Canberra mulls critical minerals price support to combat China: Rudd
Rudd, who is now Australia's ambassador to the US, said Australian mining expertise and a burgeoning critical minerals processing industry, backed by billions in government subsidies, put the country in a good position to support President Donald Trump's bid to ensure the US has a stable supply of minerals needed for defence and technology uses.
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West Australian
24 minutes ago
- West Australian
‘Bell ringing moment': ASX soars to historic high, passing 9000 points
Australia's sharemarket has made history, surpassing 9000 points for the first time as a strong reporting season, interest rate cuts and subsided fears of global trade tensions send the market into record territory. During trading on Thursday, the ASX200 passed 9000 points for the first time in history. This comes just 13 months after passing 8000 points back in July 2024. IG market analyst Tony Sycamore told NewsWire a combination of a 'solid reporting season' and RBA interest rate cuts had offset fears of US President Donald Trump's tariffs smashing the local market. 'It's certainly a bellringing moment in terms of something to celebrate for the Australian stock market. It does herald another good gain and another record,' he said. During the run up to 9000 points, the ASX 200 was up for seven out of the eight preceding sessions, which is the best run since 2007. AMP chief economist and head of investment strategy Shane Oliver said the ASX 200 continues to 'shoot the lights out' on the back of a number of key economic tailwinds. 'The worst-case trade war scenarios now look less likely, global economic data remains mostly okay, profits are coming in stronger than expected globally and will likely pick up in Australia,' he said. Despite initial fears US President Donald Trump's 'Liberation Day' tariffs would smash global growth and markets, so far investors have climbed the 'wall of worry,' although it has not all been smooth sailing. On April 7 the local market lost $110bn, or 4 per cent, in a single day of trading. But markets quickly recovered in the weeks that followed as investors took the positives from Mr Trump going back to the negotiation table with key trading partners on tariffs. Dr Oliver said despite investors so far ignoring the tariff threat, there could still be some risks to the local market. 'The near term risk of a correction remains high as valuations are stretched, shares are getting technically overbought, the tariffs could still show up in weaker economic data and higher US inflation,' he said. Dr Oliver said the ASX 200 is also likely to gain on the back of interest rate cuts. 'The US Fed is looking likely to start cutting in September as tariffs impact inflation but by less than feared and the US labour market cools and other central banks including the RBA are continuing to cut rates,' he wrote in his latest economic note. Dr Oliver opined the RBA will gradually ease the cash rate from 3.60 to 2.85 per cent by mid 2026, with cash strapped mortgage holders getting rate cuts in November, February and May. Mr Sycamore said while local investors would celebrate passing 9000 points, it will likely need to pass 10,000 points to get international recognition. '10,000 still seems a long way away. 'It is something we are probably looking at more next year after we've assessed the impact of these tariffs and we know more fully the extent of interest rate cuts from the central bank,' Mr Sycamore said. The market analyst said when interest rate cuts have fully been factored in by mid next year, the ASX 200 will likely get a boost. 'When we look at interest rate cuts, during a period of lowering inflation and growth slowing down, they're generally supportive for markets.'
Perth Now
24 minutes ago
- Perth Now
‘Bell ringing moment': ASX soars to historic high, passing 9000 points
The ASX record high on the back of better earnings results, rate cuts and fears of Trump's tariffs subside. NewsWire / Max Mason-Hubers The ASX record high on the back of better earnings results, rate cuts and fears of Trump's tariffs subside. NewsWire / Max Mason-Hubers Credit: News Corp Australia Australia's sharemarket has made history, surpassing 9000 points for the first time as a strong reporting season, interest rate cuts and subsided fears of global trade tensions send the market into record territory. During trading on Thursday, the ASX200 passed 9000 points for the first time in history. This comes just 13 months after passing 8000 points back in July 2024. Camera Icon ASX breaks through the historic 9000 point barrier. NewsWire / Jeremy Piper Credit: News Corp Australia IG market analyst Tony Sycamore told NewsWire a combination of a 'solid reporting season' and RBA interest rate cuts had offset fears of US President Donald Trump's tariffs smashing the local market. 'It's certainly a bellringing moment in terms of something to celebrate for the Australian stock market. It does herald another good gain and another record,' he said. During the run up to 9000 points, the ASX 200 was up for seven out of the eight preceding sessions, which is the best run since 2007. AMP chief economist and head of investment strategy Shane Oliver said the ASX 200 continues to 'shoot the lights out' on the back of a number of key economic tailwinds. 'The worst-case trade war scenarios now look less likely, global economic data remains mostly okay, profits are coming in stronger than expected globally and will likely pick up in Australia,' he said. Despite initial fears US President Donald Trump's 'Liberation Day' tariffs would smash global growth and markets, so far investors have climbed the 'wall of worry,' although it has not all been smooth sailing. On April 7 the local market lost $110bn, or 4 per cent, in a single day of trading. But markets quickly recovered in the weeks that followed as investors took the positives from Mr Trump going back to the negotiation table with key trading partners on tariffs. Dr Oliver said despite investors so far ignoring the tariff threat, there could still be some risks to the local market. 'The near term risk of a correction remains high as valuations are stretched, shares are getting technically overbought, the tariffs could still show up in weaker economic data and higher US inflation,' he said. Camera Icon The ASX record high on the back of better earnings results, rate cuts and fears of Trump's tariffs subside. NewsWire / Max Mason-Hubers Credit: News Corp Australia Dr Oliver said the ASX 200 is also likely to gain on the back of interest rate cuts. 'The US Fed is looking likely to start cutting in September as tariffs impact inflation but by less than feared and the US labour market cools and other central banks including the RBA are continuing to cut rates,' he wrote in his latest economic note. Dr Oliver opined the RBA will gradually ease the cash rate from 3.60 to 2.85 per cent by mid 2026, with cash strapped mortgage holders getting rate cuts in November, February and May. Mr Sycamore said while local investors would celebrate passing 9000 points, it will likely need to pass 10,000 points to get international recognition. '10,000 still seems a long way away. 'It is something we are probably looking at more next year after we've assessed the impact of these tariffs and we know more fully the extent of interest rate cuts from the central bank,' Mr Sycamore said. The market analyst said when interest rate cuts have fully been factored in by mid next year, the ASX 200 will likely get a boost. 'When we look at interest rate cuts, during a period of lowering inflation and growth slowing down, they're generally supportive for markets.'
Perth Now
an hour ago
- Perth Now
ASX reaches new highs on busiest company reporting day
Australian shares have opened with a fresh intraday high, as a sea of green washes over the stock exchange on the busiest day of reporting season. By midday on Thursday AEST, the S&P/ASX200 was up 73.9 points, or 0.83 per cent, to 8991.9, while the broader All Ordinaries also rose 79 points, or 0.86 per cent, to 9256.4. The local bourse reached the record at noon as more than two dozen companies are set to open their books. By lunchtime, 10 of 11 sectors on the ASX were trading in the green, led by industrials which rose 2.4 per cent, while telecommunications lagged. The industrials sector was powered by supply chain logistics company Brambles, which had a share price jump of 9.8 per cent on news of profits exceeding estimates, and confidence in transport logistics company Transurban. The materials sector was up 0.3 per cent as mining giants BHP and Rio Tinto traded flat despite getting the backing of US President Donald Trump for their planned joint development of an American copper project. In the consumer discretionary sector - up one per cent - Supercheap Auto and Rebel Sport owner Super Retail announced record sales, leading to its share price jumping 12.8 per cent. Energy stocks were up 0.7 per cent despite Whitehaven Coal announcing its annual profits had been slashed by more than half due to weak coal prices and higher costs, but its own share price edged higher after an initial dip. The financial sector was up 0.8 per cent with all four big banks in the green, led by ANZ. The Australian dollar is buying 64.31 US cents, down from 64.46 US cents on Wednesday at 5pm.
