ASX lower, miners fall on Trump's copper call; Flight Centre tumbles
The ASX 200 was down 16.8 points, or 0.2 per cent, at 12.27pm AEST, with five of 11 sectors in the red, with materials the worst performer.
US copper prices fell more than 20 per cent after the White House announced that tariffs of 50 per cent will apply to imports of semi-finished copper products from August 1, but not to imports of refined metal. Traders had anticipated the tariff would be applied to all refined metal imports. The news, along with a drop in iron ore prices, weighed on mining heavyweights. BHP lost 2 per cent and Fortescue Metals slid 2.3 per cent, while Rio Tinto, which released weaker-than-expected earnings after trading closed on Wednesday, shed 2.2 per cent.
Travel group Flight Centre sank 8.2 per cent after revealing it would miss the bottom end of its guidance as it grapples with a number of challenges, including rising costs in Asia, the impact of tensions in the Middle East, and a downturn in bookings to the US.
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The big banks are marginally higher, with NAB advancing 0.3 per cent, Commonwealth Bank edging up 0.2 per cent while ANZ inched up 0.1 per cent. Westpac, which was unveiled as the new major sponsor of Australia's cricket teams, added 0.1 per cent in early trade.
Luxury online retailer Cettire tumbled 20.6 per cent after Trump ordered the end of a policy that has allowed billions of dollars of low-value imports to enter the United States without paying tariffs.
The Australian dollar fell sharply overnight but recovered some lost ground on Thursday. It was fetching US64.49¢ at 12.32pm.
Overnight, most US stocks slipped after doubts rose on Wall Street about whether the Federal Reserve will deliver economy-juicing cuts to interest rates by September.
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