Top 10 at 11: ASX unsure which way to jump as tariff talk dampens US markets

Morning, and welcome to Stockhead’s Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading.

With the market opening at 10am sharp eastern time, the data is taken at 10:15, once trading kicks off in earnest.

In brief, this is what the markets have been up to this morning.

In the US, continued talk of new tariffs on pharmaceutical and semiconductor imports kept markets from making any headway.

Strong revenue reports from major banks stymied the bleeding, but were unable to lift US share markets out of the negative. Bank of America gained 4% and Citigroup 3%.

Similarly strong revenue numbers from Johnson & Johnson beat analyst expectations, but the stock still lost out overall with the spectre of pharmaceutical tariffs looming large.

The Dow fell 0.4%, the S&P500 0.2% and the Nasdaq just 0.1%.

Markets in Europe fared significantly better, as has become the pattern recently.

Major auto manufacturers benefited from softening rhetoric around auto part tariffs from the Trump Administration – Stellantis lifted 6%, Volkswagen and BMW 3% each and Mercedes Benz 1.8%.

Whispers of a rate cut from the European Central Bank improved Euro banking stock’s fortunes, while the Bank of Japan is expected to halt their own rate hike in the face of new potential tariffs.

The Euro FTSE300 jumped 1.6%, while the UK FTSE100 gained 1.4%.

Moving Australian markets

ASX Futures were dead flat this morning and the market is reflecting that in early trading. The ASX is up just 0.05% as of 10:15, with 7 of 11 sectors in the green.

Consumer staples is currently leading the charge, up 0.58%. The financials sector is up 0.48% supported by a 0.6% lift in the ASX200 Banks index.

The ASX All Ordinaries Gold index is also climbing today, gaining 1.08% so far.

Gold rose again overnight, returning to near all-time highs after adding 4% to US$3,240 per ounce. Iron ore also rose by 1.2% to US$100.10.

The energy sector is sharply down (1.33%) after oil fell yet again, shedding 0.3% after the International Energy Agency reduced its oil-demand forecasts for both 2025 and 2026. OPEC also cut its projections yesterday, citing the impact of tariffs on the global economy.

The healthcare sector is also down 0.95%, likely a direct result of pharmaceutical-related tariff fears.

Overall, it’s shaping up to be a fairly subdued day of trading on the ASX.

WINNERS

Making news this morning…

Despite the bearish sentiment for pharmaceuticals this morning, NeuroScientific (ASX:NSB) is bucking the trend after acquiring a patented stem cell technology. The company intends to use StemSmartTM to manufacturer its cellular medicine, Mesenchymal Stromal Cells, to treat auto-immune and inflammation-related diseases.

Still in the biotech space, Prescient Therapeutics (ASX:PTX) has secured fast track designation from the US FDA for its oncology therapy PTX100. The company is targeting Cutaneous T Cell Lymphoma and more specifically mycosis fungoides, a rare type of skin lymphoma.

Over in consumer staples, The Calmer Co International (ASX:CCO) has secured a deal to distribute its Fiji Kava 50g Instant Kava product through Woolworths (ASX:WOW) beginning in June. Having already inked a similar deal with Coles (ASX:COL), the beverages company is now exposed to about 67% of all retail supermarket sales in Australia.

Finally, Norwest Minerals (ASX:NWM) has obtained a mining lease covering the Bulgera gold project in WA, 50km east of the Plutonic gold plant. The project’s mineral resource currently holds 217,600 ounces of gold and NWM says there is potential to grow it significantly.

LAGGARDS

At Stockhead, we tell it like it is. While Norwest Minerals is a Stockhead advertiser, 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.