AUS
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Highlights
- ASX steadies amid mixed sector performances and global uncertainty
- Gold and oil prices rise as investors shift toward safe-haven assets
- Wall Street dips sharply following Nvidia export news and Fed remarks
Australian shares showed surprising resilience in volatile trade, with the ASX 200 holding steady despite global market cues pointing to a weaker session ahead of the Easter long weekend.
The ASX 200 closed nearly flat, slipping just 2 points to end at 7758. Gains in Financials (+0.97%), Consumer Staples (+0.77%), and Utilities (+0.46%) helped offset losses in Energy (-2.65%), Information Technology (-1.31%), and Health Care (-1.07%).
Stronger-than-expected GDP data from China, which reported 5.4% growth compared to the 5.2% forecast, provided a cushion for local equities. However, sentiment was weighed down by overnight losses on Wall Street, particularly in the tech sector, following key developments involving Nvidia (NASDAQ:NVDA).
Tech sector mixed on the ASX
ASX tech stocks saw divergent performance. NEXTDC (ASX:NXT) declined 3.1%, Wisetech Global (ASX:WTC) eased 1.21%, and Xero (ASX:XRO) shed 1.2%. However, Zip Co (ASX:ZIP) surged 16.22% to A$1.72 after posting a 219% year-over-year jump in EBITDA to A$46 million, accompanied by an upgraded full-year outlook.
Gold shines as a safe haven
Investor appetite for safe-haven assets intensified amid uncertainty surrounding US trade policy. Gold prices surged to an all-time high of US$3,298 per ounce. This rally lifted gold-related stocks, with Regis Resources (ASX:RRL) up 6.46% to $4.80, Gold Road Resources (ASX:GOR) climbing 3.53% to $3.23, and Northern Star Resources (ASX:NST) finishing 1.47% higher at $22.09.
Wall Street hit by AI export curbs
In the US, equity markets declined sharply. Nvidia (NASDAQ:NVDA) plunged 6.9% after revealing a US$5.5 billion charge linked to US government restrictions on AI chip exports to China. This wiped out US$175 billion in market value. Advanced Micro Devices (NASDAQ:AMD) also fell 7.3% on fears it could face similar hurdles.
Adding to the cautious tone, Federal Reserve Chair Jerome Powell indicated that rising tariffs could hinder economic growth and push inflation higher. He emphasized the need for more data before any interest rate moves, even as markets continue to price in rate cuts through the year.
Global commodities and currencies move on data and geopolitics
Oil prices climbed following upbeat Chinese economic data and rising geopolitical tensions, with Brent crude closing 1.8% higher at US$65.85 per barrel. Meanwhile, base metals gained on optimism around Chinese stimulus. Gold futures jumped over 3%, while iron ore rose 1.1% to US$100.08 per tonne.
The Australian dollar traded around US63.72 cents, while the Japanese yen and Swiss franc strengthened amid safe-haven demand.
