ASX Slides as Tariff Concerns Weigh on Markets; The Star Soars on Brisbane Deal Update

2 min read | February 09, 2025 07:36 PM EST | By Team Kalkine Media

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ASX Slides as Tariff Concerns Weigh on Markets; The Star Soars on Brisbane Deal Update — Image source: shutterstock

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Highlights

ASX 200 dips as US tariff concerns and employment data impact sentiment.

The Star Entertainment surges 18% after rejecting Brisbane deal proposals.

JB Hi-Fi outperforms expectations, while Pilbara Minerals faces losses.

Australian stocks opened the week under pressure, tracking global market jitters sparked by fresh tariff concerns and economic data from the US. The S&P/ASX 200 declined 0.6% in morning trade, shedding 54 points to 8457.4, with most sectors in the red.

The downward momentum followed a sharp drop on Wall Street, where the S&P 500 fell 1% and the Nasdaq slid 1.4%. Investors reacted to US employment data showing a slight drop in the jobless rate to 4%, reducing expectations of further rate cuts from the Federal Reserve.

Adding to the market unease, the US administration announced a 25% tariff on all steel and aluminum imports, triggering concerns over its impact on global trade. The move raised uncertainty, particularly for commodity-driven economies such as Australia.

Tech Sector Takes a Hit

Local tech stocks mirrored the weakness in US tech, with the ASX technology sector slipping 1.7%. WiseTech Global (ASX:WTC) was among the biggest decliners, tumbling 2.5% following reports of fresh allegations against its founder. TechnologyOne (ASX:TNE) also saw a decline of 1.8%.

The Star Entertainment Jumps 18% on Brisbane Deal Update

One of the session’s standout performers was The Star Entertainment Group (ASX:SGR), which surged 18.2% after providing an update on its Brisbane operations. The casino operator confirmed that it would not accept acquisition proposals from Chow Tai Fook Enterprises and Far East Consortium for its 50% stake in the Queen’s Wharf complex, boosting investor confidence.

Retail & Mining Stocks in Focus

Retail giant JB Hi-Fi (ASX:JBH) saw a 2.2% jump after reporting stronger-than-expected sales growth. The company’s first-half sales climbed nearly 10% to $5.67 billion, surpassing market estimates.

Meanwhile, Pilbara Minerals (ASX:PLS) dipped 2% after forecasting a net loss between $5 million and $7 million in its upcoming financial results, reflecting softer conditions in the lithium market.

In the healthcare sector, Ansell (ASX:ANN) gained 6.5% after revealing plans to adjust pricing to offset the impact of US tariffs on its medical gear products.

With tariff uncertainties and global economic concerns dominating market sentiment, investors are closely monitoring developments in key sectors for further cues.

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