ASX 200 futures were up 27 points or 0.3% to 9004 near 8.20am AEDT, after gold extended gains overnight and iron ore edged slightly higher.
The Australian sharemarket retreated on Monday from near record highs after US President Donald Trump announced a fresh round of tariffs, reigniting uncertainty around US trade policy.
The S&P/ASX 200 fell 55.4 points or 0.6% to 9026, with eight of 11 sectors closing lower. Mining stocks outperformed as investors rotated back into gold producers amid safe-haven demand.
Trump said he would impose a temporary 15% tariff on all imports after the US Supreme Court struck down most of his earlier emergency levies. The renewed trade uncertainty weighed on the US dollar, while the Australian dollar approached US71¢.
Earnings in focus
Mining stocks may continue to track firmer commodity prices, while reporting season remains front and centre.
- Woodside Energy posted a 24% fall in full-year profit to US$2.72 billion as weaker oil and gas prices offset record production.
- Nine Entertainment reported net profit of $81.4 million following the sale of its majority stake in Domain, with half-year revenue down 4% to $1.1 billion amid softer advertising conditions.
- Scentre Group lifted full-year funds from operations 4.9% to $1.19 billion, with distributions up 3.4% to $923 million.
- Adore Beauty reaffirmed full-year guidance after reporting strong first-half sales and underlying earnings growth, supported by store openings and private-label expansion.
- City Chic posted underlying EBITDA of $6.5 million for the half, up 86%, on revenue of $69.2 million.
- Southern Cross Media reported slightly lower revenue and higher costs in its first half since merging with Seven West Media.
- Monadelphous delivered record half-year revenue of $1.53 billion, up 45.6% year-on-year, reflecting stronger resources and energy activity.
- Regal Partners reported a 47% rise in income from ordinary activities to $377.4 million for the year to December.
Reporting season continues today with results due from Viva Energy, City Chic Collective, ARB, HMC Capital, Monadelphous, Woodside Energy, Kelsian, Nine Entertainment, Scentre, Nanosonics and AUB.
Wall Street falls as tariff uncertainty resurfaces
US markets closed lower after fresh uncertainty over trade policy emerged following President Trump’s new global tariff announcement.
The US Supreme Court struck down Trump’s emergency tariffs on Friday. The president subsequently announced a new 10% tariff on all imports, later increasing it to 15%.
At the close:
- The Dow Jones fell 1.7%
- The S&P 500 declined 1%
- The Nasdaq dropped 1.1%
Consumer discretionary stocks led declines, with Amazon down 2.3% and Tesla off 2.9%. The information technology sector fell 1.1%.
The S&P 500 software and services index slid 4.3% and is down almost 25% year to date amid AI disruption concerns ahead of earnings from Salesforce and Intuit later this week.
Financials dropped 3.3%, with private credit groups including Ares Management and KKR among the weakest performers.
Healthcare provided some support, rising 1.2%. Eli Lilly gained 4.8% after rival Novo Nordisk’s obesity drug disappointed in trial results. Novo Nordisk shares fell sharply in Europe.
NVIDIA rose 0.9% ahead of quarterly earnings due Wednesday, while Domino’s Pizza climbed 4.1% after beating fourth-quarter same-store sales estimates.
Healthcare weighs; energy hits record high
European markets edged lower on renewed US tariff uncertainty.
The pan-European FTSEurofirst 300 index fell 0.4%, while the UK FTSE 100 finished flat.
- Healthcare stocks dropped 1.4%, led by Novo Nordisk, which plunged 16.5% following disappointing obesity drug trial results.
- Financial services declined 2.1%, while the broader defence sector slipped 1.6% amid reports Iran may consider concessions on its nuclear program under certain conditions.
Energy stocks bucked the trend, reaching a record high as oil prices firmed.
US dollar firms on trade tensions
Major currencies weakened against the US dollar following tariff developments.
- The euro fell 0.2% to US$1.1789
- The Japanese yen dropped 0.4% to JPY154.71
- The Australian dollar eased to US70.57¢
Gold hits three-week high; oil eases
- Gold futures climbed to a three-week high, rising 3.5% to US$5256 an ounce as investors sought safe-haven assets.
- Oil prices edged lower ahead of a third round of nuclear talks between the US and Iran. Brent crude slipped 0.2% to US$71.64 a barrel.
- Base metals were weaker, with copper futures down 1% as inventories rose and investors assessed tariff impacts. Aluminium fell 0.2%.
- Iron ore futures eased 0.1%.