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Perth Now
3 hours ago
- Business
- Perth Now
Cautious investors lift ASX 200
Cautious traders lifted the ASX from an early fall on Tuesday but are still waiting for Wednesday's key CPI figure and US tariff fallout. The benchmark ASX200 eked out a small 6.9 or 0.08 per cent gain to 8,704.6 after falling by as much as 0.6 per cent on the open. The broader All Ordinaries also finished in the green up 3.20 points or 0.04 per cent to 8,966.70. Australia's dollar firmed marginally up 0.06 per cent to buy 65.25 US cents. Markets pared back early losses during Tuesday's trading. Picture NewsWire/ Gaye Gerard. Credit: News Corp Australia On an overall quiet day of trading, seven of the 11 sectors finished in the green, led by energy, industrials and healthcare stocks. Woodside Energy gained 1.57 per cent to $26.60 and Santos jumped 2.06 per cent to $7.91 on the back of rising oil prices. Healthcare giant CSL gained 0.52 per cent to $272, Pro Medicus gained 0.86 per cent to $323.21 and Fisher Paykel Healthcare jumped 1.44 per cent to $33.78. It was a mixed day for the market heavyweight big four banks. Commonwealth Bank shares slipped 0.35 per cent to $174.29 while Westpac fell 0.06 per cent to $33.19. Offsetting the falls were gains from National Australia Bank which closed 1.17 per cent higher to $38.20 and ANZ which eked out a 0.03 per cent gain to $30.32. The initial excitement in the markets on the back of a US-EU trade deal over the weekend quickly died down as the White House announced a possible bounce in the tariff rate. Under the new plan the 'Rest of World', including Australia, could now face tariffs of 15 to 20 per cent, up from the 10 per cent initial base rate. senior financial market analyst Kyle Rodda said market excitement on the back of trade talks between the US and the EU was short lived. 'Wall Street failed to hold onto the post US-EU trade deal buzz but that's only because of the mountain of event risk that the markets confront in the coming days,' he said. 'The August 1 trade deadline loomed as potentially the biggest story of the week'. Seven of the 11 sectors finished higher on a quiet day of trading. NewsWire / Max Mason-Hubers Credit: News Corp Australia But Mr Rodda pointed out that with deals worked out between the US and the EU, Japan and potentially China means markets attention will shift to macroeconomic figures and corporate earnings. Australia's key macroeconomic data comes out on Wednesday with the release of the quarterly CPI figures. Economists say a quarterly trimmed mean inflation rate between 2.6 and 2.7 per cent over the year, would fall in the RBA's target band of 2 to 3 per cent and open the door for further interest rate relief. In company news, shares in jeweller Michael Hill jumped 2.47 per cent to $0.42 on the bell after the business announced founder Sir Michael Hill died at age 86 earlier on Tuesday. 'To every endeavour he pursued, Michael brought a deep sense of purpose, an enduring curiosity, open-mindedness and creativity that challenged all of us to embrace ever more lofty goals and be unconstrained in our thinking – a legacy that will continue to inspire us,' Michael Hill chairman Rob Fyfe said in a statement to the ASX. Boss Energy continued its slump following the announcement of its result on Monday, dropping another 5.51 per cent to $1.80. The stock fell more than 40 per cent after warning the market it is unlikely to meet its production targets at its Honeymoon project in South Australia on the back of costs and concerns about the uranium quality. Shares in wagering company Tabcorp finished 1.31 per cent higher to $0.78 after Aware Super told the market it exited its stake on July 24 on the back of strong gains made earlier this year.
Perth Now
8 hours ago
- Business
- Perth Now
Aussie shares dip ahead of key inflation readout
The local share market has slipped ahead of a key inflation readout that could determine whether the Reserve Bank cuts rates next month. Near midday on Tuesday, the benchmark S&P/ASX200 index was down 29 points, or 0.33 per cent, to 8,666.8, while the broader All Ordinaries had fallen 35.9 points, or 0.4 per cent, to 8,927.6. Traders may have been taking something off the table ahead of the Australian Bureau of Statistics' release of second-quarter consumer price index data on Wednesday morning. HSBC chief ANZ economist Paul Bloxham said the bank expects the readout would show the RBA's preferred inflation metric to print at 0.6 per cent quarter-on-quarter and 2.7 per cent year-on-year, which HSBC sees as allowing the RBA to trim rates in August. But if trimmed mean inflation comes in at higher than that, an August rate cut would be less likely, Mr Bloxham said. In the US, the Federal Reserve's rate-setting committee is widely expected to leave rates on hold when it announces its latest decision early on Thursday Australian time, but its commentary will be closely scrutinised for a clue whether a rate cut might be possible in September. At midday every ASX sector was down except consumer discretionary, which had edged 0.1 per cent higher. The heavyweight mining sector was the biggest mover, dropping 0.5 per cent, with losses for all of the iron ore giants. Fortescue had fallen 1.6 per cent, BHP had slid 0.3 per cent and Rio Tinto had dipped 0.2 per cent. In the energy sector, Viva Energy had fallen 8.0 per cent after the OTR and Reddy Express petrol station owner said a big drop in tobacco sales had led to a 10 per cent decline in overall convenience sales in the first half. But Woodside was up 1.1 per cent as Australia's largest oil and gas producer announced it would assume operatorship of the offshore Bass Strait production assets it co-owns with ExxonMobil Australia. Uranium producers were down for a second day, with Paladin dropping 6.7 per cent and Boss Energy falling another 8.3 per cent, on top of Monday's 44 per cent plunge following word of issues at its Honeymoon mine in SA. In the financial sector, three of the four big retail banks were lower. CBA was down 0.2 per cent, ANZ had slipped 0.6 per cent and Westpac had dropped 0.3 per cent. NAB was the outlier, very marginally higher at $37.78. The Australian dollar had slipped further against its strengthening American counterpart, buying 65.28 US cents, from 65.50 US cents at 5pm on Friday.
Perth Now
a day ago
- Business
- Perth Now
ASX jumps on the latest Trump deal
Australia's sharemarket snapped a brief two day losing streak on Monday after US President Donald Trump announced his latest trade deal and the major banks bounced back from their recent falls. The benchmark ASX 200 index closed up 30.8 points or 0.36 per cent at 8697.7 after hitting an intraday high of 8704.9, while the broader All Ordinaries finished in the green up 29.20 points or 0.33 per cent to 8,963.50. The Australian dollar slipped from a nine-month high on Friday buying 65.51 US cents at the time of writing. On an overall positive day, eight of the 11 sectors finished in the green, led by the telecommunications sector, the big four banks and healthcare stocks. The ASX had a good day after Donald Trump announced a trade deal with the EU. Gaye Gerard / NewsWire Credit: News Corp Australia Shares in Telstra gained 0.81 per cent to $4.95, REA Group jumped 1.34 per cent to $236.09 and CAR group added 1.72 per cent to $37.89. Market heavyweight CBA gained 1.17 per cent to $174.90 offsetting half the falls in recent days, while NAB gained 0.67 per cent to $37.76, Westpac added 0.54 per cent to $33.21 and ANZ group closed 0.30 per cent higher at $30.31. Healthcare darling CSL gained 1 per cent to $270.59, Sigma Healthcare added 1.41 per cent to $2.88 and ResMed finished 0.97 per cent higher to $41.70. The markets jumped after US President Donald Trump announced a deal with the EU to end four months of negotiations between the two economic powerhouses. Following the discussions, the EU will face a 15 per cent tariff from the US, which is down from the 25 per cent the President announced in April. European Commission chief Ursula von de Leyen described it as 'a big deal, a huge deal, bringing: stability and predictability' to the two trading partners. IG market analyst Tony Sycamore said global markets around the world jumped on these trade deals. 'In terms of the trade deals with Japan and Europe, the tariff rate that will be implemented came in lower than initially threatened and the market is looking very positively on it,' Mr Sycamore said. Uranium shares were one of the rare misses during Monday's trading, dragged down by news out of Boss Energy which flagged challenges out of its Honeymoon uranium project. Boss Energy shares plummeted 43.97 per cent to $1.90, Deep Yellow fell 8.34 per cent to $1.65 and Paladin Energy dropped 4.43 per cent to $6.91. 'That is the uranium sector in a nutshell,' he said. 'It is one where you have to be prepared for extraordinary volatility. 'This was a disappointing performance day and a disappointing report by Boss Energy.' In company news, Helloworld Travel shares soared 14.14 per cent to $1.69 after the business upgraded its guidance to somewhere between $58-$62m. Stealth Group's shares also soared 11.02 per cent to $0.70 after announcing a 50 per cent jump in pre-orders on the back of the soon to be released iPhone 17. Bubs Australia shares jumped 2.94 per cent to $0.18 after the infant formula maker announced Joe Cootes as its new chief executive, effective immediately.
News.com.au
a day ago
- Business
- News.com.au
ASX jumps in Monday trading after Trump announces more tariff deals
Australia's sharemarket snapped a brief two day losing streak on Monday after US President Donald Trump announced his latest trade deal and the major banks bounced back from their recent falls. The benchmark ASX 200 index closed up 30.8 points or 0.36 per cent at 8697.7 after hitting an intraday high of 8704.9, while the broader All Ordinaries finished in the green up 29.20 points or 0.33 per cent to 8,963.50. The Australian dollar slipped from a nine-month high on Friday buying 65.51 US cents at the time of writing. On an overall positive day, eight of the 11 sectors finished in the green, led by the telecommunications sector, the big four banks and healthcare stocks. Shares in Telstra gained 0.81 per cent to $4.95, REA Group jumped 1.34 per cent to $236.09 and CAR group added 1.72 per cent to $37.89. Market heavyweight CBA gained 1.17 per cent to $174.90 offsetting half the falls in recent days, while NAB gained 0.67 per cent to $37.76, Westpac added 0.54 per cent to $33.21 and ANZ group closed 0.30 per cent higher at $30.31. Healthcare darling CSL gained 1 per cent to $270.59, Sigma Healthcare added 1.41 per cent to $2.88 and ResMed finished 0.97 per cent higher to $41.70. The markets jumped after US President Donald Trump announced a deal with the EU to end four months of negotiations between the two economic powerhouses. Following the discussions, the EU will face a 15 per cent tariff from the US, which is down from the 25 per cent the President announced in April. European Commission chief Ursula von de Leyen described it as 'a big deal, a huge deal, bringing: stability and predictability' to the two trading partners. IG market analyst Tony Sycamore said global markets around the world jumped on these trade deals. 'In terms of the trade deals with Japan and Europe, the tariff rate that will be implemented came in lower than initially threatened and the market is looking very positively on it,' Mr Sycamore said. Uranium shares were one of the rare misses during Monday's trading, dragged down by news out of Boss Energy which flagged challenges out of its Honeymoon uranium project. Boss Energy shares plummeted 43.97 per cent to $1.90, Deep Yellow fell 8.34 per cent to $1.65 and Paladin Energy dropped 4.43 per cent to $6.91. 'That is the uranium sector in a nutshell,' he said. 'It is one where you have to be prepared for extraordinary volatility. 'This was a disappointing performance day and a disappointing report by Boss Energy.' In company news, Helloworld Travel shares soared 14.14 per cent to $1.69 after the business upgraded its guidance to somewhere between $58-$62m. Stealth Group's shares also soared 11.02 per cent to $0.70 after announcing a 50 per cent jump in pre-orders on the back of the soon to be released iPhone 17. Bubs Australia shares jumped 2.94 per cent to $0.18 after the infant formula maker announced Joe Cootes as its new chief executive, effective immediately.
Perth Now
a day ago
- Business
- Perth Now
Australian shares gain as deal averts trade war fears
The local share market has moved higher after the US and the European Union agreed on a preliminary trade deal over the weekend, apparently avoiding the threat of a global trade war. At noon AEDT on Monday, the benchmark S&P/ASX200 index was up 26.8 points, or 0.31 per cent, to 8,693.7, while the broader All Ordinaries had gained 25.4 points, or 0.28 per cent, to 8,958.3. During a meeting at Donald Trump's Scottish golf course, the US president and his EU counterpart announced they had reached agreement on the framework for a trade deal, days before a US-imposed Friday deadline to strike a bargain. The details remained vague and nebulous, however. Traders were also watching for this week's Federal Reserve meeting. Despite Mr Trump's threats, a rate cut is seen as unlikely, with the futures market giving it just three per cent implied odds. ANZ's research team said it would be looking at any tweaks to the language of the rate-setting Federal Open Market Committee statement, as well as comments from Fed chair Jerome Powell that might signal the September meeting is "live" for a rate cut. Closer to home, the Australian Bureau of Statistics on Wednesday will release second-quarter inflation data that could determine whether the Reserve Bank cuts rates next month. Eight of the ASX's 11 sectors were higher at midday, with energy, materials and utilities lower. In the energy sector, Boss Energy had plunged 41.5 per cent to a more than three-year low of $1.99 after the uranium producer flagged higher costs and other challenges at its Honeywell uranium mine in South Australia, which resumed production last year. Other uranium companies were lower as well, with Deep Yellow dropping 7.1 per cent and Paladin retreating 3.9 per cent. In the materials sector, BHP was down 0.9 per cent, Rio Tinto had lost 1.1 per cent and Fortescue had retreated 0.5 per cent. All of the big four banks were higher, however, with CBA, ANZ and NAB all expanding 0.6 per cent and Westpac growing 0.3 per cent. WiseTech Global was down 0.2 per cent as the logistics platform named a new chief executive. The Australian dollar was buying 65.75 US cents, from 65.81 US cents at 5pm on Friday.
