Top 10 at 11: ASX opens lower as tariff fatigue sets in across global markets
Morning, and welcome to Stockhead's Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading.
With the market opening at 10am sharp eastern time, the data is taken at 10:15, once trading kicks off in earnest.
In brief, this is what the markets have been up to this morning.
Federal Court reinstates tariffs
US markets rose in overnight trade, but showed none of their usual enthusiasm.
News Liberation Day tariffs had been suspended by a US court order and deemed unlawful pushed US futures up more than 1% overnight, but that optimism was quickly dashed as a Federal Court reinstated the tariffs.
They'll remain in place as the Trump Admin appeals the decision and outlines new legal justifications for the tariffs.
President Trump's team has already signalled that it will continue to pursue the tariffs even if its appeal is lost.
President of the Chicago Federal Reserve Austan Goolsbee signalled the removal or avoidance of large tariffs could bring on an interest rate cut, pointing to the underlying strength in the US economy.
According to a Reuters analysis, the tariffs have cost business across the US, Asia and Europe more than US$34 billion in lost sales and higher costs.
Investors and traders appear to be becoming somewhat numb to it all.
The Dow lifted 0.28%, the S&P500 0.4% and the Nasdaq 0.39%.
A brief tariff relief rally in Europe faded to leave both major indices marginally lower – the FTSE300 dipped 0.2% and the FTSE100 0.1%.
ASX follows Europe lower
The ASX has opened lower in the first hour of trade, down 0.21% as of about 10:30 am AEST.
Consumer Staples are Materials are the only sectors in the green at present, not an ideal start to trading this morning.
A lift in the gold price overnight has provided some stability for gold stocks, which have lifted the All Ords Gold index 0.52%, but the rest of the market is demonstrating broad weakness.
Energy is leading losses, down 0.89% after putting in a strong showing yesterday.
Let's see who's moving higher against the market's momentum…
WINNERS
Code Name Last % Change Volume Market Cap
PRM Prominence Energy 0.004 100% 1500 $778,353
ERL Empire Resources 0.005 67% 319668 $4,451,740
GMN Gold Mountain Ltd 0.002 33% 288500 $8,429,639
AYT Austin Metals Ltd 0.005 25% 198136 $6,296,765
ECT Env Clean Tech Ltd. 0.0025 25% 159004 $8,013,537
RGL Riversgold 0.005 25% 149838 $6,734,850
WBE Whitebark Energy 0.005 25% 100000 $2,749,334
LRD Lordresourceslimited 0.026 24% 538906 $1,625,946
ASP Aspermont Limited 0.006 20% 719102 $12,365,938
PIL Peppermint Inv Ltd 0.003 20% 200000 $5,690,224
In the news...
Lord Resources (ASX:LRD) is up this morning despite launching a 1-for-1 entitlement offer to raise just under $1.4 million. LRD is offering its shares at a 18.18% discount to its 5-day VWAP, with funding to support drilling at the Ilgarari copper project.
Aspermont's (ASX:ASP) half year results have pleased investors, after the company grew its annual recurring subscription revenue by 4% year-on-year to $11.2m.
The B2B software firm says its subscription business now contributes more than 70% of its total revenue, maintaining a net retention rate of more than 100%.
LAGGARDS
Code Name Last % Change Volume Market Cap
TEG Triangle Energy Ltd 0.002 -33% 500000 $6,267,702
RAN Range International 0.0015 -25% 3198946 $1,878,581
XPN Xpon Technologies 0.008 -24% 1654000 $4,349,659
PLC Premier1 Lithium Ltd 0.009 -18% 1254900 $4,048,666
REZ Resourc & En Grp Ltd 0.015 -17% 492052 $12,089,504
KPO Kalina Power Limited 0.005 -17% 865163 $17,597,818
ENL Enlitic Inc. 0.029 -15% 303089 $24,527,901
ADG Adelong Gold Limited 0.006 -14% 47460198 $9,782,403
WNX Wellnex Life Ltd 0.33 -14% 37088 $26,092,038
AX8 Accelerate Resources 0.007 -13% 235331 $6,377,510
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
42 minutes ago
- News.com.au
New TikTok trend involving your front door could result in severe damage
Homeowners and sellers tend to overlook the importance of their home's front door. However, experts argue that this is one of the key features that can make or break a sale. Front doors offer a first impression to buyers, and as the saying goes, the first impression lasts the longest. For owners, the main entry to the home is also the first line of defence from the outside world, whether it be intruders or the elements. Over in the US, there's been a resurgence of the concerning 'door-kicking' prank, which gained traction on TikTok last year. This trend has led to concerns among owners and sellers alike — especially given that things have escalated rapidly since the prank was last popular. The TikTok 'door-kicking' trend, which started in 2024, involves pounding and kicking on front doors in the middle of the night. While it might seem like a harmless prank at first, it often leaves residents bewildered and burdened with costly repairs. Against this backdrop, the importance of your front door can't be overstated as it's more than just an entryway: it's both the first impression of your home and a critical line of defence. According to high-quality doors can increase a home's marketability by 5 per cent to 10 per cent, as it suggests durability and low maintenance. Materials matter when it comes to front doors With all of this in mind, as real estate agent Alexei Morgado puts it, homeowners should not view the front door just as a surface-level design enhancement but also as a security feature. Fibreglass Fibreglass offers a balance of strength, insulation, and low maintenance, mimicking the look of wood without the warping. According to Doors Plus, 'fibreglass doors lead the way in resilience to the elements and insulation performance'. Although the price is high, fibreglass doors have a longer lifespan than wood or steel doors. Also, its low maintenance makes it cost-effective over time. Steel Steel is the most durable material available for front doors, making it an ideal choice for enhanced security. As long as the weather conditions aren't too extreme, it will not be affected – unlike wood, for example, which can warp when it gets wet. The downside of a steel door includes that it can be easily scratched or dented and requires a good finish to prevent rust. Solid wood Wooden doors can provide a stunning finish, and owners can accentuate the grain to achieve a beautiful appearance. They can also be stained or painted to give a different finish and to give a tired door a new lease of life. While timeless and customisable, wood demands regular maintenance. But it adds unmatched warmth and character. How to protect your front door There are several upgrades owners can make. Steel-reinforced doors with deadbolt plates and longer strike screws slow down break-ins fast. In addition, smart locks are helpful, but the core still comes down to the strength of the actual door and frame. Owners should also consider smart security upgrades, such as video doorbells or cameras, which can deter pranks and enhance monitoring. Finally, in terms of return on investment, doors are one of the simplest high-impact upgrades you can make. 'But the ROI goes far beyond resale value. Insurers are also beginning to include fortified doors in homeowners' premiums,' Morgado told Realtor. 'And even more valuable is time on the marketplace. Homes with obvious security upgrades, including smart doors and secure doors, also sell faster, particularly with millennials and Gen Z, who care about tech as much as security.'
ABC News
an hour ago
- ABC News
Can Albo get a tariff deal with Trump?
As the UK carves out a partial exemption on the Trump administration's tariffs, Opposition leader Sussan Ley is urging the Albanese Government to negotiate the same. It comes as the Prime Minister has labelled the US administration's 50 per cent tariff on steel and aluminium imports "economic self-harm" -- and continues to stare down calls for Australia to increase its defence spending to 3.5 per cent. And in the hotly contested seat of Bradfield, Independent Teal candidate Nicolette Boele has clinched a very narrow win. So, what does this mean for the moderate wing of the Liberal party? Patricia Karvelas and David Speers break it all down on Politics Now. Got a burning question? Got a burning political query? Send a short voice recording to PK and Fran for Question Time at thepartyroom@
News.com.au
an hour ago
- News.com.au
China's checkmate on Trump's tariffs
Several of the world's biggest car makers could be forced to shut down their factories 'within weeks', due to a critical supply issue, as uncertainty in the industry continues almost unabated. According to Reuters, three of the world's major vehicle manufacturers in Toyota, General Motors and Hyundai have warned the Trump Administration that an impending shortage of rare-earth magnets from China, could lead to the shuttering of production lines by the end of June. Rare earth magnets such as dysprosium and terbium, are a crucial element in both electric vehicles and those with traditional internal combustion engines. They are used in a series of components in most cars, including windshield-wiper motors. headlights and anti-lock brakes. 'Without reliable access to these elements and magnets, automotive suppliers will be unable to produce critical automotive components, including automatic transmissions, throttle bodies, alternators, various motors, sensors, seat belts, speakers, lights, motors, power steering, and cameras,' the letter from the Alliance for Automotive Innovation, which was sent to the Trump Administration, read. 'In severe cases, this could include the need for reduced production volumes or even a shutdown of vehicle assembly lines,' the groups said. The Wall Street Journal has reported, the car giants are desperately trying to find a workaround for China's stranglehold on the rare-earth magnets. US Treasury Secretary Scott Bessent is said to be taking the lead on this. In April, companies began to need permission from Chinese authorities to export the rare-earth metals which allow modern tech in cars, and smartphones and even F-35 fighter jets to work at high temperatures. China controls around 90 per cent of the world's supply of these elements. Crucially for the car industry, they allow EV motors to function at high speed. China was to have eased export controls on the magnets as part of a 90-day tariff truce with US President Donald Trump, but they have 'slow-walked' that agreement. Some say that move is in response to Trump restricting imports of AI chips and revoking Chinese student visas. Either way, exports of rare-earth magnets from China have plummeted and the car giants are searching desperately for other sources of the minerals in Europe and Asia. WSJ said Ford were forced to shut down production of the Ford Explorer at its Chicago plant for a week last month due to the shortage. One workaround could be producing EV motors in China or shipping US-made motors to China to have the magnets installed as a way to get around the export restrictions that cover only the magnets not the finished parts. Presumably though, such a move would make cars more expensive. However that could be countered by stripping out premium features in the cars, such as electric adjustable seats and high end sound systems, that use the tiny motors to reduce demand for the magnets and cut costs.
