Our team has sifted through Australia’s top stories and global headlines to bring you a streamlined update on the week’s most impactful news.
Enjoy your weekly business update this Friday, 4th April 2025.
Trump Tariffs Trigger Global Trade War Fears
The week began optimistically in capital markets until a sharp reversal on Thursday AEDT, when President Trump’s rollout of reciprocal tariffs turned the markets into a bloodbath.
Stocks, which had held steady, posted their worst losses in five years following the announcement.
Andrew Banks covered the full details of the tariff announcement here, revealing that Australia was hit with a 10% reciprocal tariff.
President Trump also singled out Australia’s ban on North American fresh beef - a move Mark Story covered here.
Cameron Drummond broke down the global tariff percentages here, and Mark further relayed AMP's Head of Investment Strategy & Chief Economist Shane Oliver’s view that these measures could elevate the risk of a U.S. recession to nearly 40%.
In response, Prime Minister Anthony Albanese hinted that he might resort to “dispute resolution” provisions under Australia’s free trade agreement, as reported here by Frankie Reid.
French President Emmanuel Macron has also criticised the 20% levy imposed on Europe, describing it as “brutal and unfounded”. He stressed that any French or broader European response would be more substantial than previous retaliatory measures. Cam has a write-up here.
Corporate Movements
As the tech industry faced the repercussions of the tariffs, Harlan Ockey reported here that President Trump informed his cabinet about Elon Musk’s anticipated withdrawal from his role in the administration.
Meanwhile, a potential refinancing deal for Star - valued at A$940 million (US$592 million) and aimed at boosting liquidity to manage its debt - was abruptly withdrawn this week by alternative asset manager Salter Brothers Capital, a twist in the Star Entertainment saga that Garry West covered in depth here.
Global Stocks in the Spotlight
The global market witnessed a flurry of activity this week as volatility spiked across the board.
Trump Media, the parent company behind President Trump’s social media app Truth Social, initiated a move to allow its shareholders to sell approximately 142 million shares, with plans to release up to 8.4 million shares in a primary offering and letting major stakeholders offload an additional 134 million shares, collectively valued at around US$2.3 billion - a story outlined by Harlan here.
Meanwhile, Business Insider noted that YouTube is on track to overtake Disney as the world’s largest media company, a development explained by Chloe here.
On the automotive front, General Motors enjoyed significant sales growth in the U.S. during the first quarter of 2025, as consumers rushed to purchase vehicles ahead of the impending tariffs, another angle reported by Harlan here.
American restaurant chain Hooters of America filed for bankruptcy to restructure US$376 million (A$597 million) in debts and sell its 151 outlets to a group led by its founders, as reported by Garry.
Mark also reported that Newsmax shares have surged over 1,500% since their debut on the New York Stock Exchange at $14 per share, while the FCC has begun investigating Disney and ABC over allegations of DEI discrimination, a matter covered by Chloe here.
Resource Stocks Under Pressure
With the global appetite for electric vehicles (EVs) showing signs of waning, a reassessment of the demand for both these vehicles and the commodities used in their manufacture appears to be in order. Mark offers an incisive write-up on the subject.
In related developments, multiple reports emerged regarding resource stocks: disputes over Western Australia’s gold mine operations, renewed optimism for AVZ Minerals amid talks with a U.S. envoy, and production concerns for Adriatic.
Additionally, Glencore confirmed that its underground copper mine in Mount Isa, Queensland, is slated to close in July - as presented by Frankie here.
Meanwhile, Galan Lithium turned down a $240 million cash offer from China’s Zhejiang Huayou Cobalt Co and carmaker Renault for its lithium brine project in Argentina, with Cam providing further details here.
Commodities
Amid buoyant bull market sentiment, earlier-than-expected copper tariffs are predicted to drive spot prices down by 15% during Q2, according to insights from BNP Paribas. Cam has the story here.
Gold also eclipsed fresh record highs on Thursday as safe-haven demand continued to drive demand for the precious metal.
Additionally, Cam's Mission Critical column focuses on the cascading effects of Trump's tariffs, revealing exemptions for critical minerals essential to military hardware and clean energy infrastructure.
World
Across the globe, tensions are mounting. Europe is bracing itself for a potential conflict with Russia, even if the United States chooses not to provide direct support—a scenario detailed by Chloe here.
In another international legal matter, U.S. Attorney General Pamela Bond issued a stern directive for federal prosecutors to seek the death penalty for Luigi Mangione, charged with the murder of UnitedHealthcare CEO Brian Thompson in New York last December, also reported by Chloe here.
Economy
On the economic front, CoreLogic reported a 0.4% rise in national property values last month, marking a continuation of growth following February’s 0.3% increase, a positive sign for the housing market which Harlan chronicled here.
However, productivity took a hit, falling by 0.1% in the December quarter and by 1.2% in 2024.
The Australian Bureau of Statistics also revealed that dwelling approvals dropped by 0.3% to 16,606 in February after a robust 6.9% increase in January, even as residential building values reached a record A$9.65 billion - read more here.
Meanwhile, in a widely anticipated move, the Reserve Bank of Australia held interest rates steady at 4.1%.
Politics
Tariff measures have rattled economies and strained international relations. Signal messages among top U.S. security officials, including Vice President JD Vance, have widened rifts between the United States and its European and British allies - a tension explored by Frankie and Cam here.
In France, Marine Le Pen, leader of the National Rally, has been banned from public office for five years following her conviction for embezzling EU funds, a verdict she is set to challenge, as written by Frankie here.
Closer to home, British oil and gas supplier Shell has joined other Australian LNG industry players in opposing the Coalition’s gas policy, which mandates that 20% of exports be reserved for domestic use - Mark examines the implications here.
That's a wrap on this week's edition of Azzet Unpacked!
