ASX to slip, Tesla plunges 14pc as Musk-Trump feud heats up
ASX futures were pointing down 9 points, or 0.1 per cent, predicting the S&P/ASX 200 Index would extend the prior session's slight decline.
Profit-taking hit US stocks in the final hours of trade ahead of Friday's all-important jobs report, with the S&P 500 and Nasdaq Indexes down 0.7 per cent in the final hour.
Markets are expecting a fall in non-farm payrolls in May, to 126,000, after growth in March and April exceeded expectations. Unemployment is expected to remain steady at 4.2 per cent.
Tesla also added to pressure after the stock tumbled almost 15 per cent, prompted by a heated feud between chief executive Elon Musk and Trump.
Stocks had climbed earlier in the session after US President Donald Trump held the phone call with President Xi and said the two countries would resume formal trade negotiations.
Market highlights
ASX futures are pointing down 9 points or 0.1 per cent to 8544.
All US prices are as of 3.43pm New York time.
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Sydney Morning Herald
a few seconds ago
- Sydney Morning Herald
While Trump blusters over Ukraine, Putin's laughing all the way to Alaska
The conventional model dictates that sanctions be imposed gradually, following stern warnings. This gives the Russian regime time to prepare for the impact: to subsidise domestic production of goods that will no longer be imported (Obama-era sanctions did wonders for Russian farmers and cheese makers), to prioritise new export markets as well as to find third-party countries through which to, say, export oil or import dual-use technology. It also bolsters ties between Russia and countries that are already under US sanctions – such as Iran, which has become an essential partner in Russia's drone warfare. And still, one presidential administration after another has touted sanctions as its main instrument in getting Putin to change his ways. Joe Biden imposed multiple rounds of sanctions, though none were 'devastating', as he had promised. Trump imposed an additional 25 per cent tariff on India, ostensibly as a penalty for importing Russian oil, and has promised more secondary tariffs for Russia's other trade partners. Year after year, American presidents do the same thing, expecting different results. In this one way, Trump is no crazier than his predecessors. However difficult it is for foreign-policy theorists to grapple with the limitations of the economic pressure approach, for Trump it is all but impossible. Again and again, Trump has shown that he assumes everyone is motivated by money. He is not alone in this: Many Western analysts have repeatedly suggested that Putin would seek an off-ramp in Ukraine once the war proved costly for Russia and, perhaps more to the point, for him personally. As much as Putin loves wealth, he has shown that he loves power even more – eternal power in his own country, which he wins by expanding Russia's borders, and power in the world at large, which he wins by making other leaders fear him. Trump seems to be unaware that, by meeting with Putin, he is giving Putin exactly what the Russian leader wants – a demonstration of his power. Trump is giving Putin additional gifts by agreeing to meet him without Zelensky and by sidelining the European Union. Trump is affirming for all of Russia to see what Putin has claimed all along: that the conflict is really between Russia and the United States. The moment Putin walks into the negotiating room, he has gotten everything he wants – plus an opportunity to make a quip about Alaska as historically Russian land (consider this a prediction). If the meeting does not produce an agreement, Putin loses nothing. Trump, on the other hand, would lose face if he walked out empty-handed. He may be motivated to accept something, anything. The conditions for peace that Russia offered in June were merely a more elaborate display of the four things Putin has consistently demanded: land, including parts of Ukraine that Russia has not occupied; an end to Western military aid to Ukraine; guarantees that Ukraine will never be invited to join NATO; and a change of leadership in Ukraine. Trump can agree to those conditions, but Zelensky will never accept them. Putin has very little reason to change his demands. Still, if the Russian leader is inclined to help Trump look good – a big if – they may emerge with some kind of ceasefire agreement. This may be a time-limited ceasefire, contingent on Ukrainian withdrawal from parts of eastern Ukraine. Such a deal would force Ukraine to retreat from positions it considers strategically important while giving Russia a couple of months to regroup before attacking again, on the pretext that Ukraine didn't abide by Russian demands. Another possibility that has been floated is a ban on waging war deep inside enemy territory, or an air truce. Such an agreement would save lives – in Kyiv and Odesa, which have come under Russian barrages day after day, but also in Russian cities, which Ukraine has grown increasingly capable of attacking with drones. For Ukraine, an air truce would come at tremendous strategic cost. It would continue to be a country at war. It would still be governed under a set of state-of-emergency provisions. Families would continue to be separated, with so many women and children having fled to western Europe while the men remained. Worst of all, people would continue dying at the front, in the villages and towns near the front line, and in Kharkiv, Ukraine's second largest city, which is about 20 miles (32 kilometres) in. The ability to attack deep in Russian territory is Ukraine's sole negotiating advantage. These days, Russian airports are frequently forced to suspend operations because of drone attacks. The mayor of Moscow reports on the number of drones intercepted by air defence in much the same way as the mayor of Kyiv does. This is not enough to destabilise Putin's regime, but it is enough to make him nervous. If drone attacks deep inside Russian territory stopped, war – what Russian propaganda still calls the 'special military operation' – may once again come to feel far away. The only thing that could force Putin to negotiate in earnest is the possibility of military defeat. Without that prospect, he is content to let the war continue forever. He doesn't care about losing wealth as much as Trump imagines he does, and he doesn't care about losing soldiers at all. In 2022, and again this May, the Kremlin noted that Peter the Great's war with Sweden, which began in 1700, lasted 21 years. This war, too, could go on for decades. One doesn't have to go back centuries to imagine what that would be like. The forever war is already here. A devastating new documentary, 2000 Meters to Andriivka, by Ukrainian director Mstyslav Chernov shows what it looks like. Loading The film follows a Ukrainian brigade trying to liberate a small village. It takes them months to cover the distance in the movie's title, roughly the equivalent of just over a mile. The movie shows the gigantic horrors of war – entire cities destroyed, swaths of farmland turned into minefields and what looks like miles of identical fresh graves – and the smallness of it: handfuls of soldiers, armed with semiautomatic rifles, killing and being killed one person at a time, taking one prisoner at a time, fighting for one trench at a time, in terrifying minutes that stretch into hours. It is relentless like a nightmare. A platoon commander says that he dreams of the fighting, then wakes up to the fighting. 'And I thought, this war is a nightmare none of us can wake up from,' the narrator says. As the soldiers on-screen drag themselves through mud and ruins, the voices of Western commentators and newscasters occasionally intrude, off-screen. 'Western confidence is likely to dip.' 'If we're not getting results here, then perhaps Ukraine wants to think about another plan, even some land concessions for peace.' 'Western officials have expressed disappointment in a much-vaunted counteroffensive.' 'Russia has millions more men from whom to draw. There's no path to a military victory here, only more death.' 'How sustainable is this level of support when there's really no end in sight to the war?' Those are not, in the end, complicated questions. No, Ukraine cannot win this war as it is fought now. Yes, this war may drag on indefinitely, and yes, this means more death. But this was never and still is not the only possible outcome. The United States and NATO have always had the capacity to put an end to this war the only way it can be ended: by defeating Putin. They have consistently chosen not to do that, relying instead on old, failed policies. In this one way, Trump is more of the same. He just puts on a much bigger show. M. Gessen is an Opinion columnist for The New York Times. They won a George Polk award for opinion writing in 2024. They are the author of 11 books, including , which won the National Book Award in 2017.
Sky News AU
39 minutes ago
- Sky News AU
ABS travel data shows fall in Aussie visits to US
Australian holiday-makers continue to drift away from the US, with fresh Australian Bureau of Statistics data revealing a stark fall off in visitor numbers. Overseas arrivals and departures data shows the US fell from third to fourth most popular travel destination across 2024-25. Travel to the vast and vibrant North American democracy was now 25 per cent lower from 10 years ago, the ABS said. China, meanwhile, rose two spots to fifth place, even as the government recommends travellers exercise a 'high degree of caution' when visiting the Communist country. More restrictive US trade and entry policies, introduced following US President Donald Trump's victory in November last year, could be dampening Australia's traditional American wanderlust. In a trading update from July, travel booking company Flight Centre warned of an 'ongoing global downturn in bookings to the US' and said Australian holiday-makers were searching for destinations closer to home. 'This volatility temporarily disrupted traditional travel and booking patterns during Flight Centre's peak trading period as some customers either booked closer-to-home overseas holidays (in Australia, examples include China, Japan, Fiji and New Zealand) or delayed finalising travel plans,' the company said. The $2.8bn company delivered a reduced profit forecast as a result of the disruption in traditional travel patterns. Though travel to the US declined, Indonesia held steady as Australia's most popular travel destination. The northern neighbour, which boasts the tourism crown jewel of Bali, accounted for 14 per cent of Australian overseas trips across the year. Some 87 per cent of the 1,741,370 trips recorded to Indonesia were for holidays. New Zealand came in second place, Japan third, the US fourth and China at No.5. Trips to Japan have tripled compared with 2015, while trips to India have doubled. For travel into Australia, New Zealanders took out top spot, accounting for 16.6 per cent of all visitors, or 1,391,140 visits. The median duration of stay in Australia was 12 days, the same as 2023-24. Originally published as ABS overseas arrivals and departures data shows 25 per cent fall in Aussie visits to US
News.com.au
an hour ago
- News.com.au
Lunch Wrap: ASX smashes fresh record as earnings season runs hot
ASX hits fresh high as Origin powers up
 Westpac jumps on big quarter Bitcoin smashes record, Ethereum eyes personal best next The ASX was strutting into Thursday lunchtime in the east with a 0.7% lift, rewriting the record books yet again. Wall Street also rallied overnight, buoyed by the growing belief the Fed's about to hand out rate cuts like a spring clearance sale. Bitcoin burst into the party, too, clocking another all-time high and flexing at US$123,675 at the time of writing, while Ethereum is lurking just shy of its own record of US$4,878 (set four years ago). Back home, it was the utilities sector leading the charge, up on the back of Origin Energy's (ASX:ORG) blockbuster 5% surge. Origin's LNG cash machine kept humming in FY25, lifting profit, fattening franked dividends, and easily outshining softer energy retail as it handed shareholders a juicier 60c payout. Banks also staged a comeback after Wednesday's bruising. Westpac (ASX:WBC) was the headline act, rocketing 7% thanks to a 14% jump in third-quarter profit and a cool $10 billion lift in deposits. Suncorp Group (ASX:SUN) rose 3% on a 52% profit leap in its full-year results thanks to its ANZ bank sale gains. Elsewhere in earnings season madness, Telstra (ASX:TLS) was the lone sector buzzkill for telcos, down 3% despite a 31% jump in annual profit to $2.34 billion and a $1 billion share buyback. Pro Medicus (ASX:PME) impressed with a 40% profit jump in its full-year numbers and $520 million in fresh US contracts, lifting shares 5%. Temple & Webster (ASX:TPW) jumped 7% after full-year revenue grew 21%. Apparently we still can't resist a good online furniture binge. But not everyone was kicking goals. South32 (ASX:S32) slid 5% after slapping a US$372 million impairment on its Mozal aluminium smelter in Mozambique. Without a new power deal, the operation could shut in March, it said. ASX LEADERS Today's best performing stocks (including small caps) intraday: Security Description Last % Volume MktCap GGE Grand Gulf Energy 0.002 100% 800,584 $2,820,425 MRD Mount Ridley Mines 0.005 80% 30,230,623 $1,946,223 ATV Activeportgroupltd 0.016 68% 59,216,662 $6,526,282 MEL Metgasco Ltd 0.003 50% 100,000 $3,674,173 OD6 Od6Metalsltd 0.100 47% 19,995,087 $10,911,821 BPH BPH Energy Ltd 0.013 44% 19,133,068 $10,964,095 BPP Babylon Pump & Power 0.007 40% 7,930,629 $19,034,455 CR9 Corellares 0.004 33% 750,000 $3,021,809 TYX Tyranna Res Ltd 0.004 33% 250,000 $10,026,464 KNG Kingsland Minerals 0.185 28% 352,638 $10,521,332 BMM Bayanminingandmin 0.165 27% 5,500,122 $14,196,703 FRB Firebird Metals 0.175 25% 3,055,947 $19,930,596 ARV Artemis Resources 0.005 25% 3,261,000 $11,462,689 DTM Dart Mining NL 0.003 25% 10,091,666 $2,396,111 OSX Osteopore Limited 0.010 25% 933,405 $1,898,080 VRC Volt Resources Ltd 0.005 25% 25,681 $18,739,398 SLM Solismineralsltd 0.135 23% 1,380,384 $15,518,820 BM8 Battery Age Minerals 0.082 22% 11,644,677 $10,170,722 BMG BMG Resources Ltd 0.012 21% 10,315,111 $8,059,773 MMR Mec Resources 0.006 20% 6,840,475 $9,248,829 SPQ Superior Resources 0.006 20% 1,487,217 $11,854,914 TML Timah Resources Ltd 0.031 19% 164 $2,307,754 ActivePort Group (ASX:ATV) has switched on Australia's first private-cloud superhighway, landing DigiCo, Equinix and NextDC as early customers just weeks after launch. Its Private-Cloud Connect delivers wholesale, fibre-based, on-demand bandwidth between branch offices and private clouds in top Aussie data centres, built for the AI era where demand for local hosting is surging. Battery Age Minerals (ASX:BM8) has confirmed Falcon Lake is more than just a lithium play, with new assays showing high-grade rubidium, caesium, tantalum and gallium alongside its already strong spodumene hits. The latest drilling backs Falcon Lake as a multi-metal prize, with standout lithium intercepts including 54.1m at 1.74% Liâ‚‚O and 55.95m at 1.47% Liâ‚‚O. With only five of 30 high-priority targets drilled and lithium prices starting to recover, the company said the project has plenty of runway for more discoveries and market upside. ASX LAGGARDS Today's worst performing stocks (including small caps) intraday: Code Name Price % Change Volume Market Cap LNU Linius Tech Limited 0.001 -50% 7,546,000 $13,002,431 ECT Env Clean Tech Ltd. 0.003 -25% 553,610 $16,061,742 PKO Peako Limited 0.003 -25% 10,670,597 $5,950,968 RKB Rokeby Resources Ltd 0.010 -23% 3,031,200 $21,253,195 CAV Carnavale Resources 0.004 -20% 858,307 $20,451,092 ERA Energy Resources 0.002 -20% 1,929,673 $1,013,490,602 CTM Centaurus Metals Ltd 0.368 -18% 1,344,178 $223,515,546 BUY Bounty Oil & Gas NL 0.003 -17% 870,000 $4,684,416 EMT Emetals Limited 0.005 -17% 1,069,204 $5,100,000 SER Strategic Energy 0.005 -17% 3,354,304 $5,020,150 SHP South Harz Potash 0.003 -17% 1,400,675 $4,415,170 AVE Avecho Biotech Ltd 0.006 -14% 99,629 $22,214,246 CR1 Constellation Res 0.120 -14% 5,000 $10,088,556 CYQ Cycliq Group Ltd 0.006 -14% 93,818 $3,223,617 OVT Ovanti Limited 0.006 -14% 1,343,942 $29,920,265 TSL Titanium Sands Ltd 0.006 -14% 410,785 $16,413,230 BEL Bentley Capital Ltd 0.013 -13% 1,550,000 $1,141,919 ANR Anatara Ls Ltd 0.007 -13% 100,000 $1,708,723 AON Apollo Minerals Ltd 0.007 -13% 512,488 $7,427,655 IN CASE YOU MISSED IT RBA rate cut: Why the cost of doing nothing just got more expensive for property investors. Parental safety and privacy concerns are fuelling growth for ASX tech stocks in the booming 'anxiety economy'. White Cliff Minerals' (ASX:WCN) first round of drilling at Rae has identified a sediment-hosted copper system, underlain by semi-massive sulphide veining. Albion Resources (ASX:ALB) has completed the sale of Mongers Lake to Capricorn Metals (ASX:CMM) for $100,000 cash and 1.4 million in shares. LAST ORDERS Lumos Diagnostics (ASX:LDX) is looking to expand its marketing presence in the US, inking a partnering agreement with US-based market access consultancy, PRO-spectus. PRO-spectus will support the marketing, market access, and reimbursement of LDX's flagship point-of-care test, FebriDx®. New Age Exploration (ASX:NAE) has welcomed financial market veteran Daniel Eddington to the board as an independent non-executive director. Eddington also serves as a non-executive director for Osmond Resources (ASX:OSM) and Jade Gas (ASX:JGH) and as a director of Sparc Technologies (ASX:SPN). VHM (ASX:VHM) is moving into a new stage of development for its heavy minerals and rare earths Goschen project, welcoming new CEO Andrew King and CFO Benjamin McCormick to the board effective October 1. Current CEO Ron Douglas will subsequently resume his non-executive director position on the board as planned, after assisting in King's transition over the next few months. At Stockhead, we tell it like it is. While Lumos Diagnostics, VHM and New Age Exploration are Stockhead advertisers, they did not sponsor this article.
