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ASX Hits 11-Week High Amidst US-China Tariff Pause

ASX Hits 11-Week High Amidst US-China Tariff Pause

ASX Hits 11-Week High Amidst US-China Tariff Pause?w=400
The Australian Securities Exchange (ASX) reached its highest level in 11 weeks, buoyed by the announcement of a temporary pause in tariff increases between the United States and China.
The ASX 200 index climbed 35.50 points, or 0.43%, to 8,269, with standout performances from the energy and information technology sectors.
Similarly, the All Ordinaries index saw a rise of 43.70 points, or 0.52%, closing at 8,510.70.
The Australian dollar also appreciated, gaining 0.71% to 64.16 US cents.

This upswing follows President Donald Trump's declaration that US tariffs would be adjusted to 30% and China's tariffs would be reduced to 10% for the following 90 days. Companies with strong ties to either the US or China were among the top beneficiaries, with payment provider Block soaring by 5.86% and Zip increasing by 8.77%. Travel firms like Corporate Travel Management and Flight Centre also reported substantial gains of 9.94% and 5.21%, respectively. In the consumer goods arena, Breville Group experienced a 7.76% increase, and major mining companies like BHP and Fortescue Metals saw their stocks climb as well.

Senior financial market analyst, Kyle Rodda, noted that the ASX mirrored a positive movement in US markets, highlighting a strengthening in energy and tech stocks. Despite concerns about potential global economic slowdowns, there is an optimistic perspective among investors who anticipate only a minimal and brief downturn.

Not all sectors responded positively; defensive stocks, including consumer staples, telecommunications, and utilities, underperformed. Supermarket giants Woolworths and Coles saw their shares drop by 3.7% and 3.4%, respectively. The banking sector showed mixed outcomes, with Westpac and ANZ rising, while CBA and NAB saw slight declines.

In other developments, a recent executive order signed by President Trump aims to lower prescription drug prices, impacting pharmaceutical stocks positively worldwide, including in Australia. Clarity Pharmaceuticals and Telix Pharmaceuticals both saw significant gains. Additionally, PolyNovo reported a 14.3% increase in its share price after revealing successful human trials for its BTM device meant to treat type-1 diabetes.

The moderate optimism surrounding the temporary trade détente suggests a potential boost to the financial markets and presents an opportunity for further gains, subject to continuing positive developments in international trade relations.

Published:Wednesday, 14th May 2025
Source: Paige Estritori

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