Trump slams ‘activists' over Rio, BHP copper mine delay
A long-awaited land exchange required for the multi-billion-dollar project in Arizona to proceed was due on Tuesday (Wednesday AEST), but late on Monday night, a court announced it had issued a temporary restraint to hear the basis for an appeal.
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West Australian
27 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.'
Sky News AU
27 minutes ago
- Sky News AU
‘Stop it': Megyn Kelly fires up over ‘idiotic' critics of Trump's meeting with Putin
'The Megyn Kelly Show' host Megyn Kelly has slammed 'idiot' critics of US President Donald Trump's meeting with Russian leader Vladimir Putin in Alaska. 'It was vintage Trump. This is how he does it. Everyone else can just take a seat – are you president? No? There's a reason for that,' she told Sky News host Paul Murray. 'Stop it ... he is trying to end a war.'
Sky News AU
27 minutes ago
- Sky News AU
JD Vance accuses American media of ‘attacking' Trump's war-ending efforts
US Vice President JD Vance slams the American media for 'attacking' US President Donald Trump and his push to end the Russia-Ukraine war. 'The President campaigned on being a President of peace, he's already ended six wars, he's trying to end another,' Mr Vance said. 'I think it's kind of disgraceful that the American media is attacking the President for trying to bring peace to the world.'
