ASX jumps as Trump talks trade deals
The benchmark ASX 200 gained 60 points or 0.69 per cent to finish trading on Wednesday at 8,737.20, while the broader All Ordinaries climbed 59.90 points or 0.67 per cent to close at 9,001.49.
Australia's dollar rose 0.13 per cent and at the time of writing was buying 65.62 US cents.
In an agreement between the US and Japan, the US will impose a 15 per cent levy on Japanese imports, down from 25 per cent. Japan in return will invest $US550bn into the United States. Asian markets jumped on the US-Japan trade deal. NewsWire / Max Mason-Hubers Credit: News Corp Australia
Stocks on Japan's Nikkei index rallied and the yen leapt on the news the country was able to sort a trade deal with Mr Trump, including on the critical car manufacturing sector.
Last year, cars shipped to the US were around 28 per cent of Japan's 21.3 trillion yen of total exports to the world's largest economy.
Global X senior investment strategist Billy Leung said Japanese equities hit a record high on Wednesday on the back of the announcement.
'This isn't just about a one-day rally. Japan is the world's largest robot manufacturing country and its role in global tech supply chains especially in high-precision manufacturing and automation makes it a key beneficiary of both tariff clarity and the broader reconfiguration of US-aligned production,' he said
Australia's sharemarket followed with 10 of the 11 sectors gaining, led by the miners, banks and energy sector.
The big three iron ore miners all finished in the green, with BHP up 0.9 per cent to $41.85, Rio Tinto gaining 1 per cent to $119.47 and Fortescue gaining 2.3 per cent to $18.21.
Woodside Energy shares were up 1.45 per cent to $25.21, Yancoal Australia jumped 2.81 per cent to $6.58 and Whitehaven Coal soared 6.53 per cent to $7.18.
On an overall strong day for the financial sector, three of the four major banks gained during Wednesday's trading. Ten of the 11 sectors on the ASX finished in the green. NewsWire / Jeremy Piper Credit: News Corp Australia
Commonwealth Bank shares finished 0.51 per cent higher trading at $173.30, Westpac shares gained 1.41 per cent to $33.11 and ANZ soared 2.52 per cent to $30.57.
NAB slipped 0.05 per cent to $37.20.
In company news, shares in Telix Pharmaceuticals plunged 15.13 per cent to $21.32 after it told the market it had received a subpoena from the US Securities and Exchange Commission for various documents primarily related to the company's disclosure regarding its prostate cancer therapy.
Shares in Australia's top fuel retailer Ampol Limited rallied 3.27 per cent to $27.77 despite telling the market it forecasts weaker half yearly earnings on the back of sea-freight conditions impacting its supply chains.
Iluka Resources jumped 4.05 per cent to $5.39 after the global critical minerals business after telling the market it achieved its full-year production guidance for Zircon by June 30.
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
What will it cost to renovate the ‘free' Air Force One? Don't ask
Washington: Donald Trump makes no secret of his displeasure over the cost of renovating the Federal Reserve headquarters – around $US2.5 billion ($3.8 billion), or even higher by the US president's accounting. But getting the White House to discuss another of Washington's expensive renovation projects, the cost of refurbishing a 'free' Air Force One from Qatar, is quite another matter. Officially, and conveniently, the price tag has been classified. But even by Washington standards, where 'black budgets' are often used as an excuse to avoid revealing the cost of outdated spy satellites and lavish end-of-year parties, the techniques being used to hide the cost of Trump's pet project are inventive. Which may explain why no one wants to discuss a mysterious, $US934 million transfer of funds from one of the Pentagon's most over-budget, out-of-control projects – the modernisation of America's ageing, ground-based nuclear missiles. In recent weeks, congressional budget sleuths have come to think that amount, slipped into an obscure Pentagon document sent to Capitol Hill as a 'transfer' to an unnamed classified project, almost certainly includes the renovation of the new, gold-adorned Air Force One that Trump desperately wants in the air before his term is over. (It is not clear if the entire transfer will be devoted to stripping the new Air Force One back to its airframe, but Air Force officials privately acknowledge dipping into nuclear modernisation funds for the complex project.) Loading Qatar's defence minister and US Defence Secretary Pete Hegseth signed the final memorandum of understanding a few weeks ago, paving the way for the renovation to begin soon at a Texas facility known for secret technology projects. The document was reported earlier by The Washington Post. Trump's plane probably won't fly for long: it will take a year or two to get the work done, and then the Qatari gift – improved with the latest communications and in-flight protective technology – will be transferred to the yet-to-be-created Trump presidential library after he leaves office in 2029, the president has said. Concerns over the many apparent conflicts of interest involved in the transaction, given Trump's government dealings and business ties with the Qataris, have swirled since reports of the gift emerged this spring. But Trump said he was unconcerned, casting the decision as a no-brainer for taxpayers.
The Age
3 hours ago
- The Age
What will it cost to renovate the ‘free' Air Force One? Don't ask
Washington: Donald Trump makes no secret of his displeasure over the cost of renovating the Federal Reserve headquarters – around $US2.5 billion ($3.8 billion), or even higher by the US president's accounting. But getting the White House to discuss another of Washington's expensive renovation projects, the cost of refurbishing a 'free' Air Force One from Qatar, is quite another matter. Officially, and conveniently, the price tag has been classified. But even by Washington standards, where 'black budgets' are often used as an excuse to avoid revealing the cost of outdated spy satellites and lavish end-of-year parties, the techniques being used to hide the cost of Trump's pet project are inventive. Which may explain why no one wants to discuss a mysterious, $US934 million transfer of funds from one of the Pentagon's most over-budget, out-of-control projects – the modernisation of America's ageing, ground-based nuclear missiles. In recent weeks, congressional budget sleuths have come to think that amount, slipped into an obscure Pentagon document sent to Capitol Hill as a 'transfer' to an unnamed classified project, almost certainly includes the renovation of the new, gold-adorned Air Force One that Trump desperately wants in the air before his term is over. (It is not clear if the entire transfer will be devoted to stripping the new Air Force One back to its airframe, but Air Force officials privately acknowledge dipping into nuclear modernisation funds for the complex project.) Loading Qatar's defence minister and US Defence Secretary Pete Hegseth signed the final memorandum of understanding a few weeks ago, paving the way for the renovation to begin soon at a Texas facility known for secret technology projects. The document was reported earlier by The Washington Post. Trump's plane probably won't fly for long: it will take a year or two to get the work done, and then the Qatari gift – improved with the latest communications and in-flight protective technology – will be transferred to the yet-to-be-created Trump presidential library after he leaves office in 2029, the president has said. Concerns over the many apparent conflicts of interest involved in the transaction, given Trump's government dealings and business ties with the Qataris, have swirled since reports of the gift emerged this spring. But Trump said he was unconcerned, casting the decision as a no-brainer for taxpayers.
AU Financial Review
3 hours ago
- AU Financial Review
Setback for Australia-EU trade talks after Trump's tariff twist
Canberra's hopes for a swift conclusion to free trade negotiations with the European Union have vanished, just as Donald Trump has indicated that the minimum 10 per cent import tariff he imposed on all Australian goods could be lifted to 15 or 20 per cent. After negotiations between Australia and the EU collapsed in October 2023, the parties rekindled talks in June this year as both sought insurance against the impact of Trump's global trade war.
