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Highlights
- ASX dips as global risk sentiment turns cautious
- Tech and real estate sectors lead broad-based losses
- Deep Yellow slumps after mine delay amid weak uranium prices
The Australian sharemarket started the trading session on a weaker note, mirroring a sharp downturn in US markets driven by political tensions and investor unease. The S&P/ASX 200 Index slid by 0.7% or 50.7 points within the first 20 minutes of trade, while the All Ordinaries Index also dipped by 0.7%, as risk aversion dominated the mood.
The downbeat sentiment stemmed from Wall Street’s overnight selloff, triggered by comments from US President Donald Trump, who publicly criticized Federal Reserve Chairman Jerome Powell. His remarks raised concerns over political interference in monetary policy, leading to a broad slump across equities, bonds, and the US dollar.
All 11 sectors on the ASX were in negative territory, with technology and real estate bearing the brunt of the declines. The tech sector mirrored heavy losses in the US, where stocks like Tesla fell ahead of earnings results. On the ASX, software and logistics company WiseTech (ASX:WTC) lost 2.7%.
In real estate, data centre developer Goodman Group (ASX:GMG) dropped 2.8%, while Scentre Group (ASX:SCG) and Charter Hall (ASX:CHC) retreated 1.2% and 1.9% respectively.
Commodity markets also faced turbulence. Gold surged past US$3400 per ounce, hitting a record high as the US dollar weakened sharply, helping push the Australian dollar above US64¢. Meanwhile, oil prices declined 2% overnight, pressuring local energy names. Woodside Energy (ASX:WDS) slipped 1.9%, and Ampol (ASX:ALD) shed 1.3%.
Among the most notable movers was uranium explorer Deep Yellow (ASX:DYL), which plunged 8% following news it has delayed development of its Namibian project, citing subdued uranium market prices.
In contrast, Macquarie Group (ASX:MQG) managed a slight gain of 0.4% after confirming the sale of its North American and European public asset management units for $2.8 billion. The divested business oversees $285 billion in assets.
Yancoal (ASX:YAL) fell 1.4% after reporting a 19% decline in quarterly coal sales, impacted by softer demand and trade-related challenges. The company cautioned about an uncertain outlook for coal miners.
Meanwhile, AMP (ASX:AMP) rose 1.3% following optimism around its valuation prospects. The financial services firm was supported by sentiment that much of the potential downside is already reflected in its current share price.
The ASX mirrored the unease seen in global markets, with investors weighing geopolitical risks and macroeconomic signals amid volatile trading conditions.
