Company Interview / the open: ASX to slip, trade war escalates

The local market is set to begin the week negatively with ASX futures pointing 13 points lower at the opening. 

Wall Street ended lower on Friday after President Trump intensified his tariff offensive against Canada and Brazil. For the week, the S&P 500 dipped 0.3%, the Dow lost about 1% and the Nasdaq was flat. 

President Trump has said he will impose a 30% tariff on imports from Mexico and the European Union from August 1st, after failing to reach a comprehensive trade deal with two of its biggest trading partners. 

Copper rose 0.3% and iron ore rose 0.4% to $99 a tonne having surged around 4% last week. Brent crude futures settled at $70 a barrel. 

The US dollar rose against major currencies including the yen and euro as President Donald Trump rekindled trade tensions. The Australian dollar is trading at US65.6c. Meanwhile, Bitcoin hit another record high over the weekend, rising above $119,000.