Banks lift Australian shares; US-EU trade talk hopes buoy sentiment
The S&P/ASX 200 index rose 0.5% to 8,615.1 points, as of 0039 GMT. The benchmark ended 0.1% lower on Monday.
Trump escalated trade tensions over the weekend, threatening a 30% tariff on most EU and Mexican imports from August 1, setting a tight deadline for potential trade deals.
The EU accused the U.S. of stalling and warned of retaliation, following which Trump signalled openness to talks, with EU officials set to visit Washington for trade negotiations, providing a positive push to markets worldwide.
On the local bourse, heavyweight financial stocks gained 0.8%, with the country's 'big four' banks up between 0.6% and 0.9%.
Technology stocks jumped about 1.5%, tracking overnight gains in Wall Street peers.
Australia shares drift in tight range as tariff jitters drive safe-haven demand
On the other hand, mining stocks declined 0.7%, as iron ore prices were subdued after hitting multi-month highs in the previous few sessions.
BHP, the world's largest listed miner, dipped 0.7%, while Rio Tinto and Fortescue fell 1% and 0.8%, respectively.
Meanwhile, miners also evaluated Australian Prime Minister Anthony Albanese's call for closer Australia–China cooperation on green steel during his six-day visit to China.
Australia risks losing up to half its iron ore revenue if it doesn't pivot to producing green iron, a low-emissions alternative, as global steelmakers shift to renewable energy, a think tank warned last year.
In New Zealand, the benchmark S&P/NZX 50 index rose 0.2% to 12,709.97 points.
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Express Tribune
26 minutes ago
- Express Tribune
Trump seeks to broker ceasefire in Thai-Cambodia border conflict
US President Donald Trump said on Saturday he had spoken to the leaders of Cambodia and Thailand and that both countries want an immediate ceasefire, as he sought to broker peace while fighting along their border extended into a third day. In social media posts during a visit to Scotland, Trump said he wanted an "END to the War, which is currently raging" and warned that he would not make trade deals with either of the Southeast Asian governments if they are still fighting. Clashes on the Thai-Cambodian border continued into a third day and new flashpoints emerged on Saturday as both sides said they had acted in self-defense in the border dispute and called on the other to cease fighting and start negotiations. Also Read: Israel kills 25 Palestinians, including 13 aid-seekers, since dawn More than 30 people have been killed and more than 130,000 people displaced in the worst fighting between the Southeast Asian neighbours in 13 years. There were clashes early on Saturday, both sides said, in the neighbouring Thai coastal province of Trat and Cambodia's Pursat Province, a new front more than 100 km (60 miles) from other conflict points along the long-contested border. The two countries have faced off since the killing of a Cambodian soldier late in May during a brief skirmish. Troops on both sides of the border were reinforced amid a full-blown diplomatic crisis that brought Thailand's fragile coalition government to the brink of collapse. Thailand and Cambodia exchanged heavy artillery fire for a second day as their worst fighting in over a decade intensified and spread to new areas, despite international calls for a ceasefire — Reuters (@Reuters) July 25, 2025 As of Saturday, Thailand said seven soldiers and 13 civilians had been killed in the clashes, while in Cambodia five soldiers and eight civilians had been killed, said Defense Ministry spokesperson Maly Socheata. Trump wrote in his initial post: "Just spoke to the Prime Minister of Cambodia relative to stopping the War with Thailand. I am trying to simplify a complex situation!" Minutes later, he posted: "I have just spoken to the Acting Prime Minister of Thailand, and it was a very good conversation. Thailand, like Cambodia, wants to have an immediate Ceasefire, and PEACE. I am now going to relay that message back to the Prime Minister of Cambodia. Read: At least 18 killed in Peru mountain bus crash "After speaking to both Parties, Ceasefire, Peace, and Prosperity seems to be a natural," Trump added. The Thai and Cambodian embassies in Washington did not immediately respond to requests for comment. In the Thai border province of Sisaket, a university compound has been converted into temporary accommodation, where a volunteer said more than 5,000 people were staying. Samrong Khamduang said she left her farm, about 10 km from the border, when fighting broke out on Thursday. The 51-year-old's husband stayed behind to look after livestock. A Cambodian military personnel stands on a BM-21 Grad multiple rocket launcher, around 40 km (24 miles) from the disputed Ta Moan Thom temple. Photo: Reuters "We got so scared with the sound of artillery," she said. "But my husband stayed back and now we lost the connection. I couldn't call him. I don't know what is happening back there." In Kuala Lumpur, Malaysian Prime Minister Anwar Ibrahim, the chair of the ASEAN regional bloc, said he would continue to push a ceasefire proposal. Cambodia has backed Anwar's plan, while Thailand has said it agreed with it in principle. "There is still some exchange of fire," Anwar said, according to state news agency Bernama. He said he had asked his foreign minister "to liaise with the respective foreign ministries and, if possible, I will continue engaging with them myself – at least to halt the fighting". Security council meeting Thailand's ambassador to the United Nations told a Security Council meeting on Friday that soldiers had been injured by newly planted land mines in Thai territory on two occasions since mid-July - claims Cambodia has strongly denied - and said Cambodia had then launched attacks on Thursday morning. "Thailand urges Cambodia to immediately cease all hostilities and acts of aggression, and resume dialogue in good faith," Cherdchai Chaivaivid told the council in remarks released to media. Cambodia's defense ministry said Thailand had launched "a deliberate, unprovoked, and unlawful military attack" and was mobilizing troops and military equipment on the border. Also Read: Courthouse attack in Iran's southeast kills nine "These deliberate military preparations reveal Thailand's intent to expand its aggression and further violate Cambodia's sovereignty," the ministry said in a statement on Saturday. Cambodia called for the international community to "condemn Thailand's aggression in the strongest terms" and to prevent an expansion of its military activities, while Bangkok reiterated it wanted to resolve the dispute bilaterally. Thailand and Cambodia have bickered for decades over jurisdiction of various undemarcated points along their 817-km (508-mile) land border, with ownership of the ancient Hindu temples Ta Moan Thom and the 11th century Preah Vihear central to the disputes. People rest inside a temporary shelter in Srisaket province, after Thailand and Cambodia exchanged heavy artillery fire. Photo: Reuters Preah Vihear was awarded to Cambodia by the International Court of Justice in 1962, but tension escalated in 2008 after Cambodia attempted to list it as a UNESCO World Heritage site. That led to skirmishes over several years and at least a dozen deaths. Cambodia in June said it had asked the court to resolve its disputes with Thailand, which says it has never recognized the court's jurisdiction and prefers a bilateral approach.
Business Recorder
3 hours ago
- Business Recorder
Hamas rejects Trump remarks on Gaza talks breakdown
GAZA CITY: Hamas officials expressed surprise on Saturday at US President Donald Trump's accusation that the group 'didn't really want' a ceasefire and hostage release deal for Gaza. Trump made the allegation of Friday a day after Israel and the United States quit indirect negotiations with Hamas in Qatar that had lasted nearly three weeks. 'Trump's remarks are particularly surprising, especially as they come at a time when progress had been made on some of the negotiation files,' Hamas official Taher al-Nunu told AFP. 'So far, we have not been informed of any issues regarding the files under discussion in the indirect ceasefire negotiations', he added Nunu, who is close to Hamas's most senior political officials, said he was 'surprised' that Israel and the United States had left the talks. Gaza civil defence says Israeli forces kill 28 people Announcing the recall of US mediators on Thursday, Trump's special envoy Steve Witkoff accused Hamas of not 'acting in good faith'. Though not part of the Hamas negotiating team, Hamas politburo member Izzat al-Rishq insisted the group had shown 'flexibility' in the talks. 'The American statements deliberately ignore the real obstructionist to all agreements, Netanyahu's government, which continues to put obstacles, deceive and evade commitments,' he said. Both Hamas officials called on the United States to be more even-handed in its role as mediator in the quest for a ceasefire after more than 21 months of fighting. 'We call for an end to the US bias in favour of Netanyahu, who is obstructing any agreement', Nunu said.
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Express Tribune
3 hours ago
- Express Tribune
Imran's release unlikely, sons won't come to Pakistan: K-P Governor
Listen to article Khyber-Pakhtunkhwa (K-P) Governor Faisal Karim Kundi has said that the release of Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan from prison appears unlikely, adding that his sons are also not expected to return to Pakistan. Addressing senior journalists in Peshawar on Saturday, Kundi dismissed speculation about the involvement of Khan's sons, Sulaiman and Kasim, in PTI's upcoming protest campaign. 'It is highly unlikely they will come back,' he said, reiterating that prospects of Imran Khan's release remain slim. Earlier this month, Khan's sister Aleema Khan claimed that both sons would join the party's anti-government protest movement, expected to begin in August. She had also stated that the former prime minister would lead the campaign 'from inside the jail'. Reports suggest that Khan's sons have held meetings with key figures in the United States ahead of their possible visit to Pakistan. However, Governor Kundi appeared dismissive of these developments, describing them as political optics rather than reality. On the broader political and administrative front, the governor stressed the need for a tribal jirga to address unresolved issues in the former Federally Administered Tribal Areas (FATA). He proposed that the jirga include tribal elders, ex-parliamentarians, and political stakeholders from the region. 'The merger of FATA with K-P cannot be undone without a constitutional amendment,' he said, urging the federal government to release the development funds that were promised at the time of the merger. Turning to the security situation in the province, Kundi painted a grim picture. 'The law and order situation is dire. Extortion is being collected openly — even in broad daylight — from traders, local leaders, and ordinary citizens,' he said. 'In Dera Ismail Khan, people avoid stepping out of their homes after Asr prayers due to fear.' He also criticised what he termed the federal government's Punjab-centric approach to national initiatives. 'Schemes like the laptop programme, youth development projects, and Daanish Schools have excluded the youth of K-P,' he said. Commenting on the state of sports infrastructure, Kundi described the renovation of Peshawar's Arbab Niaz Stadium as substandard and said the lack of quality sports facilities was one reason why Pakistan Super League (PSL) matches have not been held in the province. On PTI's internal politics, the governor claimed the party was facing deep factionalism in K-P. 'They cannot even bring out 20 vehicles for their planned protest on August 5,' he concluded.
