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Highlights
- ASX dips amid trade war jitters
- Aluminium and iron ore stocks under pressure
- Brickworks and Soul Patts surge on merger news
The Australian sharemarket slipped on Monday as escalating global trade tensions renewed concerns over economic stability. The benchmark S&P/ASX 200 fell by 0.3%, losing 28.3 points to reach 8406.4 by mid-afternoon. The broader All Ordinaries index also declined by 0.3%, reflecting a risk-off sentiment across most sectors.
A significant trigger for the downtrend came from Wall Street’s late-session pullback, following a surprising move by US President Donald Trump to double tariffs on steel and aluminium imports — increasing them from 25% to 50%. The announcement revived fears of a deeper trade rift with China, after Trump accused Beijing of breaching earlier agreements. His comments sent shockwaves through global equities, pulling down the Australian market in tandem.
Eight of the eleven ASX sectors were in the red, with energy and utilities facing the heaviest losses. Aluminium producers felt immediate heat, with (ASX:AAI) slipping 4.5% and (ASX:S32) down 3.1%. The steel and metals space struggled overall, largely due to concerns over higher input costs and reduced global demand.
Iron ore players also faced downward pressure as prices for the steelmaking commodity dropped to a one-month low below US$100 per tonne in Singapore. Key names like (ASX:RIO) and (ASX:FMG) fell 1.9% each, dragging the materials sector lower.
Banking stocks continued the retreat with (ASX:WBC) losing 1.8% and (ASX:NAB) falling 1.2%. (ASX:CBA) also reversed an early gain to slip 0.2%, contributing to the broader financial sector's underperformance.
Yet amid the market slump, some standout performers grabbed attention. (ASX:BSL) jumped 5.1% as optimism grew that the US-focused steelmaker could benefit from the increased tariffs on steel imports, which might favour domestic production.
A major corporate shakeup fueled sharp gains in (ASX:SOL) and (ASX:BKW), soaring 14.2% and 23.8% respectively. The rally followed news of their strategic merger, aiming to form a $14 billion powerhouse across investments, property, and building products.
(ASX:JHX) rose 2.3% after locking in US$3.5 billion in new debt financing to support its acquisition of Azek, signalling investor confidence in its expansion plans. Meanwhile, (ASX:PRN) advanced 3.9% after winning a $1.1 billion, five-year mining contract in Burkina Faso, strengthening its project pipeline.
Elsewhere, (ASX:PPT) gained 1.5% after media reports surfaced of a takeover interest in its wealth business from Bain Capital.
For investors navigating the current volatility, many are revisiting the resilience of ASX dividend stocks, which may offer some stability during uncertain global conditions. As turbulence continues across the ASX300, all eyes remain on global policy shifts and their ripple effects on Australia’s market landscape.
