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The ASX200 closed down 0.34% at 8,482 points.
Investment manager Franklin Templeton says President Trump’s latest trade tariffs threat could be a “strategic negotiating tool or the beginning of a prolonged trade war”. In a client note the company raised the prospect the move would escalate tensions with key US trade partners and heighten the risk of a full-scale trade war.
Staples was the best performing sector, up 0.5%, followed by Utilities, up 0.45%. IT was the biggest loser, down 1.4%, followed by Telecommunication, down 1.1%, and Materials, down 0.7%.
In the Green
BlueScope Steel (ASX:BSL) closed up 1.8% on revelations it will emerge a winner if US President Donald Trump imposes 25% tariffs on all imports of steel and aluminium into the US. BlueScope is one of the biggest steelmakers in the US.
Bluescope Steel closed at $21.90.
Star Entertainment (ASX:SGR) closed up 13.6% after the casino operator confirmed it had received bids to buy out its stake in Brisbane’s Queen’s Wharf development. Meanwhile, corporate regulator ASIC’s case against former Star Entertainment executives and directors has gone to trial at the Federal Court in Sydney.
Star Entertainment cashed in its chips at 12.5 cents.
Mayne Pharma (ASX:MYX) closed up 24.3% after revealing it expects underlying earnings for the first half to be up to 300% year over year on the back of higher revenues.
Mayne Pharma closed at $5.82.
In the Red
Wisetech (ASX:WTC) closed down 4.4% after the company revealed two new allegations have been levelled against its founder and former chief executive Richard White.
Wisetech closed at $124.20.
CAR Group (ASX:CAR) closed down 6.5% on release of its first half FY25 results. The company reported a 9% increase in revenue to $579 million.
CAR Group closed at $38.36.
Polymetals Resources (ASX:POL) closed down 6.4% after raising $35 million at an issue price of $0.80 per share. This move is aligned with the company’s strategy to transition into Australia’s next silver and zinc producer.
Polymetals Resources closed at 80 cents.
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