ASX 200 rebounds after suffering major wipeout triggered by Donald Trump vowing pharmaceutical tariffs by end of July
The index is up 0.5 per cent in the first 40 minutes of trading, tracking gains in the US.
Clarity Pharmaceuticals is up 4.8 per cent to recover from the shock of Trump revealing he would impose pharmaceutical tariffs by the end of this month.
Buy-now-pay-later company Block has added four per cent, kitchenware manufacturer Breville Group is up 3.1 per cent and Auckland International Airport has risen 3.2 per cent.
Qantas is up about one per cent after Citi upgraded the stock to a 'buy' recommendation and said it had a target price of $12.20, while the stock currently sits around $11.10.
Investors were bolstered by the US President suggesting he would not fire Federal Reserve chairman Jerome Powell after repeatedly attacking the leader Trump appointed in 2017.
'I don't rule out anything, but I think it's highly unlikely unless he has to leave for fraud,' Trump said in response to a question on whether he would sack Mr Powell.
Wall Street was in the green on Wednesday with the Dow Jones jumping 0.5 per cent and both the S&P 500 and the Nasdaq adding 0.3 per cent.
London's FSTE 250 Index fell 0.4 per cent, Germany's DAX shed 0.2 per cent and the STOXX Europe 600 dropped 0.6 per cent on Wednesday.
Since trading began on Thursday, New Zealand's NZX 50 Index has risen one per cent while Japan's Nikkei 225 has sank 0.4 per cent.
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AU Financial Review
an hour ago
- AU Financial Review
Rudd ‘confident' on AUKUS review, rejects defence spending claims
Washington | Kevin Rudd believes issues raised by the Pentagon's review of the AUKUS submarine pact can be resolved, but refutes suggestions that Australia is not spending enough on defence. The former prime minister and now United States ambassador, who is under intense scrutiny amid strains in the Australia-US alliance, said the relationship had proved resilient through 15 prime ministers and presidents and would grow stronger under President Donald Trump.
News.com.au
an hour ago
- News.com.au
‘No good answers': Trump facing real ‘danger'
Donald Trump is mired in his biggest ever backlash from the MAGA faithful after he claimed there was nothing left of note in files relating to deceased pedophile financier Jeffrey Epstein. A tumultuous week hasn't been helped by the US president calling his supporters who favour releasing all documents related to Epstein as 'weaklings' who have fallen for a 'Democrat hoax'. But a US political watcher has told that Mr Trump himself helped stoke the flames of his current predicament, having previously promoted wild rumours around Epstein. That had 'activated' a group that were not about to simply agree there was nothing to see after all. There was a real 'danger to Trump,' Professor Robert Rowland of the University of Kansas said. 'Trump has been very adept at using conspiracy theories to support his message. 'And on the Epstein conspiracy theory he, and others, have not been constrained in the least by facticity.' In addition, a Republican strategist has said Mr Trump has 'no good answers' for those clamouring for more files to be released. A recent poll found two thirds of Americans think the government is 'covering up evidence' it has about Epstein. The political crisis emerged on July 7 when the FBI announced that as part of its 'commitment to transparency' an 'exhaustive review' had been concluded into documents related to Epstein. But 'no further disclosure' would be 'appropriate or warranted'. In addition, the FBI declared Epstein had committed suicide after all. There was no rumoured foul play. So that was that. No more Epstein files would see the light of day. The fabled 'client list,' which Attorney-General Pam Bondi herself had said was on her desk, didn't actually exist. She said she misspoke and just meant some general Epstein files. Lots of reasonable explanations were given for the documents remaining private. They included details of victims, child sex abuse material or just the usual legal issues. Mr Trump said it was time to move on and urged people to 'not waste time and energy on … somebody that no one cares about'. The problem is many in the MAGA-sphere do care about Epstein. They care a lot. YouGov research, released last week, showed 75 per cent of Republicans want the Government to release all the documents it has about the Epstein case and 50 per cent of the same voters think a cover up is occurring. High profile commentators who lean Trump are also underwhelmed. House Speaker Mike Johnson, who is close to Mr Trump, has urged more 'transparency'. Even Trump's own FBI deputy director Don Bongino, a conservative podcaster, was reportedly furious at how the investigation wrapped up. Trump's multiple Epstein references Over the years, Mr Trump hasn't been shy in hyping scuttlebutt about Epstein's life, death and the people who knew him. People who knew Epstein included, of course, Mr Trump. But there has never been any claims of wrongdoing against Mr Trump and the pair ended up falling out. In 2019, Mr Trump retweeted a post alleging Bill Clinton was involved in Epstein's death. In 2020, he suggested it was a possibility Epstein may have been killed in jail. Then, on the campaign trail last year, he said – several times – that a future President Trump would absolutely declassify the so-called Epstein files. That helped keep Epstein fresh in the thoughts of many of his supporters. This fuelled theories of a 'deep state' and that a host of high-profile people would eventually be accused of heinous crimes. Undoubtedly, to many in the MAGA movement, it was hoped those famous names would be political foes, proving that they weren't just mere opponents but evildoers too. Prof Rowland told that Mr Trump was adept at using conspiracy theories to galvanise his supporters. 'His use of the ridiculous 'birther' theory (that Barack Obama was not a US citizen and so could not be president) is probably the best example'. But the US president has now found himself in an 'interesting and confusing' situation, the academic said. In February, the Justice Department released what it called the 'first phase' of previously unseen Epstein documents. But there was little new information in them. Now in office, Mr Trump may have discovered that, despite the hype, there wasn't much to the rumours beyond what was already in the public realm about Epstein. But it's hard to close that Pandora's box he helped to prise open. Those who, for years, have believed Epstein had dirt on scores of public figures won't be easily persuaded that was never the case. 'Trump doesn't have good answers' Republican strategist Alex Conant, of Firehouse Strategies, told the US' National Public Radio that there had been a 'real mismanagement of expectations with (Mr Trump's) base' over what could actually be delivered on Epstein once he was in power. 'Trump doesn't have good answers because … they have released everything on this that they are legally allowed to release and their hands are really tied moving forward. 'And yet it's not enough for … his opponents. 'His supporters are fixated on this decade-old scandal that he can't ever make them happy on and it's deeply frustrating to him,' Mr Conant said. Democrat 'scam' Prof Rowland said it was 'odd' that the administration didn't simply release more files, 'and claim victory, regardless of what the files actually say'. That may now be happening. On Thursday, a clearly angry Mr Trump said that due to the 'ridiculous amount of publicity' the Epstein crisis was creating, he had told Attorney-General Bondi to release any 'pertinent grand jury testimony'. A grand jury is group of citizens who determine whether there is a likely case that can be taken to a full court jury. The court process to release these documents related to Epstein could take some time, however. Mr Trump said the furore was a 'Democrat scam'. That echoed comments he made earlier in the week when he unleashed on social media claiming what he termed 'past supporters' had fallen for a 'hoax' perpetuated by the Democratic Party 'hook, line and sinker' that was all just 'bull***t'. 'As a rule, attacking supporters is a terrible way to maintain credibility,' said Prof Rowland. 'Barack Obama was sharply criticised (during the 2024 election campaign) when he told black men that they needed to do more to support Kamala Harris. 'Blaming Democrats for the controversy appears to be a transparent attempt to change the subject. 'That it strains credibility is extremely generous,' he said. 'It also does not seem to have mollified a large group on the right that apparently has bought into the Epstein conspiracy theory.' Prof Rowland said it was possible Mr Trump's rhetoric over recent days might simply be 'poorly planned,' and symptomatic of his sometimes chaotic messaging. Alternatively, he might be trying to 'bury the controversy because of something in the files'. Prof Rowland concedes that in itself is pure speculation. But by keeping the remaining files under wraps, that's exactly what some angry Trump voters have speculated about. On Thursday, US newspaper The Wall Street Journal published a 2003 birthday card to Epstein signed from 'Donald'. Mr Trump has been adamant the card was not from him and is 'fake'. There is no suggestion of any nefarious activity on Mr Trump's apart. 'Activated' Undoubtedly, Mr Trump is good at changing the subject. One big wild announcement and the hope may be the Epstein energy will fade. 'I think Trump will be able to tamp down the controversy with most of his supporters, because they are focused on their own economic situation,' Prof Rowland said. 'But the situation is different for the online and much more engaged MAGA right. 'Bondi and Trump both activated this group with their earlier comments about Epstein and conspiracy theories are common in the information ecosystem of this group. 'The danger for Trump is that the online MAGA right plays a crucial role for him in amplifying his message,' he said. 'Strong arguments are not going to change their minds.
West Australian
2 hours ago
- West Australian
Detained Venezuelans to be swapped for Americans
El Salvador's government will send detained Venezuelans home in exchange for Americans held in Venezuela, two US government officials said, as Venezuela announced the return of seven migrant children who had been separated from their families. One of the officials said El Salvador would send 238 Venezuelans held in its maximum security CECOT prison to Caracas and that the Venezuelan government would release five US citizens and five US permanent residents to American custody. The second official confirmed on Friday that the exchange was taking place and said the figures appeared to be close to what was expected. Some family members of migrants held at CECOT said they received calls from the Venezuelan government to come to Caracas. Venezuela's Communications Ministry and El Salvador's presidency did not immediately respond to requests for comment on the possible exchange. Venezuelan Interior Minister Diosdado Cabello and First Lady Cilia Flores said seven migrant children who had been separated from their families and kept in US care had been sent home on a deportation flight that brought more than 200 migrants from Texas to Maiquetia airport near Caracas. Cabello said the children had been "rescued" and cheered their return, after saying earlier there were 32 migrant children in the US who had been separated from their families. There would be "more movement" later in the afternoon and other arrivals, Cabello added, without providing more details. The US State Department declined to comment. The White House and the US Department of Homeland Security did not immediately respond to requests for comment. The Venezuelans were sent to El Salvador in March after President Donald Trump invoked the 1798 Alien Enemies Act to swiftly deport alleged members of the Tren de Aragua gang without going through normal immigration procedures. Family members of many of the Venezuelans and their lawyers deny they had gang ties, and say they were not given a chance to contest the Trump administration's allegations in court. Venezuela's government has always decried the CECOT detention of its citizens as a violation of human rights and international law. But the government's critics say the country holds activists and opposition figures in similar conditions in Venezuela. The return of Americans held in Venezuela is a priority, Richard Grenell, a Trump envoy, has said. Grenell visited Caracas in January, returning with six Americans who had been held in Venezuela, and in May flew back to the US from the Caribbean island of Antigua with Joseph St. Clair, who had also been detained in Venezuela.
