ASX expected to rebound after Trump flagged Iran war ‘complete, pretty much’

The ASX is expected to stage a stunning comeback on Tuesday after nearly $90bn was wiped off during trading on Monday as Donald Trump said he thought the Iran was “pretty much” over.

Before the start of trade, ASX 200 futures were up 184 points or 2.2 per cent after the US President told CBS News that he thought “the war is very complete, pretty much”.

That would add approximately $50.6 billion to $61.6 billion to the nation’s total share market value in a single day.

In New York overnight, the S&P 500 dropped as much as 1.5 per cent before recovering to a gain of 0.8 per cent.

Oil prices jumped again nearly $US120 per barrel, their highest since 2022, before returning to $US90.

The benchmark ASX 200 slumped 252 points or 2.85 per cent to 8599 on Monday for the biggest one day sell-off since Mr Trump announced his “Liberation Day” tariffs last April.

At its low point, the market dragged 4.4 per cent with nearly $130bn wiped from the market before it recovered during the afternoon’s trading session.

The market closed down nearly $90bn.

More to come