Image Sourced ShutterStock
Market Herald logo


Be the first with the news that moves the market

U.S. President Donald Trump has announced a plan for more tariffs on Chinese goods and imports, scaling up the trade war to rock countries around the globe.

Beginning on the first of September, Trump is imposing a 10 per cent bite on products from the east that make up $300 billion in value.

The new Trump tariffs will most likely shake the rare metals and resources used to make your everyday electronics like smartphones and laptops.

How has the global market reacted?

The Asia Dow has dropped 1.78 per cent. Down under, the ASX 200 is down 40.4 points, or 0.6 per cent to 6748.5. Most industry sectors are in the red, but some are showing small uptakes.

The health care sector is performing the best with an increase of 0.91 per cent and the industrial market is behind at just 0.14 per cent above the red.

Energy has taken the biggest hit in the ASX, however, dipping by 2.5 per cent. Materials are down by 1.3 per cent and consumer discretionaries are down by 1.07 per cent.

The banking sector isn’t making any big moves either, with ANZ down 1.39 per cent, NAB down 1.6 per cent and Commonwealth Bank is down 0.39 per cent.

Westpac has shown up its competitors, however, standing 0.14 per cent in the green — a small but considerable win.

Today, the American dollar, the Euro and the GBP for Aussie trading have all seen a small uptake at 0.03, 0.02 and 0.12 per cent respectively.

What’s hot and what’s not

Hot today: ASX 200-listed Resolute Mining is up 12.2 per cent, puttings its shares at $1.98 a piece in a healthy $1.273 billion market cap.

This comes as a big boost out of the gate for the company coming off its trading halt from the end of July. Comparatively so for the company as it shows off a healthy performance in an ASX that has taken a beating across the board today.

Trailing behind Resolute is Newcrest Mining, showing a 5.3 per cent increase to its shares, trading at at $36.02 each.

Not today: Rio Tinto is down 4.25 per cent, leaving its shares at $94.2 a piece after opening at $95.36. This is a stark comparison from the company’s gleaming half-year round up from yesterday that saw shareholders receive $5 billion in dividends.

Meanwhile, BHP is another king to take a hit — a reduction in share pricing by 3.21 per cent. The big named company’s shares are sitting at $38.96 after opening at an even $39.

For commodities, oil prices have climbed 2.02 per cent and gold is up 0.77 per cent.

More From The Market Herald

" ASX Close: Strong end to winning week as global markets steady

The share market clawed back a fraction of this month’s heavy losses, rising for the first week in three as some of this

" ASX Update: Tech spearheads rally as borrowing costs fall

The share market extended its advance for the week as gains in tech and defensive sectors outweighed declines in energy and financials.

" ASX Today: Mixed leads as US rises, oil and metals slide

The share market looked set to open modestly lower as investors balance declines in commodities against gains on Wall Street.

" ASX Close: Bond proxies lead rebound as miners sink

Aussie stocks logged their second rise in three days as a decline in bond yields encouraged buyers to scoop up companies offering superior