Australian shares are expected to open lower Friday following losses on Wall Street overnight as market optimism over the tariff pause starts to fizzle.
Thursday's Wall Street rally proved to be short-lived after the Nasdaq Composite plunged 4.3%, while the S&P 500 and the Dow Jones Industrial Average lost 3.5% and 2.5%, respectively.
Tensions between the US and China are front and center of the trade war after Washington excluded Beijing from its tariff pause. Imported Chinese goods to the US are now charged with a 145% duty, according to the White House. Meanwhile, Bloomberg News reported a high-level meeting among top Chinese leaders on Thursday to discuss stimulus plans in response to the new tariffs.
In corporate news, Woolworths Group (ASX:WOW) told employees Thursday that it will restructure its business in a move that will result in thousands of job losses across two supermarkets in Auckland, according to the Workers First Union. The decision is the outcome of a consultation period amid a bid to adopt a customer-focused business model.
In other news, AIC Mines (ASX:A1M) appointed John Callagher as chief financial officer, effective May 12, according to a Thursday filing with the Australian bourse.
Australia's benchmark index logged its biggest single-day gain Thursday after surging 4.5%, or 334.60 points, to close at 7,709.60.
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