Top 10 at 11: US and Aussie markets rip higher on tariff pause

Markets caught a rocket this morn. In a good way. Pic via Getty Images

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 what feels like a never-ending saga just four months into the year, the Trump administration has once again reversed course on tariffs, temporarily pausing all but 10% for everyone… bar China, Mexico and Canada.

The China-US trade war is still escalating, with Trump once again raising the tariff on Chinese goods to 125%.

The escalation followed China’s own retaliation, which lifted the tariff on US products to 84%.

The World Trade Organisation has cautioned against continued escalations between the two nations, which the WTO forecasts could wipe out as much of 80% of their trade goods, a US$466 billion drop.

“Our assessments, informed by the latest developments, highlight the substantial risks associated with further escalation,” Dr Ngozi Okonjo-Iweala, head of the WTO, said.

US indices ripped higher within moments of the news – the S&P500 gained 9.5%, the Nasdaq 12.2% and the Dow Jones 7.87%.

The Aussie bourse has also soared on the reprieve, gaining more than 5% in the first hour of trading. The sectors are currently in the green across the board, with Info Tech leading the way on a 7.71% uptick.

Back home, here’s what ASX stocks have been up to…

WINNERS

(Click headings to sort)

Code	Description	Last	%	Volume	MktCap
IPB	IPB Petroleum Ltd	0.006	50%	125,000	$2,825,612
AUK	Aumake Limited	0.004	33%	5,000	$9,032,076
MMR	Mec Resources	0.004	33%	280,000	$5,549,298
ARI	Arika Resources	0.021	31%	14,589,591	$10,136,138
GLL	Galilee Energy Ltd	0.009	29%	49,083	$4,717,017
EYE	Nova EYE Medical Ltd	0.11	26%	1,952,033	$24,714,939
FRX	Flexiroam Limited	0.005	25%	167,500	$6,069,594
GCM	Green Critical Min	0.01	25%	2,432,078	$15,693,426
H2G	Greenhy2 Limited	0.01	25%	351,608	$4,785,473
IPT	Impact Minerals	0.005	25%	11,820,395	$14,810,653

Making news this morning…

Arika Resources (ASX:ARI) jumped more than 30% intraday after hitting multiple high-grade gold intersections in maiden drilling at the Pennyweight Point prospect, part of the Yundamindra gold joint venture project. With gold prices hovering close to all-time highs, ARI struck gold up to 35.76m at 2.14 g/t gold from 104.27 metres of depth, with intersections including 13.46m at 5.28 g/t gold from 150m and 14 metres at 15.48 g/t gold from 46m.

LAGGARDS

(Click headings to sort)

Code	Name	Price	% Change	Volume	Market Cap
FAU	First Au Ltd	0.001	-50%	6,142,566	$4,143,987
RLC	Reedy Lagoon Corp.	0.001	-50%	100,000	$1,553,413
ECT	Env Clean Tech Ltd.	0.002	-33%	3,923,844	$10,940,431
SKN	Skin Elements Ltd	0.002	-33%	81,000	$3,225,642
SFG	Seafarms Group Ltd	0.0015	-25%	90,000	$9,673,198
ALM	Alma Metals Ltd	0.004	-20%	15,888	$7,931,727
ERA	Energy Resources	0.002	-20%	242,314	$1,013,490,602
OVT	Ovanti Limited	0.004	-20%	5,768,549	$13,507,739
VFX	Visionflex Group Ltd	0.002	-20%	399,999	$8,419,651
CPO	Culpeominerals	0.011	-15%	1,333	$2,859,509