Aussie shares fall as Trump imposes sweeping tariffs
Near noon on Friday, the benchmark S&P/ASX200 index had fallen 72 points, or 0.81 per cent, to 8,672.4, while the broader All Ordinaries had dropped 70.6 points, or 0.78 per cent, to 8,928.4.
In Washington, the White House said tariffs on Australian exports would remain at the baseline rate of 10 per cent while imposing higher levies on more than 60 other countries including New Zealand, Fiji, Papua New Guinea and Canada. Mexico was granted a 90-day tariff reprieve.
Moomoo dealing manager Paco Chow said that the imposition of higher tariffs and more economic uncertainty worldwide was reigniting investor fear, with most markets and asset classes showing declines.
Traders were also awaiting the release of monthly US jobs figures known as the non-farm payroll report that will be released late on Friday, Australia time, and could influence whether the Federal Reserve cuts rates in September.
"Urgent tariff fears are compounding with worries we'll see fewer-than-expected US rate cuts and some US companies showing softer earnings," Mr Chow said.
The Australian dollar had fallen to a two-month low against its strengthening US counterpart, buying 64.31 US cents, from 64.73 US cents on Thursday.
At midday, nine of the ASX's 11 sectors were lower, with materials and utilities higher.
The technology sector was the biggest mover, dropping 1.4 per cent as Xero subtracted 1.9 per cent and WiseTech Global retreated 2.1 per cent.
In health care, ResMed was up 2.9 per cent to $43.70 after the medical devicemaker posted better-than-expected fourth-quarter earnings.
Also, 4D Medical had soared 29.8 per cent after medical imaging giant Pro Medicus invested $10 million into its respiratory imaging peer.
In the heavyweight mining sector, Syrah Resources had plunged 23.9 per cent to 27.5 cents after completing a $42 million capital raising at 26 cents a share.
The iron ore giants were all higher, however, with BHP rising 1.0 per cent and Rio Tinto and Fortescue both advancing 1.2 per cent.
In the financial sector, three of the big four banks were lower.
CBA and NAB had both dropped 1.6 per cent and Westpac had retreated 1.4 per cent.
ANZ was the outlier, edging 0.1 per cent higher.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sydney Morning Herald
3 hours ago
- Sydney Morning Herald
Australians are working more hours, and it might be hurting our living standards
Australian workers could be putting in nearly half the hours they were 45 years ago but have instead tended to work longer hours to upgrade their lifestyles, sacrificing work-life balance for more income. Productivity Commission research economist Rusha Das found average working hours for Australians had shrunk only modestly from about 34 to 31 hours a week over the past few decades, while incomes had risen significantly. 'Overall, Australians have opted to use their [increased productivity] to upgrade their lifestyles, like buying fancier coffee and taking more expensive holidays, rather than shorten their workdays,' Das said in the commission's June bulletin. She noted that, with the growth in productivity since 1980, Australians could have instead worked an average of 15 hours less each week without lowering consumption levels. But given productivity – the amount of goods and services produced for a given level of resources, including hours worked – has stagnated over the past decade, Australians may be compensating by putting in more legwork. Federal Treasurer Jim Chalmers, who has said productivity is the primary focus of his second term in government, will host a roundtable this month in Canberra with representatives from industry, unions and government to find ways to lift the country's living standards. The Australian Manufacturing Workers' Union and the Australian Nursing and Midwifery Federation have called for shorter working hours and more annual leave in return for productivity gains ahead of the roundtable. AMWU national secretary Steve Murphy told The Australian that 'productivity can't be at the expense of the wellbeing of workers'. Cronulla real estate agent Domenico Santaguida, 24, works 7am to 6pm on weekdays and 7am to 5pm on Saturdays while fielding calls and questions from buyers and sellers around the clock.
The Age
3 hours ago
- The Age
Australians are working more hours, and it might be hurting our living standards
Australian workers could be putting in nearly half the hours they were 45 years ago but have instead tended to work longer hours to upgrade their lifestyles, sacrificing work-life balance for more income. Productivity Commission research economist Rusha Das found average working hours for Australians had shrunk only modestly from about 34 to 31 hours a week over the past few decades, while incomes had risen significantly. 'Overall, Australians have opted to use their [increased productivity] to upgrade their lifestyles, like buying fancier coffee and taking more expensive holidays, rather than shorten their workdays,' Das said in the commission's June bulletin. She noted that, with the growth in productivity since 1980, Australians could have instead worked an average of 15 hours less each week without lowering consumption levels. But given productivity – the amount of goods and services produced for a given level of resources, including hours worked – has stagnated over the past decade, Australians may be compensating by putting in more legwork. Federal Treasurer Jim Chalmers, who has said productivity is the primary focus of his second term in government, will host a roundtable this month in Canberra with representatives from industry, unions and government to find ways to lift the country's living standards. The Australian Manufacturing Workers' Union and the Australian Nursing and Midwifery Federation have called for shorter working hours and more annual leave in return for productivity gains ahead of the roundtable. AMWU national secretary Steve Murphy told The Australian that 'productivity can't be at the expense of the wellbeing of workers'. Cronulla real estate agent Domenico Santaguida, 24, works 7am to 6pm on weekdays and 7am to 5pm on Saturdays while fielding calls and questions from buyers and sellers around the clock.
Sky News AU
3 hours ago
- Sky News AU
Australian cities are among the least electric vehicle-friendly in the world
Drive Magazine Motor Expert Trent Nikolic says one of the impediments to people buying electric vehicles is infrastructure, specifically in Australian cities. 'I think one of the big impediments to people buying electric vehicles is infrastructure,' Mr Nikolic told Sky News Australia. 'When you go on a road trip with your family, when you go anywhere in a regular vehicle, you assume you'll be able to stop and get fuel wherever you need to stop and get fuel.'
