ASX200 Opens Cautiously Higher as Macquarie Lifts Sentiment Amid US-China Trade Talks

May 09, 2025 12:07 PM AEST | By Team Kalkine Media

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ASX200 Opens Cautiously Higher as Macquarie Lifts Sentiment Amid US-China Trade Talks — Image source: shutterstock

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Highlights

ASX200 opens mixed as markets await clarity on US-China trade talks

Macquarie (MQG) posts strong profit growth, lifting financials

Energy and tech stocks support ASX300, while miners see pressure

Australian shares started Friday on an uneven note, with the S&P/ASX200 Index up a modest 0.1% to 8195.8 points by mid-morning. The local bourse reflected cautious optimism as investors kept an eye on US-China trade negotiations expected to resume in Switzerland over the weekend.

Technology and energy sectors offered early support, while mining companies were subdued. The All Ordinaries Index was nearly flat, showing a less than 0.1% rise.

Wall Street’s overnight rally encouraged early gains, but sentiment was tempered by ambiguity surrounding the recently announced US-UK trade “framework.” The partial agreement hints at reduced tariffs on UK exports like steel and cars, but finer details remain unresolved.

US Treasury Secretary Scott Bessent is set to meet Chinese officials this weekend, a move closely watched by global markets. Iron ore prices inched up 0.3% to US$96.85 per tonne, partially recovering from the prior day’s dip.

Miners were among the weaker performers, with BHP Group (ASX:BHP) down 1.1% and Fortescue Metals Group (ASX:FMG) declining 0.8%. The sector’s downturn contrasts with tech stocks, which took cues from the Nasdaq’s 1% climb. WiseTech Global (ASX:WTC) gained 2.5%.

Energy companies helped lift the ASX300, with gains from Woodside Energy (ASX:WDS) and Santos (ASX:STO), which rose 1.5% and 1.4%, respectively, buoyed by a rebound in crude oil prices on optimism around potential trade resolutions.

In financials, Macquarie Group (ASX:MQG) surged 4% after reporting a 5% rise in annual profit to $3.7 billion, driven by growth in its asset management division.

Corporate activity also made headlines. Domain Holdings (ASX:DHG) climbed 2.6% following news of a $2.8 billion acquisition deal by US-based CoStar. Majority shareholder Nine Entertainment (ASX:NEC) rose 3.6%, while rival REA Group (ASX:REA) slipped 0.8%, even after posting an 18% growth in commercial revenue for the first nine months of FY25.

GQG Partners (ASX:GQG) added 3.7% despite reporting reduced inflows in April. Meanwhile, Avita Medical (ASX:AVH) dropped sharply by 18.7% even after reaffirming strong revenue growth expectations for FY25.

Alcoa (ASX:AAI) advanced 3.7% on news of Thomas Gorman, former Brambles chief, being appointed chairman.

For income-focused investors, developments in financial and energy sectors continue to bring attention to potential ASX dividend stocks, while broader moves across the ASX300 highlight sector shifts ahead of key global meetings.

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