ASX Edges Higher as Trump Considers Tariff Exemption for Australia

February 11, 2025 10:12 PM AEDT | By Team Kalkine Media

ASX Edges Higher as Trump Considers Tariff Exemption for Australia — Image source: Shutterstock

Market Performance and Sector Highlights

Eight out of 11 sectors on the ASX 200 ended in the green. Industrials led the market, rising 0.98%, with a five-day gain of 1.73%. Utilities followed with a 0.57% increase, while materials gained 0.17%. However, the energy sector struggled, slipping 0.3%.

Gold miners were among the top performers as gold prices surged above US$2,900 ($4,622) per ounce, reinforcing the appeal of the precious metal as a safe-haven asset. Evolution Mining (ASX:EVN) climbed 4.89% to $6.22, while Northern Star Resources (ASX:NST) advanced 4.04% to $18.54. De Grey Mining (ASX:DEG) gained 3.88% to $2.14, with Newmont (ASX:NEM) and Westgold Resources (ASX:WGX) adding 3.17% and 2.87%, respectively.

Lithium Stocks Face Challenges

In contrast, lithium miners faced pressure, with Liontown Resources (ASX:LTR) declining 9.09% to $0.60. Pilbara Minerals (ASX:PLS) followed with a 3.64% drop to $2.12, while Mineral Resources (ASX:MIN) slumped 6.93% to $32.62. IGO (ASX:IGO) also saw a decline, ending 4.29% lower at $4.69.

Economic Outlook Improves

In a positive development, ANZ has revised its 2025 GDP growth forecast upward from 2.2% to 2.4%, citing stronger-than-expected household consumption. An anticipated interest rate cut in February is expected to further support consumer confidence and spending, contributing to the economic recovery.

The S&P/ASX 200, representing the top 200 companies on the Australian Securities Exchange by market capitalisation, remains the country’s benchmark index, covering approximately 80% of the equity market. As global trade policies evolve and economic conditions shift, investor sentiment will likely be influenced by developments in tariff discussions and broader market trends.

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