ASX market updates: Miners drive solid gains on | Australian Markets
Australian shares have climbed sharply in early trade, with miners main the charge and IT stocks additionally gaining — regardless of confusion over a White House tariff exemption for the import of smartphones, computer systems and laptops.
The Trump administration introduced late Friday that electronics could be spared crippling tariffs amounting to 125 per cent on items despatched to the US from the Middle Kingdom.
But US Commerce Secretary Howard Lutnick clarified over the weekend that the exemption was solely non permanent and reiterated President Donald Trump’s longstanding plan to use a completely different, particular levy to the sector.
The S&P-ASX200 was up nearly one per cent to 7717.7 at 9.30am — additional recouping losses recorded over a rollercoaster week for the index after Mr Trump unleashed his “Liberation Day” tariffs on world economies.
All however two of the 11 sectors had been within the inexperienced. Miners had been doing the heavy lifting, up more than 2 per cent. Real property and vitality stocks including more than one per cent, with IT and health care up 0.6 per cent.
Westgold Resources was the third-best performer, gaining 17¢, or 5.8 per cent, to $3.12. Downtrodden Mineral Resources was not far behind, climbing 5 per cent to $17.49.
Among the opposite majors, Fortescue rose 2.8 per cent to $15.49, BHP was up 2.7 per cent to $36.37 and Rio Tinto leapt 1.1 per cent to $110.60.
The gains got here after Wall Street posted a solid bounce on Friday as massive banks kicked off first-quarter earnings season and traders closed the ebook on a turbulent week of wild swings.
All three main US indexes ended the session sharply larger after assurances from Boston Federal Reserve President Susan Collins that the Fed is ready to keep financial markets functioning ought to the need come up.
All three indexes posted gains from final Friday’s close.
Stocks had been whipsawed all through the week by a tariff reprieve on European items and a tit-for-tat escalation within the trade battle between the US and China.
One signal of the volatility: the distinction between the weekly high and weekly low for the S&P500 was the widest since late March 2020 when a lot of the world was locked down during the pandemic.
The S&P 500 and the Dow notched their largest weekly share gains since November 2023, whereas the Nasdaq registered its greatest weekly share advance since November 2022.
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