ASX eyes the best return since COVID-19 as momentum trade kicks in
The Australian sharemarket has recorded its biggest return for the financial year since the COVID-19 pandemic, defying expectations for a sustained sell-off in a period marked by uncertainty over the Trump administration's tariff and economic plans and months of instability in the Middle East.
The S&P/ASX 200 Index has climbed 9.7 per cent for the 12 months through June and is expected to extend it gains by at least 0.1 per cent on Monday after a strong session on Wall Street that pushed the S&P 500 to a fresh record of 6,170 and Nvidia towards the $US4 trillion ($6.1 trillion) mark.
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News.com.au
30 minutes ago
- News.com.au
Trump says 'very wealthy' group to buy TikTok
President Donald Trump said Sunday a group of buyers had been found for TikTok, which faces a looming ban in the United States due to its China ties, adding he could name the purchasers in two weeks. "We have a buyer for TikTok, by the way," Trump said in an interview on Fox's Sunday Morning Futures with Maria Bartiromo. "Very wealthy people. It's a group of wealthy people," the president said, without revealing more except to say he would make their identities known "in about two weeks." The president also said he would likely need "China approval" for the sale, "and I think President Xi (Jinping) will probably do it." TikTok is owned by China-based internet company ByteDance. A federal law requiring TikTok's sale or ban on national security grounds was due to take effect the day before Trump's inauguration on January 20. But the Republican, whose 2024 election campaign relied heavily on social media and who has said he is fond of TikTok, put the ban on pause. In mid-June Trump extended a deadline for the popular video-sharing app by another 90 days to find a non-Chinese buyer or be banned in the United States. Tech experts quickly described the TikTok kerfuffle as a symbol of the heated US-China tech rivalry. While Trump had long supported a ban or divestment, he reversed his position and vowed to defend the platform -- which boasts almost two billion global users -- after coming to believe it helped him win young voters' support in the November election. "I have a little warm spot in my heart for TikTok," Trump told NBC News in early May. "If it needs an extension, I would be willing to give it an extension." Now after two extensions pushed the deadline to June 19, Trump has extended it for a third time. He said in May that a group of purchasers was ready to pay ByteDance "a lot of money" for TikTok's US operations. The previous month he said China would have agreed to a deal on the sale of TikTok if it were not for a dispute over Trump's tariffs on Beijing. ByteDance has confirmed talks with the US government, saying key matters needed to be resolved and that any deal would be "subject to approval under Chinese law."
The Age
32 minutes ago
- The Age
ASX set to edge up, Wall Street hits records; Trump says he has buyer for TikTok
US stocks closed at an all-time high, another milestone in the market's remarkable recovery from a plunge caused by fears that the Trump administration's trade policies could harm the economy. The S&P 500 rose 0.5 per cent, finishing above its previous record set in February. The key measure of Wall Street's health fell nearly 20 per cent from February 19 through April 8. The market's complete turnaround from its deep swoon happened in about half the time that it normally takes, said Sam Stovall, chief investment strategist at CFRA. 'Investors will breathe a sigh of relief,' he said. The Nasdaq composite gained 0.5 per cent and set its own all-time high. The Dow Jones rose 1 per cent. Loading The Australian sharemarket is set to inch up, with futures on Saturday pointing to a rise of 5 points, or 0.1 per cent, at the open. The Australian dollar is steady. It was fetching 65.28 US cents at 5.16am AEST. President Donald Trump's decision Friday to halt trade talks with Canada threatened to derail Wall Street's run to a record, but the market steadied after the S&P 500 briefly turned negative. The gains on Friday were broad, with nearly every sector within the S&P 500 rising. Nike soared 15.2 per cent for the biggest gain in the market, despite warning of a steep hit from tariffs.
Sydney Morning Herald
42 minutes ago
- Sydney Morning Herald
ASX set to edge up, Wall Street hits records; Trump says he has buyer for TikTok
US stocks closed at an all-time high, another milestone in the market's remarkable recovery from a plunge caused by fears that the Trump administration's trade policies could harm the economy. The S&P 500 rose 0.5 per cent, finishing above its previous record set in February. The key measure of Wall Street's health fell nearly 20 per cent from February 19 through April 8. The market's complete turnaround from its deep swoon happened in about half the time that it normally takes, said Sam Stovall, chief investment strategist at CFRA. 'Investors will breathe a sigh of relief,' he said. The Nasdaq composite gained 0.5 per cent and set its own all-time high. The Dow Jones rose 1 per cent. Loading The Australian sharemarket is set to inch up, with futures on Saturday pointing to a rise of 5 points, or 0.1 per cent, at the open. The Australian dollar is steady. It was fetching 65.28 US cents at 5.16am AEST. President Donald Trump's decision Friday to halt trade talks with Canada threatened to derail Wall Street's run to a record, but the market steadied after the S&P 500 briefly turned negative. The gains on Friday were broad, with nearly every sector within the S&P 500 rising. Nike soared 15.2 per cent for the biggest gain in the market, despite warning of a steep hit from tariffs.
