Top 10 at 11: ASX opens lower as tariff fatigue sets in across global markets
With the market opening at 10am sharp eastern time, the data is taken at 10:15, once trading kicks off in earnest.
In brief, this is what the markets have been up to this morning.
Federal Court reinstates tariffs
US markets rose in overnight trade, but showed none of their usual enthusiasm.
News Liberation Day tariffs had been suspended by a US court order and deemed unlawful pushed US futures up more than 1% overnight, but that optimism was quickly dashed as a Federal Court reinstated the tariffs.
They'll remain in place as the Trump Admin appeals the decision and outlines new legal justifications for the tariffs.
President Trump's team has already signalled that it will continue to pursue the tariffs even if its appeal is lost.
President of the Chicago Federal Reserve Austan Goolsbee signalled the removal or avoidance of large tariffs could bring on an interest rate cut, pointing to the underlying strength in the US economy.
According to a Reuters analysis, the tariffs have cost business across the US, Asia and Europe more than US$34 billion in lost sales and higher costs.
Investors and traders appear to be becoming somewhat numb to it all.
The Dow lifted 0.28%, the S&P500 0.4% and the Nasdaq 0.39%.
A brief tariff relief rally in Europe faded to leave both major indices marginally lower – the FTSE300 dipped 0.2% and the FTSE100 0.1%.
ASX follows Europe lower
The ASX has opened lower in the first hour of trade, down 0.21% as of about 10:30 am AEST.
Consumer Staples are Materials are the only sectors in the green at present, not an ideal start to trading this morning.
A lift in the gold price overnight has provided some stability for gold stocks, which have lifted the All Ords Gold index 0.52%, but the rest of the market is demonstrating broad weakness.
Energy is leading losses, down 0.89% after putting in a strong showing yesterday.
Let's see who's moving higher against the market's momentum…
WINNERS
Code Name Last % Change Volume Market Cap
PRM Prominence Energy 0.004 100% 1500 $778,353
ERL Empire Resources 0.005 67% 319668 $4,451,740
GMN Gold Mountain Ltd 0.002 33% 288500 $8,429,639
AYT Austin Metals Ltd 0.005 25% 198136 $6,296,765
ECT Env Clean Tech Ltd. 0.0025 25% 159004 $8,013,537
RGL Riversgold 0.005 25% 149838 $6,734,850
WBE Whitebark Energy 0.005 25% 100000 $2,749,334
LRD Lordresourceslimited 0.026 24% 538906 $1,625,946
ASP Aspermont Limited 0.006 20% 719102 $12,365,938
PIL Peppermint Inv Ltd 0.003 20% 200000 $5,690,224
In the news...
Lord Resources (ASX:LRD) is up this morning despite launching a 1-for-1 entitlement offer to raise just under $1.4 million. LRD is offering its shares at a 18.18% discount to its 5-day VWAP, with funding to support drilling at the Ilgarari copper project.
Aspermont's (ASX:ASP) half year results have pleased investors, after the company grew its annual recurring subscription revenue by 4% year-on-year to $11.2m.
The B2B software firm says its subscription business now contributes more than 70% of its total revenue, maintaining a net retention rate of more than 100%.
LAGGARDS
Code Name Last % Change Volume Market Cap
TEG Triangle Energy Ltd 0.002 -33% 500000 $6,267,702
RAN Range International 0.0015 -25% 3198946 $1,878,581
XPN Xpon Technologies 0.008 -24% 1654000 $4,349,659
PLC Premier1 Lithium Ltd 0.009 -18% 1254900 $4,048,666
REZ Resourc & En Grp Ltd 0.015 -17% 492052 $12,089,504
KPO Kalina Power Limited 0.005 -17% 865163 $17,597,818
ENL Enlitic Inc. 0.029 -15% 303089 $24,527,901
ADG Adelong Gold Limited 0.006 -14% 47460198 $9,782,403
WNX Wellnex Life Ltd 0.33 -14% 37088 $26,092,038
AX8 Accelerate Resources 0.007 -13% 235331 $6,377,510
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