Closing Bell: ASX slumps after hellish Wall Street session; Trump’s not betting on heaven
Trump reckons he might not make it through the pearly gates. He might be on the money on this one. Pic: Getty Images
- Aussie and Asian markets fall after Trump threatens more tariffs on China
- Gold and silver reach new record highs with strong demand for safe haven assets
- Materials sector slips into red in afternoon trade as tech leads laggards
The Aussie share market ended Monday 0.84% lower as investors digested US President Donald Trump’s latest escalation – and subsequent softening – of trade tensions with China.
The renewed volatility followed Beijing’s decision to tighten export controls on rare earths and other critical minerals vital to clean energy, electronics, and defence technologies.
Trump took to his Truth Social platform on Friday to accuse China of “very hostile” actions and threatened to impose 100% tariffs on Chinese imports in retaliation. US markets tumbled soon after, led by losses in tech and industrial stocks that rely heavily on critical minerals.
However, Trump later appeared to walk back his comments, returning to Truth Social a few hours ago to assure followers “it will all be fine!” and hinting at renewed talks with Beijing.
That shift eased fears of a full-blown trade war, with US futures rebounding as investors bet on another round of Trump Always Chickens Out (TACO).
However, Asian markets remained dubious and were broadly in the red today with the Hang Seng falling 3.5% and the Hang Seng Tech index dropping 4.5% on trade war angst.
After once again stirring markets, Trump has headed to Israel and Egypt to progress the Gaza peace deal, even joking with media on Air Force One he doubts “anything” including his efforts in the Middle East will help him get through the pearly gates.
A journalist asked Trump about a comment he made a couple of weeks ago about how he hoped to end the war in Ukraine because it might help him get into heaven.
“Does this help?” the journalist asked Trump.
“I don’t think there’s anything going to get me in heaven, okay? I really don’t. I think I’m not maybe heaven-bound,” Trump replied to the journalist.
Spot gold and silver hit new record highs
Spot gold climbed as much as 1% to a new record of US$4,060.01 on Monday, following a 1% gain on Friday as demand for safe-haven assets following US-China trade tensions lifted along with expectations of US Federal Reserve interest rate cuts.
Spot silver has also surged 2% to a record $51.52 per ounce on Monday, surpassing its previous all-time high of $51.22 per ounce. Meanwhile Bitcoin has rebounded near $US115,000, while the Aussie dollar is trading near US65.25c.
Tech leads laggards as real estate only green shoot
Ten of the 11 ASX sectors closed in the red today with only a slight hint of green from the real estate sector, which regained ground in the afternoon session to close up 0.02% after being down 0.56% at lunchtime. Tech was the biggest laggard, down 1.98%, followed by healthcare and financials, both down 1.22%.
The materials sector, which had been the only bright spot on the ASX this morning thanks to a 3.14% surge in the XGD and strong gains in gold stocks, moved into the red this afternoon.
Rare earths and lithium stocks, which earlier benefited from China’s export restrictions on critical minerals, also fell back.
ASX Leaders
Today’s best performing stocks (including small caps):
| Code | Description | Last | % | Volume | MktCap |
|---|---|---|---|---|---|
| LMS | Litchfield Minerals | 0.615 | 232% | 14,384,697 | $ 8,148,521 |
| 1MC | Morella Corporation | 0.063 | 157% | 15,762,868 | $ 9,026,510 |
| AUH | Austchina Holdings | 0.0025 | 67% | 4,554,166 | $ 4,538,075 |
| HAL | Halo Technologies | 0.04 | 60% | 510,212 | $ 7,298,488 |
| SPQ | Superior Resources | 0.018 | 50% | 23,676,909 | $ 28,451,793 |
| EEL | Enrg Elements Ltd | 0.0015 | 50% | 885,788 | $ 3,253,779 |
| MIO | Macarthur Minerals | 0.064 | 42% | 427,313 | $ 14,285,076 |
| ADC | Acdc Metals Ltd | 0.082 | 41% | 924,488 | $ 4,336,958 |
| TOE | Toro Energy Limited | 0.45 | 38% | 5,189,912 | $ 39,091,601 |
| PSQ | Pacific Smiles Grp | 2.19 | 37% | 11,256 | $ 258,584,712 |
| AR3 | Austrare | 0.27 | 35% | 7,076,925 | $ 42,659,390 |
| SFG | Seafarms Group Ltd | 0.002 | 33% | 1,397,190 | $ 7,254,899 |
| COB | Cobalt Blue Ltd | 0.145 | 32% | 7,272,568 | $ 54,398,125 |
| BOC | Bougainville Copper | 1.25 | 32% | 380,961 | $ 381,009,375 |
| MKR | Manuka Resources. | 0.076 | 31% | 36,293,636 | $ 61,908,321 |
| NVA | Nova Minerals Ltd | 0.77 | 31% | 4,790,836 | $ 237,279,661 |
| ASM | Ausstratmaterials | 1.175 | 28% | 5,289,170 | $ 206,553,806 |
| REE | Rarex Limited | 0.038 | 27% | 31,929,574 | $ 30,311,739 |
| 5EA | 5Eadvanced | 0.93 | 27% | 372,452 | $ 11,251,689 |
| C29 | C29Metalslimited | 0.025 | 25% | 2,161,583 | $ 3,483,765 |
| MNC | Merino and Co | 0.175 | 25% | 3,995 | $ 7,430,720 |
| NTM | Nt Minerals Limited | 0.0025 | 25% | 2,202,220 | $ 2,421,806 |
| PKO | Peako Limited | 0.005 | 25% | 20,664,131 | $ 5,950,968 |
| TKL | Traka Resources | 0.0025 | 25% | 3,603,533 | $ 4,844,278 |
| SPA | Spacetalk Ltd | 0.185 | 23% | 631,636 | $ 11,011,902 |
In the news…
Litchfield Minerals (ASX:LMS) rose 232% today after hitting a copper sulphide mineralised intersection of more than 100m in width at the Oongalabi project in Northern Territory.
Geological logging and handheld x-ray fluorescence readings indicate the 104m drilling result grades up to 1.37% copper. LMS said assays were now laboratory assessment was now quantifying the presence of copper, gold, silver and other valuable elements.
Morella Corporation (ASX:1MC) was up 157% today after it achieved rubidium extraction rates of up to 89% in test work on samples from its Mt Edon project in Western Australia.
The tests validate 1MC’s processing strategy, opening the way for variability testing and scoping-level economic inputs to support the project’s advancement.
AustChina (ASX:AUH) was up 67% today after receiving a non-binding letter of intent from Bluestone Energy to invest $1.5 million in AUH at 3c per share.
Subject to shareholders approval, AUH said it would use the investment to make new project acquisitions and continue exploration at its existing assets.
ASX Laggards
Today’s worst performing stocks (including small caps):
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| AXPDD | AXP Energy Ltd | 0.019 | -27% | 135,884 | $8,690,085 |
| LNU | Linius Tech Limited | 0.0015 | -25% | 550,000 | $14,254,387 |
| YAR | Yari Minerals Ltd | 0.009 | -25% | 7,301,684 | $10,073,566 |
| BGE | Bridgesaaslimited | 0.013 | -24% | 412,265 | $3,397,606 |
| PR2 | Piche Resources | 0.145 | -22% | 915,234 | $15,529,611 |
| XPN | Xpon Technologies | 0.012 | -20% | 3,644,267 | $7,355,345 |
| AM7 | Arcadia Minerals | 0.036 | -20% | 100,432 | $5,282,254 |
| 1AD | Adalta Limited | 0.002 | -20% | 759,628 | $3,842,180 |
| AN1 | Anagenics Limited | 0.004 | -20% | 5,000 | $2,481,602 |
| ERA | Energy Resources | 0.002 | -20% | 720,426 | $1,013,490,602 |
| ROG | Red Sky Energy. | 0.004 | -20% | 2,652,335 | $27,111,136 |
| VEN | Vintage Energy | 0.004 | -20% | 493,840 | $10,434,568 |
| HIQ | Hitiq Limited | 0.018 | -18% | 10,321 | $10,713,614 |
| BTC | BTC Health Ltd | 0.051 | -18% | 20,284 | $20,170,045 |
| PABDA | Patrys Limited | 0.025 | -17% | 444,891 | $9,167,513 |
| AOK | Australian Oil. | 0.0025 | -17% | 470,468 | $3,183,849 |
| RDN | Raiden Resources Ltd | 0.005 | -17% | 36,502,491 | $20,705,349 |
| RBX | Resource B | 0.042 | -16% | 66,394 | $5,759,224 |
| NC6 | Nanollose Limited | 0.055 | -15% | 493,478 | $20,497,517 |
| CLA | Celsius Resource Ltd | 0.011 | -15% | 6,674,653 | $40,761,350 |
| SP8 | Streamplay Studio | 0.011 | -15% | 7,250,441 | $16,657,739 |
| TWE | Treasury Wine Estate | 5.95 | -15% | 19,795,445 | $5,663,756,586 |
| JGH | Jade Gas Holdings | 0.036 | -14% | 707,692 | $70,847,035 |
| BNL | Blue Star Helium Ltd | 0.006 | -14% | 12,270,559 | $25,220,197 |
| CHM | Chimeric Therapeutic | 0.003 | -14% | 15,000 | $11,390,956 |
In Case You Missed It
Magmatic Resources (ASX:MAG) has struck gold in maiden drilling at the Weebo project, setting the scene for its WA gold hunt to ramp up.
Albion Resources (ASX:ALB) has outlined a 5km gold-bearing structural corridor with several felsic intrusives at the May Queen prospect at Yandal West.
Metallium (ASX:MTM) is on track to commission its first Flash Joule Heating processing line at the Gator Point Technology Campus in Texas in December.
Artemis Resources (ASX:ARV) has secured land access to begin exploration at its Cassowary copper-gold play in WA.
Koonenberry Gold (ASX:KNB) has kicked off a 10,000m second phase drill program at Enmore to test extensions of Sunnyside mineralisation and lookalike targets.
More gold is on the cards for 2025 success story Antipa Minerals (ASX:AZY) after drilling identified high-grade extensions at Minyari Dome.
PainChek (ASX:PCK) has secured its first US customer after receiving FDA clearance for its AI-powered pain assessment and monitoring application.
Blue Star Helium (ASX:BNL) has signed a key lease agreement with Kinder Morgan ahead of first production at its Galactica project in Colorado.
St George Mining (ASX:SGQ) has secured $72.5 million for its Araxá rare earth and niobium project as China tightens REE export controls.
Last Orders
Australian Mines (ASX:AUZ) is gearing up to drill an unexplored target area at the Flemington project after securing approvals for the program.
Flemington already hosts one of the world’s highest-grade JORC compliant scandium resources, creating a powerful potential synergy with AUZ’s proprietary metal hydride development for hydrogen storage.
Caprice Resources (ASX:CRS) has kicked off a diamond drilling program at the Island Gold project in WA. Drilling about 3,000 metres with the diamond bit, CRS is targeting depth and strike extensions, structural, and metallurgical holes at the Vadrians, New Orient, and Baxter deposits.
Trading Halts
Cedar Woods Properties (ASX:CWP) – dividend reinvestment plan
Compumedics (ASX:CMP) – cap raise
Catapult Group (ASX:CAT) – acquisition and cap raise
TrivarX (ASX:TRI) – extension of suspension pending cap raise and acquisition
Elixir Energy (ASX:EXR) – results from Diona-1 exploration oil and gas well
Xstate Resources (ASX:XST) – results from Diona-1 well
Altair Minerals (ASX:ALR) – execution of definitive documents for Greater Oko project
Lodestar Minerals (ASX:LSR) – material drilling results from Ned’s Creek prospect
Haranga Resources (ASX:HAR) – cap raise
Brazilian Rare Earths (ASX:BRE) – cap raise
Dalaroo Metals (ASX:DAL) – acquisition of gold project in Cote d’Ivoire
Kairos Minerals (ASX:KAI) – cap raise
CuFe (ASX:CUF) – cap raise
Skin Elements (ASX:SKN) – cap raise
Aruma Resources (ASX:AAJ) – cap raise
NH3 Clean Energy (ASX:NH3) – cap raise
Lion Rock Minerals (ASX:LRM) – cap raise
SRG Global (ASX:SRG) – strategic acquisition
Biotron (ASX:BIT) – material acquisition and cap raise
At Stockhead, we tell it like it is. While Australian Mines and Caprice Resources are Stockhead advertisers, they did not sponsor this article.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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