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‘Utterly insane': Elon Musk reignites feud with President Donald Trump as ‘big beautiful bill' narrowly passes US Senate procedural hurdle

‘Utterly insane': Elon Musk reignites feud with President Donald Trump as ‘big beautiful bill' narrowly passes US Senate procedural hurdle

Sky News AU17 hours ago

Elon Musk has reignited his feud with Donald Trump, branding the President's key legislation 'utterly insane and destructive' as the so-called 'big, beautiful bill' moved a step closer to becoming law.
Elon Musk has reignited his feud with Donald Trump as the President's so-called 'big, beautiful bill' narrowly passed a procedural hurdle in the United States Senate.
The 940-page megabill will head to a full debate in the upper house of the US Congress after it passed a procedural motion on a vote of 51 to 49.
Multiple Republicans had raised concerns with the bill - which combines significant tax cuts with increases in border and military spending as well as cuts to healthcare and food assistance programs - but after significant lobbying and pressure from the White House, only two Republican Senators joined their Democratic Party colleagues to vote against the bill.
Musk lashed out at the legislation on his social media platform ahead of the vote, retweeting attacks on bill – particularly its Green energy components, which he described as 'utter madness' and 'incredibly destructive to America'.
'The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country!' Musk said on X.
'Utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future.'
In one post highlighting the unpopularity of the bill among voters, the tech billionaire said it would be 'political suicide for the Republican Party'.
The 940-page bill, which would raise the US debt ceiling by $5 trillion, has played a major role in the breakdown of relations between President Trump and Musk – who donated more than $US250 million to his election campaign and for several months led the controversial Department of Government Efficiency (DOGE). — Elon Musk (@elonmusk) June 28, 2025
The SpaceX and Tesla CEO was gushing in his praise of the President during a joint interview held in February, but just days after leaving his DOGE role in May Musk branded President Trump's legislation a 'disgusting abomination'.
He even claimed the US leader had declined to release files on convicted paedophile Jeffrey Epstein because they contained information about President Trump.
Sky News is not suggesting there is any validity in Musk's claim, which he later deleted before posting the message: 'I regret some of my posts about President Donald Trump. They went too far'.
Until the latest salvos, it appeared this had led to a reprieve between the two men. Trump lauds 'great victory' in Senate, attacks Republican holdouts
President Trump also took to social media on Sunday to laud the 'great victory' in the procedural vote – despite his 'big, beautiful bill' still having multiple hurdles to pass before becoming law.
'Very proud of the Republican Party tonight. God bless you all!' he said on Truth Social.
The President heaped praise on multiple US Senators who had voted in favour of the legislation despite previously raising concerns over the bill.
'Tonight we saw a GREAT VICTORY in the Senate with the 'GREAT, BIG, BEAUTIFUL BILL,' but, it wouldn't have happened without the Fantastic Work of Senator Rick Scott, Senator Mike Lee, Senator Ron Johnson, and Senator Cynthia Lummis,' he said.
'They, along with all of the other Republican Patriots who voted for the Bill, are people who truly love our Country!'
This praise was in stark contrast to his approach to the two Republican holdouts – Senator Rand Paul, a fiscal conservative from Kentucky who was swept into office during the tea party wave of 2010 and Senator Thom Tillis from North Carolina, who has raised concerns about how the cuts to healthcare would harm his state.
While President Trump called out both Senators on Truth Social, it was Senator Tillis who came in for the harsher treatment.
'Thom Tillis is making a BIG MISTAKE for America, and the Wonderful People of North Carolina!,' the President posted.
In a subsequent post, the US President indicated he would support a primary challenge against the senator.
'Numerous people have come forward wanting to run in the Primary against 'Senator Thom' Tillis. I will be meeting with them over the coming weeks, looking for someone who will properly represent the Great People of North Carolina and, so importantly, the United States of America. Thank you for your attention to this matter!' he said.
In defending his decision to vote against the bill, Senator Tillis said: "The Senate version of the One Big Beautiful bill contains significant changes to Medicaid that would be devastating to North Carolina, and I cannot support it'.
'The Senate should go back to the House's commonsense approach to Medicaid reform to enact work requirements while protecting care for those who truly need it.'
Senator Paul has repeatedly attacked the bill over excessive spending and its impact on national debt, and on Sunday the Kentucky senator shared Musk's tweet about attitudes to the bill, adding it was 'very clear people don't want this extreme amount of debt and reckless spending'.
In an earlier post, the US senator had highlighted an example of the spending measures he opposed.
'How about this: tweak the Big not so beautiful bill so it doesn't add so much to the debt?,' Senator Paul said.
'The legislation, as currently written, would pay someone like Elon Musk $1,000 per child, and we know how prolific he is... No offense, Elon, but is that a wise use of our $$?"

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Time to obliterate the off ramp for language's sake
Time to obliterate the off ramp for language's sake

The Advertiser

time38 minutes ago

  • The Advertiser

Time to obliterate the off ramp for language's sake

This is a sample of The Echidna newsletter sent out each weekday morning. To sign up for FREE, go to Truth might be the first casualty in war but language falls soon after. For 12 long days we were assailed with an unfamiliar and ugly term, which spread faster than COVID's Omicron strain. As the world held its breath over the Israel-Iran missile exchange, "diplomatic off-ramp" became the jargon du jour. It was trotted out by experts and repeated ad nauseam by journalists. For some reason, it made my teeth hurt every time I heard it. What was wrong with, say, "peaceful compromise", "diplomatic solution" or "exit strategy"? In the language of diplomacy, off-ramp means finding a way out without losing face. "Obliterated" grabbed all the attention after the US dropped its big bombs on Iran's nuclear facilities. When I first heard it uttered by Donald Trump, like many others I thought, "Hang on. How do you know?" Curious, I poked my nose into the dictionary to see what the word actually meant. "To remove all signs of something, either by destroying or covering it completely," the Oxford Dictionary told me. Fordo was out of sight before it was bombed. What it looks like after the strike is anyone's guess. Yet here we were, days later, arguing the toss over President Trump's hyperbolic language. Weekend Fox News anchor turned Defence Secretary Pete Hegseth didn't help matters when defending Trump's imprecise language by saying the facility at Fordo has been "decimated". That suggests its capacity had been reduced by 10 per cent, a far cry from "obliterated". Confusion in the hunt for a linguistic off-ramp for the President. Of course, this isn't the first war in which language has suffered. During the Vietnam War, the term "collateral damage" came into military usage, deployed as a sanitised euphemism for "civilian casualties". "Collateral damage" became a popular buzzword during the 1991 Gulf War. And in 1999, it earned the dubious distinction of being named the German Un Word of the Year after it was used by NATO forces to describe civilian casualties in the Kosovo war. And we shouldn't forget "extraordinary rendition", which entered the language after September 11. In a sane world it would mean a memorable performance of, say, a piano concerto. Somehow it became code for plucking terrorism suspects off foreign streets and flying them to black sites where the use of "enhanced interrogation" (torture) wasn't illegal. There's a host of war-related crimes against the language. "Ethnic cleansing" - in vogue during the Balkans conflict of the 1990s - seeks to sanitise genocide. "Pacification", which in military terms means eliminating an enemy. "Strategic withdrawal", a polite way of saying retreat. "Peace with honour" - Richard Nixon's favourite, which really means defeat with the dishonourable distinction of abandoning your erstwhile ally. The argument of whether or not Iran's nuclear ambitions were derailed is unlikely to last long. That's because it's only a matter of time before Donald Trump deploys another weapon of crass distraction, most likely in the dead of night from his Truth Social platform. Meanwhile, can we please obliterate the off-ramp? HAVE YOUR SAY: What are the buzz phrases and euphemisms which annoy you the most? Does military and diplomatic jargon hide ugly truths that ought to be out in the open? Are you irritated by the misuse of the word "decimated"? Email us: echidna@ SHARE THE LOVE: If you enjoy The Echidna, forward it to a friend so they can sign up, too. IN CASE YOU MISSED IT: - The head of a man allegedly murdered and dismembered by his reality TV contestant partner is missing and police are calling on the public to help give his family "a peaceful outcome". - The online far-right extremist network Terrorgram has been listed as a terrorist organisation, with members facing decades in jail if convicted of an offence. - Carn, spew, and goon are some of the colloquialisms added to the Australian edition of the Oxford English Dictionary. THEY SAID IT: "Euphemism is a euphemism for lying." - Bobbie Gentry YOU SAID IT: Garry wants companies to sign up to his user agreement, rather than the other way around. "Having spent close to 50 minutes waiting to see my doctor recently, I was presented with the account for payment on departure," writes Brian. "Not having been amused with the wait, I suggested that my hourly rate at the time was about equal to the presented bill, so how about we call it quits and I get to see the doctor for nothing. Needless to say, I was kindly reminded that I needed to pay for my consultation." Deb writes: "Last year, after being on hold for two hours and 40 minutes trying to report an internet outage to Telstra, I decided to cancel my account. Although the recorded options list did not have a 'cancel' option, some helpful Google advice suggested just saying 'cancel' anyway, and it worked! I was put through to a human within 10 minutes. Funny how companies suddenly improve customer service when there's a threat of losing business." "Wonderful words once again," writes Sue. "Except you have made one mistake: you are not 'The User'. You are 'The Used'." This is a sample of The Echidna newsletter sent out each weekday morning. To sign up for FREE, go to Truth might be the first casualty in war but language falls soon after. For 12 long days we were assailed with an unfamiliar and ugly term, which spread faster than COVID's Omicron strain. As the world held its breath over the Israel-Iran missile exchange, "diplomatic off-ramp" became the jargon du jour. It was trotted out by experts and repeated ad nauseam by journalists. For some reason, it made my teeth hurt every time I heard it. What was wrong with, say, "peaceful compromise", "diplomatic solution" or "exit strategy"? In the language of diplomacy, off-ramp means finding a way out without losing face. "Obliterated" grabbed all the attention after the US dropped its big bombs on Iran's nuclear facilities. When I first heard it uttered by Donald Trump, like many others I thought, "Hang on. How do you know?" Curious, I poked my nose into the dictionary to see what the word actually meant. "To remove all signs of something, either by destroying or covering it completely," the Oxford Dictionary told me. Fordo was out of sight before it was bombed. What it looks like after the strike is anyone's guess. Yet here we were, days later, arguing the toss over President Trump's hyperbolic language. Weekend Fox News anchor turned Defence Secretary Pete Hegseth didn't help matters when defending Trump's imprecise language by saying the facility at Fordo has been "decimated". That suggests its capacity had been reduced by 10 per cent, a far cry from "obliterated". Confusion in the hunt for a linguistic off-ramp for the President. Of course, this isn't the first war in which language has suffered. During the Vietnam War, the term "collateral damage" came into military usage, deployed as a sanitised euphemism for "civilian casualties". "Collateral damage" became a popular buzzword during the 1991 Gulf War. And in 1999, it earned the dubious distinction of being named the German Un Word of the Year after it was used by NATO forces to describe civilian casualties in the Kosovo war. And we shouldn't forget "extraordinary rendition", which entered the language after September 11. In a sane world it would mean a memorable performance of, say, a piano concerto. Somehow it became code for plucking terrorism suspects off foreign streets and flying them to black sites where the use of "enhanced interrogation" (torture) wasn't illegal. There's a host of war-related crimes against the language. "Ethnic cleansing" - in vogue during the Balkans conflict of the 1990s - seeks to sanitise genocide. "Pacification", which in military terms means eliminating an enemy. "Strategic withdrawal", a polite way of saying retreat. "Peace with honour" - Richard Nixon's favourite, which really means defeat with the dishonourable distinction of abandoning your erstwhile ally. The argument of whether or not Iran's nuclear ambitions were derailed is unlikely to last long. That's because it's only a matter of time before Donald Trump deploys another weapon of crass distraction, most likely in the dead of night from his Truth Social platform. Meanwhile, can we please obliterate the off-ramp? HAVE YOUR SAY: What are the buzz phrases and euphemisms which annoy you the most? Does military and diplomatic jargon hide ugly truths that ought to be out in the open? Are you irritated by the misuse of the word "decimated"? Email us: echidna@ SHARE THE LOVE: If you enjoy The Echidna, forward it to a friend so they can sign up, too. IN CASE YOU MISSED IT: - The head of a man allegedly murdered and dismembered by his reality TV contestant partner is missing and police are calling on the public to help give his family "a peaceful outcome". - The online far-right extremist network Terrorgram has been listed as a terrorist organisation, with members facing decades in jail if convicted of an offence. - Carn, spew, and goon are some of the colloquialisms added to the Australian edition of the Oxford English Dictionary. THEY SAID IT: "Euphemism is a euphemism for lying." - Bobbie Gentry YOU SAID IT: Garry wants companies to sign up to his user agreement, rather than the other way around. "Having spent close to 50 minutes waiting to see my doctor recently, I was presented with the account for payment on departure," writes Brian. "Not having been amused with the wait, I suggested that my hourly rate at the time was about equal to the presented bill, so how about we call it quits and I get to see the doctor for nothing. Needless to say, I was kindly reminded that I needed to pay for my consultation." Deb writes: "Last year, after being on hold for two hours and 40 minutes trying to report an internet outage to Telstra, I decided to cancel my account. Although the recorded options list did not have a 'cancel' option, some helpful Google advice suggested just saying 'cancel' anyway, and it worked! I was put through to a human within 10 minutes. Funny how companies suddenly improve customer service when there's a threat of losing business." "Wonderful words once again," writes Sue. "Except you have made one mistake: you are not 'The User'. You are 'The Used'." This is a sample of The Echidna newsletter sent out each weekday morning. To sign up for FREE, go to Truth might be the first casualty in war but language falls soon after. For 12 long days we were assailed with an unfamiliar and ugly term, which spread faster than COVID's Omicron strain. As the world held its breath over the Israel-Iran missile exchange, "diplomatic off-ramp" became the jargon du jour. It was trotted out by experts and repeated ad nauseam by journalists. For some reason, it made my teeth hurt every time I heard it. What was wrong with, say, "peaceful compromise", "diplomatic solution" or "exit strategy"? In the language of diplomacy, off-ramp means finding a way out without losing face. "Obliterated" grabbed all the attention after the US dropped its big bombs on Iran's nuclear facilities. When I first heard it uttered by Donald Trump, like many others I thought, "Hang on. How do you know?" Curious, I poked my nose into the dictionary to see what the word actually meant. "To remove all signs of something, either by destroying or covering it completely," the Oxford Dictionary told me. Fordo was out of sight before it was bombed. What it looks like after the strike is anyone's guess. Yet here we were, days later, arguing the toss over President Trump's hyperbolic language. Weekend Fox News anchor turned Defence Secretary Pete Hegseth didn't help matters when defending Trump's imprecise language by saying the facility at Fordo has been "decimated". That suggests its capacity had been reduced by 10 per cent, a far cry from "obliterated". Confusion in the hunt for a linguistic off-ramp for the President. Of course, this isn't the first war in which language has suffered. During the Vietnam War, the term "collateral damage" came into military usage, deployed as a sanitised euphemism for "civilian casualties". "Collateral damage" became a popular buzzword during the 1991 Gulf War. And in 1999, it earned the dubious distinction of being named the German Un Word of the Year after it was used by NATO forces to describe civilian casualties in the Kosovo war. And we shouldn't forget "extraordinary rendition", which entered the language after September 11. In a sane world it would mean a memorable performance of, say, a piano concerto. Somehow it became code for plucking terrorism suspects off foreign streets and flying them to black sites where the use of "enhanced interrogation" (torture) wasn't illegal. There's a host of war-related crimes against the language. "Ethnic cleansing" - in vogue during the Balkans conflict of the 1990s - seeks to sanitise genocide. "Pacification", which in military terms means eliminating an enemy. "Strategic withdrawal", a polite way of saying retreat. "Peace with honour" - Richard Nixon's favourite, which really means defeat with the dishonourable distinction of abandoning your erstwhile ally. The argument of whether or not Iran's nuclear ambitions were derailed is unlikely to last long. That's because it's only a matter of time before Donald Trump deploys another weapon of crass distraction, most likely in the dead of night from his Truth Social platform. Meanwhile, can we please obliterate the off-ramp? HAVE YOUR SAY: What are the buzz phrases and euphemisms which annoy you the most? Does military and diplomatic jargon hide ugly truths that ought to be out in the open? Are you irritated by the misuse of the word "decimated"? Email us: echidna@ SHARE THE LOVE: If you enjoy The Echidna, forward it to a friend so they can sign up, too. IN CASE YOU MISSED IT: - The head of a man allegedly murdered and dismembered by his reality TV contestant partner is missing and police are calling on the public to help give his family "a peaceful outcome". - The online far-right extremist network Terrorgram has been listed as a terrorist organisation, with members facing decades in jail if convicted of an offence. - Carn, spew, and goon are some of the colloquialisms added to the Australian edition of the Oxford English Dictionary. THEY SAID IT: "Euphemism is a euphemism for lying." - Bobbie Gentry YOU SAID IT: Garry wants companies to sign up to his user agreement, rather than the other way around. "Having spent close to 50 minutes waiting to see my doctor recently, I was presented with the account for payment on departure," writes Brian. "Not having been amused with the wait, I suggested that my hourly rate at the time was about equal to the presented bill, so how about we call it quits and I get to see the doctor for nothing. Needless to say, I was kindly reminded that I needed to pay for my consultation." Deb writes: "Last year, after being on hold for two hours and 40 minutes trying to report an internet outage to Telstra, I decided to cancel my account. Although the recorded options list did not have a 'cancel' option, some helpful Google advice suggested just saying 'cancel' anyway, and it worked! I was put through to a human within 10 minutes. Funny how companies suddenly improve customer service when there's a threat of losing business." "Wonderful words once again," writes Sue. "Except you have made one mistake: you are not 'The User'. You are 'The Used'." This is a sample of The Echidna newsletter sent out each weekday morning. To sign up for FREE, go to Truth might be the first casualty in war but language falls soon after. For 12 long days we were assailed with an unfamiliar and ugly term, which spread faster than COVID's Omicron strain. As the world held its breath over the Israel-Iran missile exchange, "diplomatic off-ramp" became the jargon du jour. It was trotted out by experts and repeated ad nauseam by journalists. For some reason, it made my teeth hurt every time I heard it. What was wrong with, say, "peaceful compromise", "diplomatic solution" or "exit strategy"? In the language of diplomacy, off-ramp means finding a way out without losing face. "Obliterated" grabbed all the attention after the US dropped its big bombs on Iran's nuclear facilities. When I first heard it uttered by Donald Trump, like many others I thought, "Hang on. How do you know?" Curious, I poked my nose into the dictionary to see what the word actually meant. "To remove all signs of something, either by destroying or covering it completely," the Oxford Dictionary told me. Fordo was out of sight before it was bombed. What it looks like after the strike is anyone's guess. Yet here we were, days later, arguing the toss over President Trump's hyperbolic language. Weekend Fox News anchor turned Defence Secretary Pete Hegseth didn't help matters when defending Trump's imprecise language by saying the facility at Fordo has been "decimated". That suggests its capacity had been reduced by 10 per cent, a far cry from "obliterated". Confusion in the hunt for a linguistic off-ramp for the President. Of course, this isn't the first war in which language has suffered. During the Vietnam War, the term "collateral damage" came into military usage, deployed as a sanitised euphemism for "civilian casualties". "Collateral damage" became a popular buzzword during the 1991 Gulf War. And in 1999, it earned the dubious distinction of being named the German Un Word of the Year after it was used by NATO forces to describe civilian casualties in the Kosovo war. And we shouldn't forget "extraordinary rendition", which entered the language after September 11. In a sane world it would mean a memorable performance of, say, a piano concerto. Somehow it became code for plucking terrorism suspects off foreign streets and flying them to black sites where the use of "enhanced interrogation" (torture) wasn't illegal. There's a host of war-related crimes against the language. "Ethnic cleansing" - in vogue during the Balkans conflict of the 1990s - seeks to sanitise genocide. "Pacification", which in military terms means eliminating an enemy. "Strategic withdrawal", a polite way of saying retreat. "Peace with honour" - Richard Nixon's favourite, which really means defeat with the dishonourable distinction of abandoning your erstwhile ally. The argument of whether or not Iran's nuclear ambitions were derailed is unlikely to last long. That's because it's only a matter of time before Donald Trump deploys another weapon of crass distraction, most likely in the dead of night from his Truth Social platform. Meanwhile, can we please obliterate the off-ramp? HAVE YOUR SAY: What are the buzz phrases and euphemisms which annoy you the most? Does military and diplomatic jargon hide ugly truths that ought to be out in the open? Are you irritated by the misuse of the word "decimated"? Email us: echidna@ SHARE THE LOVE: If you enjoy The Echidna, forward it to a friend so they can sign up, too. IN CASE YOU MISSED IT: - The head of a man allegedly murdered and dismembered by his reality TV contestant partner is missing and police are calling on the public to help give his family "a peaceful outcome". - The online far-right extremist network Terrorgram has been listed as a terrorist organisation, with members facing decades in jail if convicted of an offence. - Carn, spew, and goon are some of the colloquialisms added to the Australian edition of the Oxford English Dictionary. THEY SAID IT: "Euphemism is a euphemism for lying." - Bobbie Gentry YOU SAID IT: Garry wants companies to sign up to his user agreement, rather than the other way around. "Having spent close to 50 minutes waiting to see my doctor recently, I was presented with the account for payment on departure," writes Brian. "Not having been amused with the wait, I suggested that my hourly rate at the time was about equal to the presented bill, so how about we call it quits and I get to see the doctor for nothing. Needless to say, I was kindly reminded that I needed to pay for my consultation." Deb writes: "Last year, after being on hold for two hours and 40 minutes trying to report an internet outage to Telstra, I decided to cancel my account. Although the recorded options list did not have a 'cancel' option, some helpful Google advice suggested just saying 'cancel' anyway, and it worked! I was put through to a human within 10 minutes. Funny how companies suddenly improve customer service when there's a threat of losing business." "Wonderful words once again," writes Sue. "Except you have made one mistake: you are not 'The User'. You are 'The Used'."

Canada trade talks with US resume
Canada trade talks with US resume

Perth Now

timean hour ago

  • Perth Now

Canada trade talks with US resume

Canadian Prime Minister Mark Carney says trade talks with US have resumed after Canada rescinded its plan to tax US technology firms. US President Donald Trump abruptly cut off trade talks with Canada on Friday over its tax targeting US technology firms, saying that it was a "blatant attack" and that he would set a new tariff rate on Canadian goods within the next week. The tax was three per cent of the digital services revenue a firm takes in from Canadian users above $US20 million ($A31 million) in a calendar year, and payments will be retroactive to 2022. Carney's office said Carney and Trump have agreed to resume negotiations. "Today's announcement will support a resumption of negotiations toward the July 21, 2025, timeline set out at this month's G7 Leaders' Summit in Kananaskis," Carney said in a statement. Carney visited Trump in May at the White House, where he was polite but firm. Trump travelled to Canada for the G7 summit in Alberta, where Carney said that Canada and the US had set a 30-day deadline for trade talks. Canada is the second-largest US trading partner after Mexico and the largest buyer of US exports. It bought $US349.4 billion ($A534.7 billion) of US goods last year and exported $US412.7 billion ($A631.6 billion) to the US, according to US Census Bureau data. The Canadian government says "in anticipation" of a trade deal "Canada would rescind" the Digital Serves Tax. Trump, in a post on his social media network last Friday, said Canada had just informed the US that it was sticking to its plan to impose the digital services tax, which applies to Canadian and foreign businesses that engage with online users in Canada. The tax was set to go into effect on Monday. The digital services tax was due to hit companies including Amazon, Google, Meta, Uber and Airbnb with a three per cent levy on revenue from Canadian users. It would have applied retroactively, leaving US companies with a $US2 billion ($A3.1 billion) US bill due at the end of the month. Trump's announcement on Friday was the latest swerve in the trade war he's launched since taking office for a second term in January. Progress with Canada has been a roller coaster, starting with the US president poking at the nation's northern neighbour and repeatedly suggesting it would be absorbed as a US state. with reuters

Australian shares edge higher at end of financial year
Australian shares edge higher at end of financial year

Perth Now

timean hour ago

  • Perth Now

Australian shares edge higher at end of financial year

The Australian share market is up slightly - and set to round out the 2025 financial year with a respectable double-digit gain. Just before noon AEST on Monday, the benchmark S&P/ASX200 index was up 18.5 points, or 0.22 per cent, to 7,532.7, while the broader All Ordinaries gained 18.6 points, or 0.21 per cent, to 8,762.2. With a few hours of trading left in 2024/25, the ASX200 was up 10.1 per cent since July 1, 2024 - or just under 14 per cent on a gross return basis, including dividends. The ASX200 was also up 1.18 per cent for the month, 8.81 per cent for the June quarter and 4.6 per cent so far in 2025. Pepperstone head of research Chris Weston said while not everything went the bull's way last week, the momentum and trends seen in risk markets portrayed an almost nirvana environment in which to operate. The S&P500 printed its fourth all-time high on Friday as did the Nasdaq 100 amid a rapid reduction to geopolitical risk premiums, talk of 10 imminent trade deals with the United States and a dovish tilt by various Federal Reserve officials. At midday, eight of the ASX's 11 sectors were higher, with energy and materials lower and consumer staples flat. The consumer discretionary and technology sectors were the biggest winners, both rising 0.9 per cent. JB Hi-Fi had climbed 1.9 per cent to an all-time high of $110.66, Guzman Y Gomez was up 2.9 per cent to $28.285 and data centre operator Nextdc had added 2.7 per cent to $14.575. The big four banks were mixed, with Westpac up 0.6 per cent and NAB adding 0.8 per cent, while ANZ was flat and CBA had edged 0.1 per cent lower. The material sector was down 1.2 per cent after a strong performance on Friday, with BHP dropping 2.3 per cent, Fortescue declining 1.9 per cent and Rio Tinto dipping 2.2 per cent. The Star was up 1.7 per cent despite its Hong Kong joint venture partners threatening to walk away from a deal to purchase Star's half-stake in Brisbane's Wharf casino and hotel complex. The Australian dollar was buying 65.35 US cents, from 65.50 US cents on Friday.

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