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Wall Street recovered to close higher on Wednesday as investors shrugged off the latest tariff noise to buy into tech and other growth market areas again. The Nasdaq rose 0.94% boosted by Nvidia shares climbing 1.8%, the S&P500 added 0.61%, and the Dow Jones ended the day up 0.5%. On Wednesday, Trump sent a further 6 letters to countries outlining new tariffs on imports of goods bound for the U.S.

In Europe overnight, markets closed at a four-week high boosted by the banks as investors await progress on trade talks between the U.S. and the EU. The STOXX600 rose 0.78%, Germany’s DAX added 1.42%, the French CAC climbed 1.44%, and, in the UK, the FTSE100 ended the day up 0.15%.

Across the Asia markets on Wednesday, it was a mixed session after President Trump ruled out any extension to the tariff deadline of August 1. Japan’s Nikkei added 0.33%, Hong Kong’s Hang Seng fell 1.06%, China’s CSI index lost 0.18% and South Korea’s Kospi index ended the day flat.

The Australian share market dropped 0.61% on Wednesday following US President Donald Trump's escalation of his protectionist trade war, as he reiterated threats to impose higher tariffs on copper imports.

Lifestyle Communities (ASX:LIC) saw a dramatic drop of over 40% following a landmark tribunal ruling that deemed its profitable deferred management fees, or exit fees, imposed on residents to be invalid under state tenancy laws.

Telix Pharmaceuticals (ASX:TLX) surged 6% following the announcement that its prostate cancer imaging product, Gozellix, has been assigned a permanent code by the US Centres for Medicare & Medicaid Services, effective October 1.

Most traded securities:

• Most traded stocks and ETFs of the day yesterday by our clients were led by
  • BHP (ASX:BHP)
  • Ampol (ASX:ALD)
  • Global X Physical Gold ETF (ASX:GOLD)

What to watch today:

• On the commodities front this morning oil is trading 0.21% higher at US$68.32/barrel, gold is up 0.36% at US$3313.36/ounce and iron ore is up 0.35% at US$95.55/tonne.
• The Aussie dollar has strengthened against the greenback to buy 65.34 U.S. cents, 95.61 Japanese yen, 48.05 British pence and 1 New Zealand dollar and 9 cents.
• Ahead of Thursday’s trading session here in Australia the SPI futures are anticipating the ASX will open the day up 0.5%.

Trading ideas:

• Bell Potter has decreased the 12-month price target on Lifestyle Communities (ASX:LIC) from $8.55 to $5.00 and maintain a hold rating on the company following the receipt of judgement from ongoing VCAT proceedings relating chiefly to its use of a deferred managed fee structure.
• And Trading Central has identified a bullish signal on Data3 (ASX:DTL) following the formation of a pattern over a period of 182 days which is roughly the same amount of time the share price may rise from the close of $7.79 to the range of $9.80 to $10.20 according to standard principles of technical analysis.