The Australian share market is anticipated to open lower following a disappointing session on Wall Street. This downturn comes after a U.S. appeals court ruled that most of Donald Trump's tariffs are illegal. The ruling has heightened investor anxiety, contributing to a surge in gold prices, which have reached a new record high.

ASX futures indicate a 0.4% decline, suggesting a challenging start for the local market. The Australian dollar has also dropped, falling 0.7% to 65.1 U.S. cents. This decline follows a negative trading day in the U.S., where the Dow Jones fell 0.6%, the S&P 500 dropped 0.7%, and the Nasdaq Composite decreased by 0.8%.

The U.S. Court of Appeals for the Federal Circuit ruled in a 7-4 decision that only Congress has the authority to impose broad import taxes. President Trump criticized the ruling as "Highly Partisan" and announced plans to appeal to the Supreme Court.

In the wake of this news, gold prices surged by 1.6%, reaching $3,532 per ounce. This increase reflects growing investor nervousness amid the ongoing market volatility.

The Australian market has seen significant fluctuations during the current earnings season, with major companies like Commonwealth Bank, CSL, Woolworths, James Hardie, and Qantas experiencing dramatic changes in their share prices following their financial results. Some analysts suggest that the ASX may be overvalued, warning that if earnings do not improve significantly, a market correction could occur.

As the trading day unfolds, investors are advised to stay informed and cautious. More updates will follow as the situation develops.