Australian shares retreat from highs for second time
The Australian share market has slipped after again approaching its best-ever close, fading ahead of key US economic data and a long weekend in most Australian states.
The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9.
The top 200 gained roughly one per cent for the week but failed to hold above its record close of 8,555.8 for a second straight day, as investors took profits ahead of a trading break on Monday and two potentially volatile US sessions before the next ASX open.
With the local bourse so close to its record, some investors were asking if they were looking at a high-water mark, Moomoo market strategist Jessica Amir said.
"With US debt concerns getting louder, investors are questioning whether markets could be due for a haircut," she told AAP.
"But I think that'll be tested tonight when we get US jobs data, and if it really is weaker than expected then that will smash sentiment."
Nine of 11 local sectors finished lower but energy shares offered some relief, up 0.7 per cent as hopes of resumed US-China trade talks pushed oil prices higher.
Brent crude prices are up more than 3.5 per cent for the week, to $US64.86 a barrel, after a phone call between Presidents Donald Trump and Xi Jinping raised hopes for global growth and crude demand from the world's two largest economies.
Financials weighed on the bourse, down 0.4 per cent as investors took profits on the banks.
CBA was the big four's worst performer on Friday, fading 0.8 per cent after hitting a fresh peak of $182 on Thursday.
Zooming out, the sector was up 1.9 per cent for the week and holding above its record close in February.
Liquidity rotation from the banks and glimmers of global trade hopes helped push BHP and Fortescue higher, but it was not enough to stop the materials sector from slipping 0.1 per cent after a 1.4 per cent gain for the week.
The brighter trade horizon weighed on critical minerals miners after China's export controls pushed them higher on Thursday, leaving Pilbara Minerals (down 5.2 per cent) and Iluka Resources (down 3.8 per cent) among the top 200's worst performers on Friday.
Goldminers were a mixed bag all week, as the precious metal continued to chop within a range, with futures at $US3,384 ($A5,210) an ounce.
Cryptocurrency Bitcoin slipped almost five per cent overnight but has recovered some of its losses to trade about $US103,200 ($A158,860), with no fundamental catalyst behind the dip, trading platform OKX's Australian boss Kate Cooper said.
"The modest 5.6 per cent dip in the global cryptocurrency market cap today reflects broader market volatility, as participants react to the European Central Bank's downward revision of inflation expectations and reassess growth prospects," she said.
Qantas was among the ASX's best-performing large cap stocks, up 3.5 per cent to $10.76 as competitor Virgin Australia confirmed it would relist on the ASX on June 24 with an expected market cap of $2.3 billion.
Gold explorer and developer Ora Banda took the wooden spoon, down 14 per cent after a production update failed to shine.
The Australian dollar is buying 64.97 US cents, roughly on par with Thursday at 5pm, but at the upper end of its recent range against the greenback.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Friday 23.2 points lower, down 0.27 per cent to 8,515.7
* The broader All Ordinaries fell 26.7 points, or 0.3 per cent, to 8,741.9
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.97 US cents, from 64.96 US cents on Thursday at 5pm
* 93.56 Japanese yen, from 93.03 Japanese yen
* 56.81 Euro cents, from 56.93 Euro cents
* 47.95 British pence, from 47.95 pence
* 107.58 NZ cents, from 107.70 NZ cents
The Australian share market has slipped after again approaching its best-ever close, fading ahead of key US economic data and a long weekend in most Australian states.
The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9.
The top 200 gained roughly one per cent for the week but failed to hold above its record close of 8,555.8 for a second straight day, as investors took profits ahead of a trading break on Monday and two potentially volatile US sessions before the next ASX open.
With the local bourse so close to its record, some investors were asking if they were looking at a high-water mark, Moomoo market strategist Jessica Amir said.
"With US debt concerns getting louder, investors are questioning whether markets could be due for a haircut," she told AAP.
"But I think that'll be tested tonight when we get US jobs data, and if it really is weaker than expected then that will smash sentiment."
Nine of 11 local sectors finished lower but energy shares offered some relief, up 0.7 per cent as hopes of resumed US-China trade talks pushed oil prices higher.
Brent crude prices are up more than 3.5 per cent for the week, to $US64.86 a barrel, after a phone call between Presidents Donald Trump and Xi Jinping raised hopes for global growth and crude demand from the world's two largest economies.
Financials weighed on the bourse, down 0.4 per cent as investors took profits on the banks.
CBA was the big four's worst performer on Friday, fading 0.8 per cent after hitting a fresh peak of $182 on Thursday.
Zooming out, the sector was up 1.9 per cent for the week and holding above its record close in February.
Liquidity rotation from the banks and glimmers of global trade hopes helped push BHP and Fortescue higher, but it was not enough to stop the materials sector from slipping 0.1 per cent after a 1.4 per cent gain for the week.
The brighter trade horizon weighed on critical minerals miners after China's export controls pushed them higher on Thursday, leaving Pilbara Minerals (down 5.2 per cent) and Iluka Resources (down 3.8 per cent) among the top 200's worst performers on Friday.
Goldminers were a mixed bag all week, as the precious metal continued to chop within a range, with futures at $US3,384 ($A5,210) an ounce.
Cryptocurrency Bitcoin slipped almost five per cent overnight but has recovered some of its losses to trade about $US103,200 ($A158,860), with no fundamental catalyst behind the dip, trading platform OKX's Australian boss Kate Cooper said.
"The modest 5.6 per cent dip in the global cryptocurrency market cap today reflects broader market volatility, as participants react to the European Central Bank's downward revision of inflation expectations and reassess growth prospects," she said.
Qantas was among the ASX's best-performing large cap stocks, up 3.5 per cent to $10.76 as competitor Virgin Australia confirmed it would relist on the ASX on June 24 with an expected market cap of $2.3 billion.
Gold explorer and developer Ora Banda took the wooden spoon, down 14 per cent after a production update failed to shine.
The Australian dollar is buying 64.97 US cents, roughly on par with Thursday at 5pm, but at the upper end of its recent range against the greenback.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Friday 23.2 points lower, down 0.27 per cent to 8,515.7
* The broader All Ordinaries fell 26.7 points, or 0.3 per cent, to 8,741.9
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.97 US cents, from 64.96 US cents on Thursday at 5pm
* 93.56 Japanese yen, from 93.03 Japanese yen
* 56.81 Euro cents, from 56.93 Euro cents
* 47.95 British pence, from 47.95 pence
* 107.58 NZ cents, from 107.70 NZ cents
The Australian share market has slipped after again approaching its best-ever close, fading ahead of key US economic data and a long weekend in most Australian states.
The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9.
The top 200 gained roughly one per cent for the week but failed to hold above its record close of 8,555.8 for a second straight day, as investors took profits ahead of a trading break on Monday and two potentially volatile US sessions before the next ASX open.
With the local bourse so close to its record, some investors were asking if they were looking at a high-water mark, Moomoo market strategist Jessica Amir said.
"With US debt concerns getting louder, investors are questioning whether markets could be due for a haircut," she told AAP.
"But I think that'll be tested tonight when we get US jobs data, and if it really is weaker than expected then that will smash sentiment."
Nine of 11 local sectors finished lower but energy shares offered some relief, up 0.7 per cent as hopes of resumed US-China trade talks pushed oil prices higher.
Brent crude prices are up more than 3.5 per cent for the week, to $US64.86 a barrel, after a phone call between Presidents Donald Trump and Xi Jinping raised hopes for global growth and crude demand from the world's two largest economies.
Financials weighed on the bourse, down 0.4 per cent as investors took profits on the banks.
CBA was the big four's worst performer on Friday, fading 0.8 per cent after hitting a fresh peak of $182 on Thursday.
Zooming out, the sector was up 1.9 per cent for the week and holding above its record close in February.
Liquidity rotation from the banks and glimmers of global trade hopes helped push BHP and Fortescue higher, but it was not enough to stop the materials sector from slipping 0.1 per cent after a 1.4 per cent gain for the week.
The brighter trade horizon weighed on critical minerals miners after China's export controls pushed them higher on Thursday, leaving Pilbara Minerals (down 5.2 per cent) and Iluka Resources (down 3.8 per cent) among the top 200's worst performers on Friday.
Goldminers were a mixed bag all week, as the precious metal continued to chop within a range, with futures at $US3,384 ($A5,210) an ounce.
Cryptocurrency Bitcoin slipped almost five per cent overnight but has recovered some of its losses to trade about $US103,200 ($A158,860), with no fundamental catalyst behind the dip, trading platform OKX's Australian boss Kate Cooper said.
"The modest 5.6 per cent dip in the global cryptocurrency market cap today reflects broader market volatility, as participants react to the European Central Bank's downward revision of inflation expectations and reassess growth prospects," she said.
Qantas was among the ASX's best-performing large cap stocks, up 3.5 per cent to $10.76 as competitor Virgin Australia confirmed it would relist on the ASX on June 24 with an expected market cap of $2.3 billion.
Gold explorer and developer Ora Banda took the wooden spoon, down 14 per cent after a production update failed to shine.
The Australian dollar is buying 64.97 US cents, roughly on par with Thursday at 5pm, but at the upper end of its recent range against the greenback.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Friday 23.2 points lower, down 0.27 per cent to 8,515.7
* The broader All Ordinaries fell 26.7 points, or 0.3 per cent, to 8,741.9
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.97 US cents, from 64.96 US cents on Thursday at 5pm
* 93.56 Japanese yen, from 93.03 Japanese yen
* 56.81 Euro cents, from 56.93 Euro cents
* 47.95 British pence, from 47.95 pence
* 107.58 NZ cents, from 107.70 NZ cents
The Australian share market has slipped after again approaching its best-ever close, fading ahead of key US economic data and a long weekend in most Australian states.
The S&P/ASX200 traded a tight range on Friday to finish 23.2 points lower, down 0.27 per cent to 8,515.7, as the broader All Ordinaries slipped 26.7 points, or 0.3 per cent, to 8,741.9.
The top 200 gained roughly one per cent for the week but failed to hold above its record close of 8,555.8 for a second straight day, as investors took profits ahead of a trading break on Monday and two potentially volatile US sessions before the next ASX open.
With the local bourse so close to its record, some investors were asking if they were looking at a high-water mark, Moomoo market strategist Jessica Amir said.
"With US debt concerns getting louder, investors are questioning whether markets could be due for a haircut," she told AAP.
"But I think that'll be tested tonight when we get US jobs data, and if it really is weaker than expected then that will smash sentiment."
Nine of 11 local sectors finished lower but energy shares offered some relief, up 0.7 per cent as hopes of resumed US-China trade talks pushed oil prices higher.
Brent crude prices are up more than 3.5 per cent for the week, to $US64.86 a barrel, after a phone call between Presidents Donald Trump and Xi Jinping raised hopes for global growth and crude demand from the world's two largest economies.
Financials weighed on the bourse, down 0.4 per cent as investors took profits on the banks.
CBA was the big four's worst performer on Friday, fading 0.8 per cent after hitting a fresh peak of $182 on Thursday.
Zooming out, the sector was up 1.9 per cent for the week and holding above its record close in February.
Liquidity rotation from the banks and glimmers of global trade hopes helped push BHP and Fortescue higher, but it was not enough to stop the materials sector from slipping 0.1 per cent after a 1.4 per cent gain for the week.
The brighter trade horizon weighed on critical minerals miners after China's export controls pushed them higher on Thursday, leaving Pilbara Minerals (down 5.2 per cent) and Iluka Resources (down 3.8 per cent) among the top 200's worst performers on Friday.
Goldminers were a mixed bag all week, as the precious metal continued to chop within a range, with futures at $US3,384 ($A5,210) an ounce.
Cryptocurrency Bitcoin slipped almost five per cent overnight but has recovered some of its losses to trade about $US103,200 ($A158,860), with no fundamental catalyst behind the dip, trading platform OKX's Australian boss Kate Cooper said.
"The modest 5.6 per cent dip in the global cryptocurrency market cap today reflects broader market volatility, as participants react to the European Central Bank's downward revision of inflation expectations and reassess growth prospects," she said.
Qantas was among the ASX's best-performing large cap stocks, up 3.5 per cent to $10.76 as competitor Virgin Australia confirmed it would relist on the ASX on June 24 with an expected market cap of $2.3 billion.
Gold explorer and developer Ora Banda took the wooden spoon, down 14 per cent after a production update failed to shine.
The Australian dollar is buying 64.97 US cents, roughly on par with Thursday at 5pm, but at the upper end of its recent range against the greenback.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Friday 23.2 points lower, down 0.27 per cent to 8,515.7
* The broader All Ordinaries fell 26.7 points, or 0.3 per cent, to 8,741.9
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.97 US cents, from 64.96 US cents on Thursday at 5pm
* 93.56 Japanese yen, from 93.03 Japanese yen
* 56.81 Euro cents, from 56.93 Euro cents
* 47.95 British pence, from 47.95 pence
* 107.58 NZ cents, from 107.70 NZ cents
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- ABC News
Grilling season demand for Aussie beef outweighs Trump tariffs
It has been more than two months since Donald Trump's "liberation day" tariffs were announced, which included a 10 per cent tariff on imported Australian beef. But US demand for lean beef has far outweighed the tariff and exports have been surging. "In terms of volume, I don't think Trump's tariffs have had an impact at all," Rabobank analyst Angus Gidley-Baird said. "Year to date, beef exports are up over 30 per cent and if we continue at this pace, we'll go very close to pushing our quota limit for the first time (which is about 450,000 tonnes)." According to Meat and Livestock Australia, 167,722 tonnes of beef have been shipped to the US so far this year, which is up 32 per cent. Beef exports to China are also rising, with 117,341 tonnes exported, up 30 per cent on last year. General manager of meat processing company, The Midfield Group, Dean McKenna, said Donald Trump's tariffs were "one of the best things" that had happened to his business. "I wish he went 50 per cent [tariff]," he told Queensland Country Life. The United States cattle herd is at its lowest point since the 1950s because of drought. The supply of lean beef for America's famous hamburgers is tight. Going into its summer "grilling season" the United States has been relying on beef imports, which has coincided with Australia producing record amounts. "The US needs a lot [of lean beef] and Australia has a lot to sell, especially the way the prices are at the moment," Mr Gidley-Baird said. US cattle and beef prices are at record highs and are expected to rise further in 2026, making imported Australian beef very competitive — despite the 10 per cent tariff. According to Rabobank the average finished cattle price in the US is over $US4.50 a kilogram live-weight ($A6.92/kg), compared to about $US2.25 a kilogram for Australian cattle ($A3.46/kg). Beef made headlines on Friday, when it was suggested Prime Minister Anthony Albanese was willing to "loosen or compromise biosecurity rules" for US beef imports. A claim the PM quickly denied. As previously explained by ABC Landline, Australia does not have a ban on United States beef, as long as it comes from cattle born, raised and slaughtered in the US. The Australian government has been assessing a request from the US to expand its access, to include beef from cattle that it has imported from Mexico and Canada and then slaughtered in the US. Yet at the moment, the US has a ban on importing Mexican cattle because of an exotic pest called new world screwworm. Cattle Australia chief executive, Chris Parker, said the US would need to prove it can be like Australian beef exporters, which adhere to strict traceability standards. "Our position is that the US needs to be able to demonstrate it can either trace cattle born in Mexico and Canada, or has systems that are equivalent to Australia's traceability, before imports of meat could occur from non-US cattle," he said. Australia has not imported any beef from the US since 2005 for a few reasons including price. Australia also has plenty of its own beef. In 2024, Australia produced more beef than ever before, turning off 2.57 million tonnes of beef, of which a record 1.34 million tonnes was exported around the world. So imagine if Australia exported iron ore for $100 a tonne and was then criticised for not importing American iron ore for $200 a tonne. As meat analyst Simon Quilty recently told Landline, importing US beef is not viable. "I don't see us being swamped by American beef, in fact I'd say for the next five years, even if the US had open access, we'd see next to nothing coming out of America." Watch ABC TV's Landline at 12:30pm on Sunday or on ABC iview.
