Markets

Insights on global financial markets, including stocks, currencies, and more.

Markets
ASX ticks lower; miners rise, Industrials and Tech slip
The Australian share market ended the session little changed on Monday as investors monitored global trade updates following United States President Donald Trump’s weekend announcement of a 30% tariff on goods from the European Union and Mexico, effective 1 August. The S&P/ASX 200 Index lost 9.7 points or 0.1% to 8,570.4, with seven of the 11 sectors finishing in the red. Industrials fell after Computershare dropped 3%. The decline followed a Morgan Stanley downgrade to “underweight” and a price target of $33.70, implying nearly 18% downside. Reece fell 2% and Brambles lost 0.4%. Consumer Discretionary also retreated, with Tabcorp down 1.9%, Aristocrat Leisure falling 1%, and Wesfarmers down 0.3%. Meanwhile, investor rotation into mining giants accelerated as iron ore prices edged closer to the key US$100 per tonne level. BHP rose 0.9%, Rio Tinto gained 0.6%, while Fortescue Metals lost 0.5%. Gold miners were among the strongest performers, buoyed by safe-haven flows as investors reacted to Trump’s fresh tariff threat. Gold bullion traded near US$3,370 an ounce, having risen 0.6% last week. Northern Star and Newmont added 1.7% apiece, Evolution Mining lifted 1.9%, and St Barbara gained 1.8%. The energy s
Markets
Gold steady near 3wk highs; US inflation data in focus
Gold prices traded largely unchanged on Monday, holding near three-week highs as geopolitical tensions and looming United States inflation data kept investors on edge. The yellow metal briefly rose to US$3,374 per ounce in early trade, before retreating as markets digested the weekend’s developments in global trade policy. By 3:35 pm AEST (5:35 am GMT), spot gold prices were flat at US$3,356.78 per ounce. The early surge in gold came as a knee-jerk response to renewed trade tensions. Over the weekend, U.S. President Donald Trump announced plans to impose a 30% tariff on imports from the European Union and Mexico, effective 1 August. The news triggered a wave of safe-haven buying in Asia, with traders reacting to the prospect of a broader global trade war. However, the rally proved short-lived. Sentiment stabilised after European Commission President Ursula von der Leyen said late Sunday that the EU would extend its suspension of retaliatory measures until 1 August, as negotiations with the U.S. continue. The absence of immediate EU retaliation helped the U.S. dollar recover some lost ground, pressuring gold back from its intraday peak. Meanwhile, U.S. Treasury yields paused their recent climb, offering some su
Markets
Markets: Oil ticks higher on Russia sanctions risk
Oil prices advanced modestly on Monday, extending gains from the previous session and touching multi-week highs as markets digested the prospect of tougher sanctions on Russia that could disrupt global supply chains. However, rising output from Saudi Arabia and continued uncertainty around U.S. trade policy limited upside momentum. By 2:50 p.m. AEST (4:50 a.m. GMT), Brent crude futures climbed 15 cents or 0.2% to US$70.51 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose by the same margin to US$68.60. Both benchmarks had rallied strongly on Friday, with Brent up 2.5% and WTI gaining 2.8%. The strength followed comments from U.S. President Donald Trump on Sunday that the United States would supply Patriot air defence systems to Ukraine. Trump is also expected to make a “major statement” on Russia on Monday. In Washington, a bipartisan bill proposing fresh sanctions on Russia gained momentum in Congress last week. The legislation, designed to push Russia toward peace talks, still awaits formal backing from President Trump. Meanwhile, oil markets were also supported last week by a bullish outlook from the International Energy Agency (IEA), which said that global oil markets may be tighter t
Markets
APAC markets mixed as investors weigh trade risks
Asia-Pacific markets opened mixed on Monday as traders weighed the potential global impact of new United States trade measures while digesting regional economic data. The cautious tone followed President Donald Trump’s weekend announcement that the United States would impose 30% tariffs on goods from the European Union and Mexico, effective from 1 August. In a post on his Truth Social account, Trump revealed the new levies, which added to already simmering trade tensions and prompted renewed risk aversion in global markets. At 11:35 am AEST (1:35 am GMT), Australia’s S&P/ASX 200 slipped 0.1%, South Korea’s Kospi 200 advanced 0.5%, while Japan’s Nikkei 225 eased 0.5%. Singapore provided a bright spot, with preliminary data showing that the economy grew by 4.3% year-on-year in the second quarter, up from 4.1% in the first quarter and ahead of the 3.5% growth forecast. Quarterly, GDP rose 1.4%, reversing the 0.5% contraction seen in the previous quarter. In Japan, core machinery orders fell 0.6% in May from the prior month, a better result than the 1.5% decline expected by economists. Year-on-year, orders rose 4.4%, exceeding forecasts for a 3.4% increase. Meanwhile, China’s trade surplus widened to US$114.77
Markets
Markets: US futures in retreat amid tariff deluge
United States stock futures declined on Sunday evening (Monday AEST) after President Donald Trump announced new 30% tariffs on imports from the European Union and Mexico, a move that heightened trade tensions just as markets prepare for the upcoming second-quarter earnings season and key inflation data. By 9:30 am AEST (11:30 pm GMT), Dow Jones Industrial Average futures were down 0.6%, while S&P 500 futures dropped 0.3% and Nasdaq 100 futures fell 0.2%. The announcement adds a fresh layer of uncertainty ahead of this week’s inflation figures, which investors will scrutinise to assess how the current tariff regime is impacting prices across the economy. In a note to clients, ANZ analysts wrote: "In the U.S., the likelihood of a Fed cut in July diminished after the last release of nonfarm payrolls data came in stronger than expected, and the minutes from the June FOMC meeting suggested that most members still prefer a wait-and-see approach as the inflationary impacts of tariffs unfold." "A July Fed cut remains a possible, albeit an unlikely, scenario if the June CPI data surprise to the downside and little evidence emerges of tariffs affecting prices data." Sunday’s decline follows a losing week for major U.S. indice

Markets
ASX heading down after new tariffs unnerve Wall Street
The Australian sharemarket is expected to open marginally higher on Monday after trade uncertainty undermined investor confidence in the United States. Futures trading points to the Australian Securities Exchange’s (ASX) 200-company index starting the week 0.2% lower, in line to slightly below the extent of the falls on Wall Street on Friday (Saturday AEST). At the time of writing the S&P/ASX 200 share price index (SPI) September contract trading was quoted 13 points below the previous settlement of 8,548. President Donald Trump soured investor sentiment on Friday when he announced a 35% tariff on Canada and plans for tariffs of 15% or 20% on most other trading partners, sending share prices lower in New York. He imposed 50% tariffs on Brazil and the European Union on Thursday. "The increased rhetoric around tariffs, what we've seen this week regarding Brazil and Canada, is certainly elevating the anxiety level," Rosenblatt Securities equity sales trader Michael James was quoted in a Reuters story as saying. The Dow Jones Industrial Average was hit hardest, dropping 0.6%, while the S&P 500 lost 0.3% and the Nasdaq Composite fell 0.2% lower. The S&P index, which had reached a record high the day prior, was also
Markets
FX Week Ahead: DXY gains on tariffs; CPI in focus
The United States dollar index started at multi-week highs, buoyed by escalating trade tensions following President Donald Trump's announcement of wide-ranging tariffs on major trading partners, including Canada, the European Union, Mexico, Japan, and South Korea. The market’s growing risk aversion fuelled strong safe-haven demand for the Greenback, while expectations for near-term rate cuts by the Federal Reserve continued to fade. President Trump’s aggressive tariff campaign intensified over the past week, as he posted open letters on Truth Social threatening trade penalties on more than 40 nations. Among the most significant measures, Trump announced a 35% tariff on Canadian goods effective 1 August, citing trade imbalances and fentanyl smuggling. In his message to Canadian Prime Minister Mark Carney, Trump warned that retaliatory duties would be matched by further levies. He also clarified that transshipped goods would be taxed unless fully manufactured in the United States. Further escalation came over the weekend, as Trump unveiled new 30% tariffs on EU and Mexican imports, also effective from 1 August. He added that any retaliation would be met with proportional increases, and warned other trading partners
Markets
US benchmarks close lower; Trump escalates tariff war
Wall Street ended lower on Friday as renewed trade tensions weighed on sentiment, after President Donald Trump on Thursday abruptly announced a 35% tariff on Canadian imports, effective from August 1, after criticising Canada’s retaliatory measures. The Dow Jones Industrial Average tumbled 279.1 points, or 0.6%, to close at 44,371.5. The S&P 500 dropped 20.7 points, or 0.3%, to 6,259.7, and the Nasdaq Composite slipped 45.1 points, or 0.2%, to 20,585.5. “Instead of working with the United States, Canada retaliated with its own Tariffs,” Trump wrote in a letter to Canadian Prime Minister Mark Carney, posted on his Truth Social platform. Thursday's upbeat market session, which saw the S&P gain 0.3% and the Nasdaq rise 0.1%, had largely ignored the administration's earlier moves to impose 50% tariffs on copper imports and Brazilian goods. However, Friday's tone shifted as investors braced for further trade announcements. No update on tariffs targeting the European Union came during trading hours, but over the weekend Trump revealed new tariff plans in letters posted online, directed at European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum. “Mexico has been helping me secure the bord
Markets
Miners cushion ASX as index ends week lower
The Australian sharemarket closed marginally lower on Friday with only one sector avoiding a loss and ending the week providing no broad-based capital gains. The S&P/ASX 200 finished 9.10 points or 0.11% down at 8,580.10, dropping from the day’s high of 8,619.8 soon after opening to the low of 8,568.2 around lunchtime, erasing the losses gradually through the afternoon before weakening again to the close. The market index has lost 0.27% this week, leaving it 0.68% below its record high of 8,630 points on 11 June. The Australian Securities Exchange (ASX)'s main price marker was shielded from larger losses by the materials index, which closed 1.78% higher, as miners gained ground, led by Iluka Resources, which surged 22.11%, Lynus Rare Earths (16.28%) and Mineral Resources (7.408%). The remaining 10 sectors finished down, headed by real estate investment trusts (REITs) which fell 1.45% as Abacus Storage King lost 3.27%, Growthpoint Properties 2.9% and Lend Lease 2.4%. A higher finish on Wall Street had set the scene for a stronger opening with the S&P 500 and Nasdaq Composite ending at new highs, buoyed by a bullish forecast from Delta Air Lines and a record close by NVIDIA. ASX futures indicated a 27-point lift on