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Highlights
ASX 200 declines as energy and banking sectors face broad losses
BlueScope Steel rises following US tariff developments on imported steel
South32 and Alcoa fall as aluminium faces higher import duties
The ASX 200 drifted lower during afternoon trading, with the broader All Ordinaries also retreating. Among the sectors, energy and financials recorded notable declines. The movement tracked renewed uncertainty in global markets following updates on trade relations between the United States and China.
Tariff Developments Impact Commodity and Industrial Stocks
The United States announced an increase in tariffs on imported steel and aluminium, escalating trade concerns. This policy shift came shortly after comments from the US president accusing China of violating previous agreements. The policy announcement saw US equities reverse prior gains, and Australian markets mirrored that volatility.
Aluminium-related stocks were notably lower during the session. South32 Limited (ASX:S32) declined, alongside Alcoa Corporation (NYSE:AA), as the revised tariff levels added pressure to aluminium producers. In contrast, BlueScope Steel Limited (ASX:BSL) moved higher, with market reaction focused on the company’s operations in North America, which could benefit from reduced import competition.
Iron Ore and Energy Stocks Track Lower
Mining companies linked to iron ore also experienced a retreat. Rio Tinto Limited (ASX:RIO) dropped as futures contracts in Singapore for iron ore touched a recent low. The decline came as market participants weighed the effect of heightened US-China tensions on demand for raw materials used in steel manufacturing.
Energy producers were under pressure as well, contributing significantly to the broader market slide. Utility stocks followed suit with subdued performance across the board.
Financials Decline Amid Broader Market Retreat
Banking stocks were among the heaviest drags on the ASX 200. Westpac Banking Corporation (ASX:WBC) and National Australia Bank Limited (ASX:NAB) both moved lower. Commonwealth Bank of Australia (ASX:CBA) saw earlier gains evaporate by mid-session.
Corporate Announcements Drive Individual Stock Moves
BlueScope Steel Limited (ASX:BSL) led gains among industrials. The company, with a large footprint in the US market, saw interest after news of elevated tariffs on imported steel.
Washington H. Soul Pattinson and Company Limited (ASX:SOL) and Brickworks Limited (ASX:BKW) surged after revealing plans to merge, creating a diversified business spanning private capital, building materials, and property.
James Hardie Industries plc (ASX:JHX) advanced following confirmation of new debt financing from multiple banks to support its acquisition of building materials firm Azek.
Perpetual Limited (ASX:PPT) gained after reports of a takeover bid for its wealth division. Perenti Limited (ASX:PRN) also rose after announcing a major contract award related to gold mining operations in West Africa.
