The Australian sharemarket surged to a hundred-day high on Friday morning,after Wall Street stocks rose overnight as big US companies reported bigger profits than expected.
The Australian sharemarket retreated from all-time highs during the session as gains by Sigma and the big miners were offset by a slump in consumer stocks and utilities.
Less than an hour after Trump declared that lower interest rates would go “hand in hand” with his tariffs,poor US inflation data saw the prospects for rate cuts diminish.
The controversial Trump coin has been great business for the president’s family and for early investors. Others have not been so lucky.
The Australian sharemarket reversed losses from early trade to revisit record-breaking territory on Wednesday,buoyed by an afternoon rally in Commonwealth Bank shares.
President Trump’s steel and aluminium tariff war is a case of deja vu for Australia. But while his administration’s arguments are flawed,that might not really matter.
The flat finish reflects Wall Street,which seemed to be taking President Donald Trump’s latest tariff push in stride,with US stocks kicking off the week with gains.
The Australian sharemarket has fallen,with miners retreating after Donald Trump announced the United States will impose 25 per cent tariffs on all steel and aluminium imports.
Australian firms are within a few years of refining most of the rare minerals used in the world’s critical defence systems,electric vehicles and clean energy transition.
Energy stocks weighed on the Australian sharemarket on Friday,capping off a week of worldwide turbulence caused by fears of a global trade war.
The Australian sharemarket closed higher on Thursday after a broad market rally,led by banks,retailers and real estate investment trusts.