84	1.71%

Good morning.

US President Trump spoiled the party yet again overnight as US investors were all positively geared up for a great result by AI & Tech bellwether Nvidia (to report after the close of trade today) but then the President confirmed there will soon be tariffs on cars and everything coming into the country from Europe.

Things quickly soured after that statement went across the world. Much larger gains for US equities became a whole lot smaller very quickly.

Meanwhile, Trump also shared a video featuring Trump Gaza that is quickly going viral. The video itself looks like a humoristic take on something very serious, but apparently, it’s the real McCoy.

Amidst rising economic uncertainties, the Fed continues to re-iterate a message of continued patience.

Richmond Fed President Barkin said government job losses aren’t likely to cause volatility in GDP.

Barkin noted the federal workforce is only 2% of the national jobs market, supporting his point that the spillover impact of layoffs is likely to be restricted to regional economies.

Economists at ANZ Bank comment there’s a risk that possible ripple effects on federal contractors and related agencies could have a disproportionate impact on the national labour market.

The scale of the impact on the labour market will be evident in months to come, ANZ Bank economists suggest, adding it is this fear that is keeping markets nervous about the near-term growth outlook.

New US home sales fell 10.5% m/m in January to a three-month low. The slowdown was particularly prominent in the Northeast (-20.0%), Midwest (-16.7%) and the South (-14.8%).

Sales in the West were up 7.7%. The median sales price of new houses sold was US$446,300 (up 7.5% m/m). The decline in new home sales reflects ongoing affordability challenges coupled with inclement weather conditions.

President Trump has called on Congress to make his 2017 tax cuts permanent.

The House passed a tax-and-spending plan that opens the way for temporary extension of the 2017 tax cuts which expire this year.

Congress has until 31 December to extend these tax cuts.

Easing geopolitical tension weighed on sentiment across the commodities complex. More tariffs on imports boosted prices in the metals sector.

Spot Metals,Minerals & Energy Futures
Gold (oz)	2930.80	+ 5.28	0.18%
Silver (oz)	32.15	+ 0.18	0.57%
Copper (lb)	4.57	+ 0.01	0.32%
Aluminium (lb)	1.18	– 0.00	– 0.28%
Nickel (lb)	6.90	0.00	0.00%
Zinc (lb)	1.27	+ 0.01	0.47%
West Texas Crude	68.76	– 0.33	– 0.48%
Brent Crude	72.25	– 0.40	– 0.55%
Iron Ore (t)	107.15	– 0.02	– 0.02%

The Australian share market over the past thirty days

Index	26 Feb 2025	Week To Date	Month To Date (Feb)	Quarter To Date (Jan-Mar)	Year To Date (2025)
S&P ASX 200 (ex-div)	8240.70	-0.67%	-3.42%	1.00%	1.00%

BROKER RECOMMENDATION CHANGES PAST THREE TRADING DAYS
ABB	Aussie Broadband	Upgrade to Buy from Neutral	UBS
AEL	Amplitude Energy	Upgrade to Buy from Hold	Bell Potter
AHL	Adrad	Downgrade to Speculative Buy from Add	Morgans
ALD	Ampol	Upgrade to Outperform from Neutral	Macquarie
APA	APA Group	Upgrade to Neutral from Sell	UBS
ASB	Austal	Downgrade to Neutral from Buy	Citi
AX1	Accent Group	Upgrade to Buy from Neutral	Citi
		Downgrade to Hold from Add	Morgans
DHG	Domain Holdings Australia	Downgrade to Hold from Buy	Bell Potter
		Downgrade to Hold from Buy	Ord Minnett
GMD	Genesis Minerals	Downgrade to Hold from Buy	Bell Potter
GOR	Gold Road Resources	Downgrade to Hold from Buy	Ord Minnett
GYG	Guzman y Gomez	Upgrade to Add from Hold	Morgans
HMC	HMC Capital	Upgrade to Add from Hold	Morgans
HMY	Harmoney	Upgrade to Buy from Accumulate	Ord Minnett
ING	Inghams Group	Downgrade to Hold from Add	Morgans
IRE	Iress	Upgrade to Outperform from Neutral	Macquarie
		Upgrade to Buy, High Risk from Hold, High Risk	Shaw and Partners
JIN	Jumbo Interactive	Upgrade to Outperform from Neutral	Macquarie
		Downgrade to Hold from Buy	Bell Potter
JLG	Johns Lyng	Downgrade to Neutral from Outperform	Macquarie
		Downgrade to Hold from Add	Morgans
KGN	Kogan.com	Downgrade to Hold from Accumulate	Ord Minnett
LAU	Lindsay Australia	Downgrade to Hold from Add	Morgans
MIN	Mineral Resources	Upgrade to Buy from Accumulate	Ord Minnett
NEC	Nine Entertainment	Downgrade to Accumulate from Buy	Ord Minnett
NHF	nib Holdings	Downgrade to Hold from Add	Morgans
PAC	Pacific Current Group	Downgrade to Hold from Buy	Ord Minnett
PPE	PeopleIN	Upgrade to Add from Hold	Morgans
QUB	Qube Holdings	Downgrade to Neutral from Buy	UBS
REH	Reece	Upgrade to Hold from Reduce	Morgans
		Upgrade to Hold from Lighten	Ord Minnett
RMS	Ramelius Resources	Downgrade to Neutral from Outperform	Macquarie
SSM	Service Stream	Upgrade to Outperform from Neutral	Macquarie
SUL	Super Retail	Upgrade to Buy from Hold	Ord Minnett
TAH	Tabcorp Holdings	Upgrade to Add from Hold	Morgans
TLS	Telstra Group	Downgrade to Neutral from Outperform	Macquarie
TLX	Telix Pharmaceuticals	Upgrade to Buy from Hold	Bell Potter
WDS	Woodside Energy	Upgrade to Neutral from Sell	Citi

For more detail go to FNArena’s Australian Broker Call Report, which is updated each morning, Mon-Fri.

All overnight and intraday prices, average prices, currency conversions and charts for stock indices, currencies, commodities, bonds, VIX and more available on the FNArena website.  Click here. (Subscribers can access prices on the website.)

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