Trump's mini ‘liberation day' could upset market's dash for trash
The S&P 500 grinded its way to another all-time high on Wednesday night, completely ignoring an employment survey that suggested the US jobs market is weakening, and the ongoing squabbling in Washington DC over US President Donald Trump's 'one big beautiful bill'.

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Super funds return more than 10 per cent again despite rollercoaster financial year
Retirement nest eggs grew more than 10 per cent in the just-completed 2025 financial year, despite a rollercoaster ride that threatened to leave superannuants underwater just three months ago. Numbers released by superannuation research firm SuperRatings on Thursday show the median balanced fund - one with between 60 per cent and 70 per cent of balances exposed to shares and other growth assets - is estimated to have returned 10.1 per cent in the year to June 30. The growth has been attributed to the big US tech stocks and Australia's banks, notably Commonwealth Bank and represents the third double-digit return for Australian superannuation funds in the past 10 years. It's consistent with the 10 per cent rise in the S&P-ASX200 for the 12 month period. However, returns could have been even better if not for US President Donald Trump's tariffs, which hammered investor confidence and sparked savage sell-offs on global equity markets in the second half. The first seven months of the financial year to 31 January saw super funds delivering an 8 per cent return. However, that had fallen to just 0.8 per cent by early April after the announcement of the 'Liberation Day' levies on US trading partners. 'We saw exceptional volatility in returns over the year, particularly following the announcement of US tariffs in early 2025,' SuperRatings executive director Kirby Rappell said. 'However, the benefit of staying the course was once again proven as a quick rebound has resulted in the third double digit return year over the past decade.' More to come.