ASX treads water, CBA falls; energy, mining stocks get China boost
The Australian sharemarket remains flat in afternoon trade after US stocks drifted lower overnight, with Tesla's plunge weighing on Wall Street as Donald Trump and Elon Musk's feud continued to escalate.
The S&P/ASX200 was down 0.1 points to 8537.0 at 12.30pm AEST, with eight of 11 industry sectors in positive territory, led by utilities and energy stocks. Tech and real estate stocks are the heaviest weights on the bourse.
Mining stocks rose in early trade, boosted by an announcement from the US president overnight that he had a 'very good phone call' with Chinese President Xi Jinping as the two superpowers look to reach a trade deal. Fortescue added 1.1 per cent, BHP gained 0.9 per cent and Rio Tinto edged up 0.1 per cent. Oil giant Woodside added 0.9 per cent and Santos gained 0.6 per cent.
Stocks tied to rare earths slumped on expectations the Xi-Trump trade talk progress could pave the way for China to ease export restrictions on the critical minerals. Pilbara Minerals fell 5 per cent, Northern Minerals shed 3.5 per cent and Lynas lost 0.8 per cent.
Financial stocks were mixed. NAB and Westpac both added 0.5 per cent, Commonwealth Bank – the biggest stock on the index – lost 0.7 per cent, while ANZ Bank retreated 0.3 per cent.
The Australian dollar dipped below US65¢ on Friday morning after gains overnight. It was 0.2 per cent higher at US64.97¢ at 12.30pm AEST.
Overnight, the S&P 500 fell 0.5 per cent for its first drop in four days. After sprinting through May and rallying within a couple of good days' worth of gains of its all-time high, the index at the centre of many retirement accounts has lost momentum.
Loading
The heaviest weight on Wall Street was Tesla, which tumbled 14.3 per cent. It has lost nearly 30 per cent of its value so far this year as chief executive Elon Musk's relationship with Trump sours amid a disagreement over the president's signature bill of tax cuts and spending. The EV maker lost about $US150 billion ($230 billion) in value, sending it below the $US1 trillion benchmark.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News AU
an hour ago
- Sky News AU
Joe Rogan left shocked as he reacts to Elon Musk and Donald Trump feud during live podcast recording while guest FBI director Kash Patel refuses to weigh in
Joe Rogan's live reaction to the outrageous feud between Elon Musk and Donald Trump has been captured in the latest episode of his mega-popular podcast. The disagreement between the pair, who appeared to have a strong relationship in the early months of Trump's second term as President, started after Musk lashed out at the President's signature "big beautiful bill" which would unleash trillions in tax cuts and slash spending but also add to the USD$36 trillion debt. Musk's attack on the bill came after he finished his tenure with the administration overseeing the Department of Government Efficiency. The disagreement over the bill led the pair to trade barbs with one another through social media and at the leader of the free world's press conferences. President Trump on Thursday said he was "disappointed" in Musk who had earlier described the bill as a "disgusting abomination", before the Tesla founder accused the commander-in-chief of being in files relating to dead sex offender Jeffrey Epstein. In episode 2334 of the Joe Rogan Experience, which dropped on Friday, US time, the podcast host who was unaware of the unfolding drama at the time, had it brought to his attention about three-quarters through his discussion with FBI director Kash Patel. Rogan's producer Jamie noticed the tweets, and brought them up screen for the host who was left shocked by how rapidly the bitter feud had developed. "Jesus Christ", Rogan said in response to Musk claiming Trump's name was in the Epstein files. "Someone should take (Musk's) phone away. That's a crazy thing to say. How does he know? Does he know that Donald Trump is in the Epstein files or does he have access to the Epstein files?" Mr Patel refused to take part in speculating about the claims or weighing into the argument adding: "I'm not participating in that conversation". "I don't know how he would (have access to the Epstein files) but I'm just staying out of the Trump/Elon thing, that's way outside my lane. I know my lane and that ain't it," he said. Rogan continued in disbelief, responding: "what the f**k are they doing?" "I mean I understand (Musk) owns Twitter (but) I think it's bad for your mental things public all day and arguing with people all day is bad for you." Mr Patel pivoted away, as he directed the conversation back to the FBI. Asked about the feud on a phone call with CNN, President Trump kept his response short. 'I'm not even thinking about Elon," he said on Friday (local time). "He's got a problem. The poor guy's got a problem." CNN host Dana Bash then asked the President if he had spoken to Musk. 'No. I won't be speaking to him for a while I guess, but I wish him well," he said.
7NEWS
an hour ago
- 7NEWS
Donald Trump has 'no plans' to speak to Elon Musk as feud deepens over tax bill and billions in contracts
Donald Trump says he has no plans to speak with Elon Musk, signalling the US president and his former ally might not resolve their feud over a sweeping tax-cut bill any time soon. Addressing reporters on Friday aboard Air Force One, Trump said he wasn't 'thinking about' the Tesla CEO. 'I hope he does well with Tesla,' Trump said. However, Trump said a review of Musk's extensive contracts with the federal government was in order. 'We'll take a look at everything,' the president said. 'It's a lot of money.' Trump may get rid of the red Tesla Model S that he bought in March after showcasing Musk's electric cars on the White House lawn, a White House official said, speaking on condition of anonymity. Musk, for his part, did not directly address Trump but kept up his criticism of the massive Republican tax and spending bill that contains much of Trump's domestic agenda. On his social-media platform X, Musk amplified remarks made by others that Trump's 'big beautiful bill' would hurt Republicans politically and add to the nation's $US36.2 trillion ($A55.8 trillion) debt. He replied 'exactly' to a post by another X user that said Musk had criticised Congress and Trump had responded by criticising Musk personally. Musk also declared it was time for a new political party in the United States 'to represent the 80 per cent in the middle!' People who have spoken to Musk said his anger has begun to recede and they think he will want to repair his relationship with Trump, according to one person who has spoken to Musk's entourage. The White House statements came one day after the two men battled openly in an extraordinary display of hostilities that marked a stark end to a close alliance. On Thursday, Musk claimed that President Trump is listed in the Epstein files, alleging this is why they have not been released to the public. '@RealDonaldTrump is in the Epstein files. That is the real reason they have not been made public,' Musk wrote on X. 'Have a nice day, DJT!' The White House later responded, calling the claims 'an unfortunate episode from Elon'. Tesla stock rose on Friday, clawing back some losses from Thursday's session, when it dropped 14 per cent and lost $US150 billion ($A231 billion) in value, the largest single-day decline in the company's history. Musk, the world's richest person, bankrolled a large part of Trump's 2024 presidential campaign. Trump named Musk to head a controversial effort to downsize the federal workforce and slash spending. Trump feted Musk at the White House a week ago as he wrapped up his role as head of the Department of Government Efficiency. Musk cut only about half of one per cent of total spending, far short of his brash plans to axe $US2 trillion ($A3.1 trillion) from the federal budget. Since then, Musk has denounced Trump's tax-cut and spending bill as a 'disgusting abomination'. His opposition is complicating efforts to pass the bill in Congress where Republicans hold a slim majority. Trump had initially stayed quiet while Musk campaigned to torpedo the bill, but broke his silence on Thursday, telling reporters he was 'very disappointed' in Musk. Musk, who spent nearly $US300 million ($A462 million) in the 2024 elections, said Trump would have lost without his support and suggested he should be impeached. Trump suggested he would terminate government contracts with Musk's businesses, which include rocket company SpaceX and its satellite unit Starlink. The billionaire then threatened to decommission SpaceX's Dragon spacecraft, the only US spacecraft capable of sending astronauts to the International Space Station. Musk later backed off that threat. A prolonged feud could make it harder for Republicans to keep control of Congress in the 2026 midterm elections if Musk withholds financial support or other major Silicon Valley business leaders distance themselves from Trump. Musk had already said he planned to curtail his political spending, and on Tuesday called for 'all politicians who betrayed the American people' to be fired in 2026. His involvement with the Trump administration has provoked widespread protests at Tesla sites, driving down sales while investors fretted that Musk's attention was too divided.
The Advertiser
an hour ago
- The Advertiser
Biosecurity not competition a meaty issue in beef talks
Even if the federal government lowers barriers blocking imports of US beef, it would be no match for higher quality and cheaper to produce Australian cattle. Australia is considering granting more American beef producers access to the local market as a potential bargaining chip to strike a deal on tariffs, as the two nations' leaders prepare to potentially meet face-to-face for the first time. For biosecurity reasons, Australia imposes a soft ban on US beef. Cattle that can be proven to have been raised and slaughtered in the US are allowed into the Australian market, but large amounts of beef sent to American abattoirs come from Mexico or Canada, which are barred from importation. Challenges in tracing the origin of cattle means in practice beef imports are not allowed, until the US can show the same traceability systems Australia has in place. Australian beef producers urged the government not to loosen biosecurity protections. "Australia's biosecurity status is integral to the success and sustainability of our agricultural industries," National Farmers Federation president David Jochinke said. Prime Minister Anthony Albanese assured farmers the government would make no compromises on biosecurity. But as long as biosecurity was protected, Mr Albanese said he would be open to discussions about easing restrictions. David Humphreys, vice chair of industry body Western Beef Association, was open to the idea as well. As long as Australia's biosecurity standards were protected, it would be a beneficial outcome for all Australian farmers if it could be used as leverage to lower US tariffs, he said. Assuming US beef imports posed no disease risk, the impacts for Australian farmers from extra competition would be limited. "Australia has very competitive and relatively cheap beef production in comparison," Mr Humphreys told AAP. "Any beef that's coming in from the US is probably going to be targeting quite select segments of beef consumption, probably the cheaper cuts, produced beef products. "So it's not really competing with the premium Australian beef products that our beef farms produce." The low exchange rate of the Australian dollar as well as the high cost of transporting US beef also reduced the likelihood of it outcompeting homegrown products, he said. Local consumers are accustomed to leaner, higher-quality Australian beef and unlikely to be won over by fatty, hormone-injected American competitors. "I think there's not a lot of risk to Australian producers of beef, with this possibility of some limited US beef being imported into Australia," Mr Humphreys said. Australia's Department of Agriculture is reviewing its ban on Mexican and Canadian beef slaughtered in the US. Agriculture Minister Julie Collins said any decision to allow greater access for US beef would be based on science and evidence. Even if the federal government lowers barriers blocking imports of US beef, it would be no match for higher quality and cheaper to produce Australian cattle. Australia is considering granting more American beef producers access to the local market as a potential bargaining chip to strike a deal on tariffs, as the two nations' leaders prepare to potentially meet face-to-face for the first time. For biosecurity reasons, Australia imposes a soft ban on US beef. Cattle that can be proven to have been raised and slaughtered in the US are allowed into the Australian market, but large amounts of beef sent to American abattoirs come from Mexico or Canada, which are barred from importation. Challenges in tracing the origin of cattle means in practice beef imports are not allowed, until the US can show the same traceability systems Australia has in place. Australian beef producers urged the government not to loosen biosecurity protections. "Australia's biosecurity status is integral to the success and sustainability of our agricultural industries," National Farmers Federation president David Jochinke said. Prime Minister Anthony Albanese assured farmers the government would make no compromises on biosecurity. But as long as biosecurity was protected, Mr Albanese said he would be open to discussions about easing restrictions. David Humphreys, vice chair of industry body Western Beef Association, was open to the idea as well. As long as Australia's biosecurity standards were protected, it would be a beneficial outcome for all Australian farmers if it could be used as leverage to lower US tariffs, he said. Assuming US beef imports posed no disease risk, the impacts for Australian farmers from extra competition would be limited. "Australia has very competitive and relatively cheap beef production in comparison," Mr Humphreys told AAP. "Any beef that's coming in from the US is probably going to be targeting quite select segments of beef consumption, probably the cheaper cuts, produced beef products. "So it's not really competing with the premium Australian beef products that our beef farms produce." The low exchange rate of the Australian dollar as well as the high cost of transporting US beef also reduced the likelihood of it outcompeting homegrown products, he said. Local consumers are accustomed to leaner, higher-quality Australian beef and unlikely to be won over by fatty, hormone-injected American competitors. "I think there's not a lot of risk to Australian producers of beef, with this possibility of some limited US beef being imported into Australia," Mr Humphreys said. Australia's Department of Agriculture is reviewing its ban on Mexican and Canadian beef slaughtered in the US. Agriculture Minister Julie Collins said any decision to allow greater access for US beef would be based on science and evidence. Even if the federal government lowers barriers blocking imports of US beef, it would be no match for higher quality and cheaper to produce Australian cattle. Australia is considering granting more American beef producers access to the local market as a potential bargaining chip to strike a deal on tariffs, as the two nations' leaders prepare to potentially meet face-to-face for the first time. For biosecurity reasons, Australia imposes a soft ban on US beef. Cattle that can be proven to have been raised and slaughtered in the US are allowed into the Australian market, but large amounts of beef sent to American abattoirs come from Mexico or Canada, which are barred from importation. Challenges in tracing the origin of cattle means in practice beef imports are not allowed, until the US can show the same traceability systems Australia has in place. Australian beef producers urged the government not to loosen biosecurity protections. "Australia's biosecurity status is integral to the success and sustainability of our agricultural industries," National Farmers Federation president David Jochinke said. Prime Minister Anthony Albanese assured farmers the government would make no compromises on biosecurity. But as long as biosecurity was protected, Mr Albanese said he would be open to discussions about easing restrictions. David Humphreys, vice chair of industry body Western Beef Association, was open to the idea as well. As long as Australia's biosecurity standards were protected, it would be a beneficial outcome for all Australian farmers if it could be used as leverage to lower US tariffs, he said. Assuming US beef imports posed no disease risk, the impacts for Australian farmers from extra competition would be limited. "Australia has very competitive and relatively cheap beef production in comparison," Mr Humphreys told AAP. "Any beef that's coming in from the US is probably going to be targeting quite select segments of beef consumption, probably the cheaper cuts, produced beef products. "So it's not really competing with the premium Australian beef products that our beef farms produce." The low exchange rate of the Australian dollar as well as the high cost of transporting US beef also reduced the likelihood of it outcompeting homegrown products, he said. Local consumers are accustomed to leaner, higher-quality Australian beef and unlikely to be won over by fatty, hormone-injected American competitors. "I think there's not a lot of risk to Australian producers of beef, with this possibility of some limited US beef being imported into Australia," Mr Humphreys said. Australia's Department of Agriculture is reviewing its ban on Mexican and Canadian beef slaughtered in the US. Agriculture Minister Julie Collins said any decision to allow greater access for US beef would be based on science and evidence. Even if the federal government lowers barriers blocking imports of US beef, it would be no match for higher quality and cheaper to produce Australian cattle. Australia is considering granting more American beef producers access to the local market as a potential bargaining chip to strike a deal on tariffs, as the two nations' leaders prepare to potentially meet face-to-face for the first time. For biosecurity reasons, Australia imposes a soft ban on US beef. Cattle that can be proven to have been raised and slaughtered in the US are allowed into the Australian market, but large amounts of beef sent to American abattoirs come from Mexico or Canada, which are barred from importation. Challenges in tracing the origin of cattle means in practice beef imports are not allowed, until the US can show the same traceability systems Australia has in place. Australian beef producers urged the government not to loosen biosecurity protections. "Australia's biosecurity status is integral to the success and sustainability of our agricultural industries," National Farmers Federation president David Jochinke said. Prime Minister Anthony Albanese assured farmers the government would make no compromises on biosecurity. But as long as biosecurity was protected, Mr Albanese said he would be open to discussions about easing restrictions. David Humphreys, vice chair of industry body Western Beef Association, was open to the idea as well. As long as Australia's biosecurity standards were protected, it would be a beneficial outcome for all Australian farmers if it could be used as leverage to lower US tariffs, he said. Assuming US beef imports posed no disease risk, the impacts for Australian farmers from extra competition would be limited. "Australia has very competitive and relatively cheap beef production in comparison," Mr Humphreys told AAP. "Any beef that's coming in from the US is probably going to be targeting quite select segments of beef consumption, probably the cheaper cuts, produced beef products. "So it's not really competing with the premium Australian beef products that our beef farms produce." The low exchange rate of the Australian dollar as well as the high cost of transporting US beef also reduced the likelihood of it outcompeting homegrown products, he said. Local consumers are accustomed to leaner, higher-quality Australian beef and unlikely to be won over by fatty, hormone-injected American competitors. "I think there's not a lot of risk to Australian producers of beef, with this possibility of some limited US beef being imported into Australia," Mr Humphreys said. Australia's Department of Agriculture is reviewing its ban on Mexican and Canadian beef slaughtered in the US. Agriculture Minister Julie Collins said any decision to allow greater access for US beef would be based on science and evidence.
