Morning Report 08 Jul 25: Stocks sink as Trump’s tariff plans boost dollar

Wall Street pulled back from record highs as fresh trade concerns rattle investors. President Trump has announced steep tariffs on five countries, set to take effect from August 1st, sparking widespread market unease. Meanwhile, Tesla shed $68 billion in market value after CEO Elon Musk’s political ambitions unsettled investors. In contrast, European markets saw gains, buoyed by strength in banking and technology stocks. In commodities, oil prices climbed on hopes of strong U.S. demand, while gold trimmed earlier losses after the announcement of new tariffs. Back home, Aussie shares are expected to fall on Tuesday, ahead of the RBA’s policy decision. The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.