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Perth Now
7 days ago
- Business
- Perth Now
‘Uncertainty': ASX rises on temporary Trump pause
Australia's stock market closed higher on Thursday thanks to a rally in energy and information technology shares on the back of a US court ruling on President Donald Trump's tariff policy. The benchmark ASX 200 index crept higher closing up 12.9 points or 0.15 per cent to 8,409.80. The broader All Ordinaries traded in line with the ASX 200, also closing higher up 12.90 points or 0.15 per cent to 8,637.80. The Australian dollar is up and is now buying 64.43 US cents. Camera Icon Australian shares rose on the back of the latest Trump move. Photo: Gaye Gerard / NewsWire Credit: News Corp Australia On an overall positive day, seven of the 11 sectors closed in the green, led by energy, information technology and telecommunications services shares. Oil and gas producers Woodside Energy climbed 2.76 per cent to $22.73 while Santos is up 1.53 per cent to $6.65. WiseTech Global shares jumped 1.18 per cent to $108.77 while Technology One Limited closed 1.77 per cent higher at $40.77 and Life360 finished Thursday's trading up 2.11 per cent to $33.37. The big four banks also helped drive the market higher. CBA shares rose 0.37 per cent to $174.44, NAB gained 0.43 per cent to $37.50, ANZ finished marginally higher up 0.14 per cent to $28.92, and Westpac outshone the rest on Thursday up 0.76 per cent to $31.71. Australia's market closed slightly higher, despite a strong lead in from Wall Street with the three major futures index all trading higher. The Dow Jones were up 1.4 per cent, the S& P500 gained 1.7 per cent and the tech-heavy Nasdaq over 2 per cent higher. Camera Icon Seven of the 11 sectors finished in the green. NewsWire / Max Mason-Hubers Credit: News Corp Australia The market response was to the US Court of International Trade overnight ruling the President Trump had overstepped his authority when he imposed his 'Liberation Day' reciprocal tariffs, with the judges ordering the tariff order be vacated. eToro market analyst Josh Gilbert said the US courts declared tariffs illegal and must be stopped within 10 calendar days. 'Although this is a positive for investors in the short term, given the immediate rally we're seeing, the big question we'll be asking is does this end Trump's rampage on global trade? At this juncture, it seems unlikely,' he said. Mr Gilbert said the market was likely to continue to be volatile over the next 10 days but if the decision was held up, it would likely be a tailwind for markets. 'While investors may see risk as the first place they turn to, given the move higher we're seeing in equity futures, we're entering a window of uncertainty,' he said. 'The tariff news flow is changing day-to-day, and that's a reminder to manage your risk, especially given that it's far too early to see how this will play out.' In corporate news, Australia's data centres traded heavily in the green after Nvidia shook off fears that China's low-cost DeepSeek artificial intelligence model would impact the world's largest chip maker. Shares in DigiCo Infrastructure REIT rose 2.1 per cent to $3.35, Infratil rose 0.62 per cent to $9.80 and Megaport jumped 2.95 per cent to $13.95.
Perth Now
23-05-2025
- Business
- Perth Now
In The Know: Joe Biden's cancer, RBA interest cut, Trump's Golden Dome, NSW floods, Washington DC shooting
Joe Biden On Monday, it was revealed that former US President Joe Biden had been diagnosed with an 'aggressive form' of prostate cancer that had spread to his bones. The 82-year-old's office said, 'While this represents a more aggressive form of the disease, the cancer appears to be hormone-sensitive which allows for effective management.' Camera Icon Former US president Joe Biden has been diagnosed with an aggressive form of prostate cancer. Credit: AAP RBA interest rate cut The Reserve Bank of Australia lowered the cash rate by 0.25 percentage points to 3.85 per cent on Tuesday. The move would ease mortgage repayments for millions of homeowners, but finance guru Scott Pape — better known as the Barefoot Investor — said the cut would make it harder for young people to join the property ladder as house prices will rise in coming months. Camera Icon Housing affordability continues to deteriorate, threatening aspiring homeowners entry into the market. Credit: NewsWire Donald Trump's Golden Dome US President Donald Trump announced that he had selected a design for a 'Golden Dome' which aimed to create a network of satellites to detect, track and potentially intercept incoming missiles. The missile defence shield plan, that Trump said would 'protect our homeland', will cost AUD$273 billion and has garnered political scrutiny since he first ordered it in January. On Thursday, the Chinese government called for the dome to be scrapped, citing that it risked turning space into a 'war zone.' Camera Icon United States President Donald J Trump, accompanied by US Secretary of Defense Pete Hegseth, announces he has selected the path forward for his ambitious Golden Dome missile defense shield. Credit: Chris Kleponis - Pool via CNP / Sipa USA Shooting in Washington DC Two Israeli embassy officials, Yaron Lischinsky and Sarah Lynn Milgrim, were killed on Thursday in a shooting outside a Jewish museum in Washington DC. The suspect, Elias Rodriguez, accused of opening fire on a group leaving an event for young diplomats, was charged on Friday and was heard chanting 'Free Palestine' after being taken into custody. Camera Icon Rodriguez allegedly killed Yaron Lischinsky and Sarah Lynn Milgrim, a young couple about to become engaged to be married. Credit: DC shooting suspect charged with murder of Israeli aides NSW flood catastrophe Four people were confirmed dead, a fifth person was reported missing and 50,000 people were left trapped as a result of the floods wreaking havoc on the Mid North Coast of New South Wales. On Friday, Prime Minister Anthony Albanese urged people to listen to flood advice and follow it. 'Because tragically, we have seen four people lose their lives, three of which are associated with driving through flood waters,' he said. 'If it's flooded, forget it. We keep saying it. You can't tell what is underneath the water as you make these assessments, and it is just not worth people taking risks at this point in time.'
Perth Now
24-04-2025
- Business
- Perth Now
Best week of the year: ASX jumps on tariff talk
The Australian sharemarket posted its best week of the year after reports emerged US President Donald Trump is looking to soften his tariffs on China. The benchmark ASX 200 index finished up 47.70 points or 0.60 per cent to 7,968.20. The broader All Ordinaries also rose 49.90 points or 0.61 per cent to finish the trading week at 8,175.10. The Aussie dollar is trading around US63.55 cents. On an overall positive day for the markets, eight of the 11 sectors finished in the green, led by health care and material stocks. Australia's market along with much of Asia rose on the back of renewed hopes of a softening in the tariff war between the US and China. Camera Icon Shares jumped after reports of US will back down from its aggressive tariff policy. NewsWire / Max Mason-Hubers Credit: News Corp Australia Mr Trump previously added tariffs on every trading partner starting at 10 per cent, with China facing the highest rates of 145 per cent. Overnight, reports emerged Mr Trump would downgrade these tariffs to 50 to 65 per cent lifting world markets. Commonwealth Bank director mining and energy commodities Vivek Dhar said the price of iron ore has risen on the back of US-China trade talks and strengthening seasonal demand for the commodity. 'Iron ore spot prices rose back above $US100 per tonne this week on stimulus hopes in China and as US President Trump said he's willing to 'substantially' pare back tariffs on China,' he said. This helped support the major miners. BHP shares jumped 0.90 per cent to $28.06, Rio Tinto traded higher up 0.96 per cent to $114.92 and Fortescue Metals rose 1.04 per cent to $15.52. Mineral Resources had the strongest day among the miners, up 5.93 per cent to $18.23. It was also a strong day trading for the big four banks. Westpac added 1.1 per cent to $32.04 and ANZ jumped 1.55 cent to $28.84. Commonwealth Bank was up 0.6 per cent to $164.72 after a strong run this week and NAB also added 0.6 per cent to $35.11. Camera Icon Eight of the 11 sectors finished in the green. NewsWire / Max Mason-Hubers Credit: News Corp Australia IG market analyst Tony Sycamore said while equity markets responded positively to the overnight headlines, investors appeared to have glossed over comments from Treasury Secretary Scott Bessent, who said discussions with China have not commenced. 'With only three trading sessions remaining, the ASX200 is up 1.5 per cent in April, on track to snap a two-month losing streak,' he said. 'This is a remarkable outcome after being down over 8.5 per cent earlier in the month.' Uranium stocks also enjoyed a strong day of trading, with three of them making up the top 5 on the ASX 200. Paladin Energy continued its surge higher on strong results released earlier in the week up 12.09 per cent to $5.560. Deep Yellow jumped 9.62 per cent to $1.025 and Boss Energy rose 8.42 per cent to $2.830. In company news, sleep disorder company ResMed surged 8.51 per cent to $36.08 on the back of improving revenue. The newly listed Generation Develop Group slumped on its quarterly earnings update down 14.85 per cent to $4.13.
