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Highlights
- ASX slips 1.3% amid renewed global trade worries.
- Gold miners stand out as safe-haven demand surges.
- Tariff hike impacts tech, energy, and financial sectors.
The Australian sharemarket faced a sharp downturn on Friday, with the S&P/ASX 200 falling 1.3% or 97.8 points to 7611.8 in afternoon trade, extending losses for the second straight week. The index has now dropped 0.8% over the week and 4% since the beginning of April, weighed down by renewed global uncertainty. The broader All Ordinaries index also retreated 1.2%.
Global sentiment turned cautious following a steep sell-off on Wall Street. The Nasdaq Composite plunged 4.3%, and the S&P 500 lost 3.5%, reversing previous record-setting gains. The abrupt shift followed the White House’s decision to raise tariff rates on Chinese imports for the third time this week—lifting the total from 125% to 145%.
The renewed trade tensions spurred a global flight from risk assets. Oil prices dropped sharply, with Brent crude slipping 0.4% to $US63.11 a barrel. Energy stocks on the ASX mirrored the weakness, with Woodside (ASX:WDS) falling 3.7% and Santos (ASX:STO) down 2.6%.
Technology and banking stocks were also under pressure. National Australia Bank (ASX:NAB), Westpac (ASX:WBC), and Macquarie Group (ASX:MQG) each declined more than 2%. Commonwealth Bank (ASX:CBA) stood out, managing a marginal rise of 0.1%.
Gold, in contrast, surged to near-record highs at $US3220.08 an ounce, as investors turned to traditional safe havens. This bolstered local gold miners, with Emerald Resources (ASX:EMR) jumping 7.8% and Newmont Corporation (ASX:NEM) gaining 4.3%.
The rise in gold prices helped offset declines in most other sectors, with ten out of eleven industry groups in the red. Energy led the losses, followed by tech and financials.
Adding to the complexity, a better-than-expected US inflation report was overshadowed by concerns over the impact of higher tariffs. The White House confirmed there would be “transition problems,” further denting hopes of a swift resolution to US-China trade tensions.
On the corporate front, Mayne Pharma (ASX:MYX) edged 0.7% lower after its US division was named in a legal dispute involving a contract breach brought forward by TherapeuticsMD, listed on the Nasdaq.
As global markets digest the evolving trade landscape and policy direction, local investors appear increasingly cautious, balancing volatility in commodities, currency shifts, and macroeconomic headlines.
