Trump's ‘intelligent' copper tariffs will ‘wake people up', says mining billionaire
Analysts and other executives have questioned the logic of imposing such a high levy when the US remained so dependent on imports of the metal, but the founder of Toronto-listed Ivanhoe Mines said the move was needed to 'wake people up' to America's vulnerability.
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Perth Now
11 minutes ago
- Perth Now
Australian shares gain as deal averts trade war fears
The local share market has moved higher after the US and the European Union agreed on a preliminary trade deal over the weekend, apparently avoiding the threat of a global trade war. At noon AEDT on Monday, the benchmark S&P/ASX200 index was up 26.8 points, or 0.31 per cent, to 8,693.7, while the broader All Ordinaries had gained 25.4 points, or 0.28 per cent, to 8,958.3. During a meeting at Donald Trump's Scottish golf course, the US president and his EU counterpart announced they had reached agreement on the framework for a trade deal, days before a US-imposed Friday deadline to strike a bargain. The details remained vague and nebulous, however. Traders were also watching for this week's Federal Reserve meeting. Despite Mr Trump's threats, a rate cut is seen as unlikely, with the futures market giving it just three per cent implied odds. ANZ's research team said it would be looking at any tweaks to the language of the rate-setting Federal Open Market Committee statement, as well as comments from Fed chair Jerome Powell that might signal the September meeting is "live" for a rate cut. Closer to home, the Australian Bureau of Statistics on Wednesday will release second-quarter inflation data that could determine whether the Reserve Bank cuts rates next month. Eight of the ASX's 11 sectors were higher at midday, with energy, materials and utilities lower. In the energy sector, Boss Energy had plunged 41.5 per cent to a more than three-year low of $1.99 after the uranium producer flagged higher costs and other challenges at its Honeywell uranium mine in South Australia, which resumed production last year. Other uranium companies were lower as well, with Deep Yellow dropping 7.1 per cent and Paladin retreating 3.9 per cent. In the materials sector, BHP was down 0.9 per cent, Rio Tinto had lost 1.1 per cent and Fortescue had retreated 0.5 per cent. All of the big four banks were higher, however, with CBA, ANZ and NAB all expanding 0.6 per cent and Westpac growing 0.3 per cent. WiseTech Global was down 0.2 per cent as the logistics platform named a new chief executive. The Australian dollar was buying 65.75 US cents, from 65.81 US cents at 5pm on Friday.
News.com.au
11 minutes ago
- News.com.au
Lunch Wrap: ASX jumps higher, but Boss Energy smoked and coal gets legal smack
Trump eases off trade war with EU WA flexes as national economic top dog again Coal cops a legal blow as ASX edges higher At Monday lunchtime in the east, the ASX was edging higher by 0.25%. And fair enough, because the spat that nearly boiled over between the US and Europe has been defused, at least for now. Donald Trump and EU boss Ursula von der Leyen have announced a fresh trade pact, but still slaps 15% tariffs on most European exports. But hey, at least it's not 50%, which is where Trump was originally pointing the bazooka. Markets loved the clarity, with Wall Street futures rising and the S&P 500 chalking up yet another record last Friday. Back to the ASX, and it was the steady-Eddie sectors doing the heavy lifting – telcos, healthcare, banks. Energy, meanwhile, was one of the market's laggards after a court overturned approval for a coal project in the Hunter Valley. MACH Energy's big coal expansion at Mount Pleasant has hit a wall after NSW's court of appeal overturned its approval. It's a major legal shift that could put the brakes on future coal and gas projects across the state. The ruling rattled coal stocks, with Whitehaven Coal (ASX:WHC) down 3.5% and Yancoal Australia (ASX:YAL) off 1.5%. In other large cap news, WiseTech Global (ASX:WTC) has officially named Zubin Appoo as permanent CEO. He's no stranger to the company, having worked alongside founder Richard White back in the early days and returning now after stints at InLoop, Flexischools and HICAPS. WTC's shares were down 0.4%. And, The Lottery Corporation (ASX:TLC) has named Wayne Pickup as its next CEO, taking over from Sue van der Merwe in November. Shares edged down 0.5%. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for July 28 : Security Description Last % Volume MktCap AUK Aumake Limited 0.004 100% 10,943,487 $6,046,718 EEL Enrg Elements Ltd 0.002 100% 2,000,000 $3,253,779 JCS Jcurve Solutions 0.046 53% 755,433 $9,910,303 CZN Corazon Ltd 0.003 50% 16,815 $2,369,145 ENT Enterprise Metals 0.004 33% 185,000 $4,113,952 DGR DGR Global Ltd 0.009 29% 1,491,125 $7,305,872 MIO Macarthur Minerals 0.019 27% 2,631 $2,994,983 WBE Whitebark Energy 0.005 25% 1,652,800 $2,802,231 TR2 Tali Resources Ltd 0.635 25% 485,994 $19,127,550 HTG Harvest Tech Grp Ltd 0.017 21% 838,520 $12,726,256 CMB Cambium Bio Limited 0.320 21% 47,773 $4,844,906 SIX Sprintex Ltd 0.054 20% 5,656,968 $28,289,066 ZNC Zenith Minerals Ltd 0.036 20% 364,165 $15,883,665 AAU Antilles Gold Ltd 0.006 20% 178,623 $11,895,340 ADG Adelong Gold Limited 0.006 20% 25,356,918 $11,243,383 ALY Alchemy Resource Ltd 0.006 20% 100,000 $5,890,381 TEM Tempest Minerals 0.006 20% 5,968,892 $5,508,975 BDG Black Dragon Gold 0.051 19% 808,996 $13,672,541 CLA Celsius Resource Ltd 0.007 17% 220,101 $18,812,931 FRX Flexiroam Limited 0.007 17% 238 $9,104,392 VKA Viking Mines Ltd 0.007 17% 50,000 $8,063,692 PL3 Patagonia Lithium 0.044 16% 131,441 $4,537,594 IFG Infocusgroup Hldltd 0.019 16% 1,351,167 $4,671,027 RR1 Reach Resources Ltd 0.012 15% 7,280,085 $8,744,313 Cloud ERP provider JCurve Solutions (ASX:JCS) has locked in a $1 million strategic placement, issuing 20 million shares at 5 cents each to US-based investor Adam Riches. Riches is the founder of Netgain Solutions and a known name in the Oracle NetSuite space. As part of the deal, Riches can nominate a director, expected to be Chris Miller, pending approvals. Tali Resources (ASX:TR2) is gearing up to kick off drilling in August across five key targets at its West Arunta Project. Fresh geophysical modelling has confirmed strong anomalies at each site, with heritage and drilling approvals already locked in. The prospects show signs of potential copper and IOCG-style systems, especially near the known Pokali copper zone. Meanwhile, Bubs Australia (ASX:BUB) has tapped Joe Coote, ex-Darigold and Fonterra heavyweight, as its new CEO. Coote has more than 20 years in the dairy and infant nutrition game, and over $2 billion in regional sales under his belt. He replaces Reg Weine, who exits stage left after two years. Bubs' shares rose 1%. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for July 28 : Code Name Price % Change Volume Market Cap BOE Boss Energy Ltd 1.955 -43% 53,930,006 $1,410,733,137 MOM Moab Minerals Ltd 0.001 -33% 44,000 $2,811,999 TMX Terrain Minerals 0.002 -33% 352,454 $7,595,443 MTB Mount Burgess Mining 0.005 -29% 2,887,613 $2,979,468 AOA Ausmon Resorces 0.002 -25% 4,330,025 $2,622,427 EDE Eden Inv Ltd 0.002 -25% 2,625,071 $8,219,762 HLX Helix Resources 0.002 -25% 2,140,006 $6,728,387 NIM Nimyresourceslimited 0.070 -23% 3,341,865 $21,883,752 AZL Arizona Lithium Ltd 0.007 -22% 5,018,025 $48,422,830 REZ Resourc & En Grp Ltd 0.015 -21% 3,357,968 $14,201,979 ERA Energy Resources 0.002 -20% 128,350 $1,013,490,602 MRD Mount Ridley Mines 0.002 -20% 100,000 $1,946,223 TMK TMK Energy Limited 0.002 -20% 5,125,666 $25,555,958 DAF Discovery Alaska Ltd 0.013 -19% 20,001 $3,747,755 GTE Great Western Exp. 0.013 -19% 3,323,194 $9,084,127 IS3 I Synergy Group Ltd 0.009 -18% 1,768,680 $18,769,299 ASM Ausstratmaterials 0.593 -18% 2,489,026 $145,689,194 SMM Somerset Minerals 0.015 -17% 10,316,361 $11,611,449 UNT Unith Ltd 0.005 -17% 2,643,048 $8,872,713 VEN Vintage Energy 0.005 -17% 94,260 $12,521,482 ALB Albion Resources 0.096 -17% 4,075,427 $15,172,333 SUM Summitminerals 0.041 -16% 1,055,178 $4,340,228 FTI Fortifai Ltd 0.140 -15% 150,871 $24,203,497 Boss Energy (ASX:BOE) got absolutely smoked, down 42% after waving a red flag over its Honeymoon uranium project. Recent drilling revealed patchy mineralisation and leachability issues, which could throw a spanner in its production targets. That overshadowed what was otherwise a decent finish to the financial year: 349,000 pounds of U₃O₈ produced (above guidance), $224 million in cash and inventory, and steady costs of US$36/lb. IN CASE YOU MISSED IT Neurizon Therapeutics (ASX:NUZ) has submitted a formal response to the US FDA addressing a clinical hold on its investigational new drug application for lead drug NUZ-001. Octava Minerals (ASX:OCT) has an option to acquire the Federation copper-silver-zinc project in Tasmania where historical drilling returned significant intersections. Nova Minerals (ASX:NVA) Estelle gold and critical minerals project. LAST ORDERS QPM Energy (ASX:WPM) has applied for debt financing for the 112MW Isaac Power Station from the Australian government's Northern Australia Infrastructure Facility. The NAIF has completed the strategic assessment phase and has moved to the due diligence stage of the process. Magnetic Resources (ASX:MAU) has secured a new mining lease covering the entire area of the Lady Julie North 4 Deposit, the main 1.94Moz resource at the Lady Julie North gold project. Titanium Sands (ASX:TSL) is advancing environmental studies at the Mannar heavy mineral project in Sri Lanka, with the company's environmental consultants moving to complete field investigations, technical assessments and data collection on site. ClearVue Technologies (ASX:CPV) has promoted interim CEO Douglas Hunt to official global CEO, positioning him to lead the company's global commercialisation strategy. CPV also promoted Tao Zhang to chief operating officer, welcomed Lisa Dreher as global marketing director and tapped Christopher Cole as head of research and development. At Stockhead, we tell it like it is. While QPM Energy, Magnetic Resources, Titanium Sands and ClearVue Technologies are Stockhead advertisers, they did not sponsor this article.
The Age
22 minutes ago
- The Age
EU and US agree to trade deal with 15% tariffs for European exports
Frankfurt: The European Union has ended months of dispute with US President Donald Trump by accepting a deal that imposes 15 per cent tariffs on billions of dollars in exports, submitting to the terms out of concern he might otherwise punish Europe with higher penalties. The outcome appears set to lift prices for American consumers and hurt sales for European exporters, in the latest example of global brinksmanship as Trump forces tariffs on major economies in the hope of raising huge sums of revenue for the US government. In a surprise addition to the deal, the EU agreed to buy energy worth $US750 billion from the US over the years ahead – part of the bloc's broader objective of reducing reliance on Russian gas. Trump said the EU would also invest $US600 billion more in the US economy, echoing a vague investment pledge in a trade deal with Japan last week. The deal was unveiled in Scotland on Sunday during Trump's visit to his golf estates, as hundreds of protesters gathered to object to his visit, while supporters chanted his name outside some of his events. Loading 'I think this is the biggest deal ever made,' Trump told reporters after he emerged from talks with European Commission President Ursula von der Leyen. European industries were divided on the trade dispute over recent weeks, with German car makers anxious to gain a deal because of the threat to their sales from even higher tariffs, while French industry canvassed retaliation against US demands. Von der Leyen confirmed the 15 per cent tariff applied 'across the board' and framed the outcome as a win for stability.
