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Wall St closed higher overnight following back-to-back losses after an exemption was given to automakers from Donald Trump’s tariffs, giving investors hope that more concessions will be made. The Dow Jones rose 1,14%, the S&P500 jumped 1.12% and the tech-heavy Nasdaq closed Wednesday’s trading session 1.46% higher.

A one-month delay on tariffs were given to automakers whose cars comply with the Unites States-Mexico-Canada agreement. Stellantis rose by 10%, whilst Ford and General Motors both gained 5% and 8% respectively.

Over in Europe, markets closed higher as investors have increased optimism that Donald Trump’s tariffs could be relaxed. The STOXX600 rose by 0.91% with autos rising by 2.4%. This was offset by the utilities and food and beverage stocks which ended the day in negative territory. Germany’s DAX soared 3.38%, the French CAC rallied 1.56% and over in the UK, the FTSE100 fell slightly by 0.04%.

Locally yesterday, the ASX200 fell by 0.69% with the vast majority of major sectors closing in the red. Losses were led by the consumer staples and energy sectors which fell 3.56% and 1.68% respectively. This was offset by the utilities sector which rose by 0.11% by market close.

GDP growth rate data quarter on quarter was released yesterday coming in at a rise of 0.6%, higher than the consensus of 0.5% and the previous result of 0.3%.

What to watch today:

• The Australian share market is set to open higher, with the SPI futures suggesting a rise of 0.21% at market open this morning.
• On the commodities front this morning,
  • Oil is trading 2.72% lower at 66 US dollars 40 cents a barrel as OPEC+ supply increases and continued geopolitical tensions weigh on sentiment.
  • Gold is trading 0.17% higher at 2919 US dollars an ounce and iron ore is trading 0.79% higher at 101 US dollars and 61 cents a tonne.

Trading Ideas:

• Bell Potter maintains a speculative buy rating on Alpha HPA Ltd (ASX:A4N) and has a 12-month share price of $2. With a current share price of $0.87, this indicates a share price growth of 129% over the next 12-months, hence the buy rating is maintained.
• And Trading Central has identified a bearish signal on Auckland International Airport Ltd (ASX:AIA), indicating that the share price may fall from the close of $7.30 to the range of $6.60-$6.70, on a pattern formed over 7 days, according to the standard principles of technical analysis.