The S&P/ASX 200 hovered around 8519.3 on Friday afternoon, down 1.4 points, after a volatile session as traders awaited the US January jobs report to gauge the Federal Reserve’s rate cut trajectory. The index remains within 25 points of a record high, with six of 11 sectors gaining, while energy stocks led declines.
The S&P/ASX 200 gained 1.1%, or 91 points, to 8,507.9 by mid afternoon, approaching its all-time high of 8,532.3, as nine of eleven sectors advanced. Investors welcomed a pause in U.S. tariff discussions, with President Donald Trump shifting focus to Middle East policy.
Australian Shares Rise as Mining Stocks Gain on China’s Tariff Response
Australian shares advanced on Wednesday as China’s measured response to U.S. tariffs lifted mining stocks. The S&P/ASX 200 gained 0.6%, or 47.6 points, to 8421.6 by mid afternoon, recovering from recent declines. The All Ordinaries Index rose 0.7%, with nine of the 11 sectors trading higher.
The S&P/ASX 200 fell 1.8% (155.6 points) to 8376.7 in early afternoon trading on Monday, as investors reacted to escalating US trade tensions. The Australian dollar hit a four-year low, slipping below US61¢. All 11 ASX sectors declined, with consumer discretionary and materials losing over 2%.
ASX Gains on Mining, Real Estate, and Tech Rally
The Australian share market extended its rally on Friday, with the S&P/ASX 200 rising 0.3% and the All Ordinaries Index up 0.4%, marking the biggest weekly gain in a month. The Australian dollar softened to US62.23¢.
The S&P/ASX 200 surged to a record high on Thursday, climbing 0.8% to 8,510.7 by mid afternoon, as investors priced in expectations of an imminent rate cut by the Reserve Bank of Australia. All 11 ASX sectors advanced, led by energy and consumer discretionary stocks.
Australian equities gained momentum on Wednesday, with the S&P/ASX 200 climbing 0.9% to 8472.3, following softer-than-expected inflation data that bolstered expectations of a February rate cut by the RBA. Eleven of twelve sectors traded higher as major banks, including NAB and RBC, adjusted forecasts in favor of earlier monetary easing.
Technology, electricity, and data centre companies faced significant sell-offs on Tuesday amid investor concerns that China’s advancements in cost-effective AI could pressure earnings for firms like Nvidia and reduce demand for energy-intensive data centres.
The S&P/ASX 200 was higher in early afternoon trading, up just 2.1 points to 8411, reversing earlier gains. Overnight, Wall Street tumbled, with the Nasdaq dropping 3% as traders feared the Chinese start-up DeepSeek’s AI could disrupt the US tech sector. Nvidia shares plunged 16.7%, while Constellation Energy dropped over 20%.
Australian shares advanced on Friday, driven by gains in domestic retailers. The S&P/ASX 200 index rose 0.4% (30.1 points) to 8408.8, with nine of the 11 sectors posting gains, led by consumer discretionary stocks. The All Ordinaries index also climbed 0.4%.
The S&P/ASX 200 Index fell 0.6% on Thursday, losing 49.8 points to close at 8380, with nine of the 11 sectors in decline. Weaker commodity prices, partly due to tariff threats from former President Donald Trump targeting China and the EU, pressured the mining sector.
Uranium-focused stocks Paladin Energy and Boss Energy soared 11.1% and 12.9%, respectively, after Trump indicated potential tariffs on Canadian uranium.
The Australian sharemarket recovered losses on Tuesday afternoon, with the S&P/ASX 200 Index rising 0.7% by 2:23 pm, reversing a morning dip spurred by U.S. President Donald Trump’s tariff plans. Trump’s proposal to impose 25% tariffs on Mexico and Canada by February 1 caused the Australian dollar to drop 0.7% to US62.48¢.
