Australian shares steady ahead of RBA rate decision, Trump tariff deadline
The S&P/ASX 200 index was flat at 8,601.3 points as of 0042 GMT.
The benchmark had ended Friday 0.1% higher at 8,603 points, a record close.
The US will notify about a dozen countries of higher tariff rates starting Monday, Trump said last week, with the higher rates scheduled to take effect on August 1.
'Expect plenty more headlines this week, both positive and negative, as countries negotiate,' analysts at ANZ said.
Australia faces a 10% duty on all goods entering the United States, matching Washington's baseline tariff on imports even as US exports to Australia are tariff-free.
Meanwhile, all eyes are on the Reserve Bank of Australia (RBA), which will announce its cash rate decision on Tuesday.
Markets are pricing in a 99.7% chance of a 25-basis-points cut.
On the local bourse, gold stocks shed 1.5% after losing 3.1% earlier in the session.
Northern Star Resources slipped nearly 6% after the miner said gold sales at its Kalgoorlie project were lower than its revised outlook.
Evolution Mining fell 1.4%. Energy stocks declined 0.2% as oil tumbled.
Woodside Energy lost 0.5%. Miners dropped 0.2%, tracking a fall in copper prices, while rate-sensitive financials were down 0.3%.
Bucking the trend, healthcare stocks rose 0.8%, with heavyweight CSL adding 1.3%.
New Zealand's benchmark S&P/NZX 50 index fell 0.1% to 12,759.70.
The Reserve Bank of New Zealand is expected to keep interest rates unchanged on July 9, according to a Reuters poll.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
9 hours ago
- Express Tribune
State Dept starts firing over 1,350 workers
A general view of the US state Department building in Washington, DC, US, July 11, REUTERS The State Department began firing more than 1,350 US-based employees on Friday as the administration of President Donald Trump presses ahead with an unprecedented overhaul of its diplomatic corps, a move critics say will undermine US ability to defend and promote US interests abroad. The layoffs, which affect 1,107 civil service and 246 foreign service officers based in the United States, come at a time when Washington is grappling with multiple crisis on the world stage: Russia's war in Ukraine, the almost two year-long Gaza conflict, and the Middle East on edge due to high tension between Israel and Iran. "The Department is streamlining domestic operations to focus on diplomatic priorities," an internal State Department notice that was sent to the workforce said. "Headcount reductions have been carefully tailored to affect non-core functions, duplicative or redundant offices, and offices where considerable efficiencies may be found," it added.
Business Recorder
10 hours ago
- Business Recorder
EOBI gains global recognition at ILO conventions: minister
ISLAMABAD: Federal Minister for Overseas Pakistanis and Human Resource Development, Chaudhry Salik Hussain, emphasized that social protection is not a barrier but a cornerstone for sustaining the IT industry's global reputation. He noted that the Employees' Old-Age Benefits Institution (EOBI) has gained international recognition and has been commended at International Labour Organization (ILO) conventions in Geneva — underscoring its credibility and importance. The Minister made these remarks at a high-level seminar titled 'Ease of Doing Business for the IT Industry,' held at the Prime Minister's Office. The event was jointly organized by EOBI and the Special Investment Facilitation Council (SIFC), and brought together key government officials and leaders from Pakistan's tech ecosystem. Among the attendees were Federal Minister for Information Technology & Telecommunication Shiza Fatima, Secretary OP&HRD Nadeem Aslam Chaudhry, Director General SIFC and his team, as well as representatives from the Pakistan Software Houses Association (P@SHA). In his opening remarks, Dr. Jawaid Ahmed Sheikh, Chairman EOBI, highlighted the institution's central role in providing pension benefits and long-term financial security to workers in cases of retirement, disability, or death. He reaffirmed EOBI's commitment to evolving alongside the dynamic needs of the IT sector. Sajjad Mustafa, Chairman of P@SHA, thanked EOBI for initiating this important dialogue and proposed the formation of a joint working group to collaboratively address challenges related to contribution recovery and compliance. Echoing this sentiment, Ali Hasani, Secretary General of P@SHA, welcomed the establishment of a dedicated help desk for the IT sector, viewing it as a model that could inform consistent policy implementation across other industries. A technical presentation by Muhammad Amin, Deputy Director General Operations at EOBI, provided an overview of the organization's comprehensive social protection framework—which includes support not only for retirement, but also in cases of disability and death, tailored for the needs of the modern workforce. Federal Minister for IT & Telecommunication Shaza Fatima stressed the need for digital transformation, responsive service delivery, and regulatory agility to keep pace with the fast-changing tech landscape. She endorsed the proposal for a joint working group, recognizing its potential to close the gap between policy and execution. The seminar concluded with a shared commitment to strengthening institutional collaboration and aligning policies to create an enabling business environment for IT companies—while upholding internationally recognized standards of worker protection in Pakistan. Certificates of appreciation were awarded to key IT sector employers in recognition of their contributions to EOBI. Copyright Business Recorder, 2025
Business Recorder
11 hours ago
- Business Recorder
S&P, Dow slide as Trump turns up tariff heat on Canada
NEW YORK: The S&P 500 and the Dow fell on Friday and were headed for a downbeat week as President Donald Trump ramped up his tariff offensive against Canada, amplifying the uncertainty swirling around the US trade policy. Trump on Thursday announced a 35% tariff on Canadian imports, set to kick in next month, up from the 25% imposed in March, and warned that the levy could climb higher if Canada retaliates. The president also floated the possibility of a sweeping 15% or 20% tariff on other countries, up from the current 10% baseline. Caution also prevailed as the European Union braced for a possible formal letter from Trump, with details on fresh tariffs. At 11:47 a.m., the Dow Jones Industrial Average fell 0.68%, while the S&P 500 lost 0.27%. Eight of 11 sectors on the S&P 500 traded in the red, led by the materials index that dropped 1.3%. The S&P 500 and the tech-heavy Nasdaq were on course to close the week in the red, while the Dow looked set to end its three-week winning streak — the longest stretch since January — and braced for its steepest weekly drop in over a month. Markets this week remained mostly subdued. The only upside was Nvidia shattering all records to become the first company to top a $4 trillion valuation. Its shares hit a fresh record high on the day, helping the tech-heavy Nasdaq stay out of the red. The index held steady at 20,633.38 points. This week, Trump expanded his tariff campaign, taking aim at a wider range of countries — including allies such as Japan and South Korea — and slapping a 50% tariff on copper. Yet, the market response to this latest salvo was a far cry from the turmoil seen after April's 'Liberation Day' tariff announcements, which triggered the sharpest weekly losses for major indexes in nearly six years. Analysts are noting a growing sense of resilience among investors, who seem to be getting used to Trump's tariff threats. Investors are, however, on now guard for the upcoming earnings season, which they expect to provide fresh insight into how trade tensions are reverberating across corporate America. 'We believe expectations are a bit low for S&P 500 earnings. Much of the second quarter was marked with tariff and trade issues and that may have caused some dislocations in earnings,' said Michael Landsberg, chief investment officer, Landsberg Bennett Private Wealth Management. Denim maker Levi Strauss & Co jumped 10.9% after the company raised its annual revenue and profit forecasts and beat quarterly estimates. Meta Platforms fell 1.2%. A report said the company was unlikely to make more changes to its pay-or-consent model, potentially inviting fresh EU antitrust charges and hefty daily fines.
