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Topic:Stock Market
The Aussie share market has dodged a technical correction as iron ore and gold miners rise on higher commodity prices.
Stocks in the United States took a tumble off the back of President Donald Trump's threat to impose tariffs of 200 per cent on alcohol from the European Union.
Follow the day's financial news and insights from our specialist business reporters on our live blog.
Disclaimer: this blog is not intended as investment advice.
By Rachel Clayton
Figures at approx 12:34pm AEDT
Live updates on the major ASX indices:
By Samuel Yang
By Samuel Yang
Six councils in south-west Queensland have banded together to protest an eye-watering increase in insurance premiums of up to 300 per cent.
The South West Regional Organisation of Councils, backed by local federal member David Littleproud, has taken their concerns to the Insurance Council of Australia.
The ICA and Mr Littleproud are discussing potential solutions.
Read more from Grace Nakamura.
By Samuel Yang
The federal government will provide ANZ up to $2 billion as a decade-long loan guarantee to keep its branches open in the Pacific region.
The move comes as countries like the US, Australia and China boost efforts to increase financial influence in the Pacific.
As part of the arrangement, foreshadowed by the treasurer in late 2024, ANZ will invest a further $50 million in its Pacific banking systems to enhance its digital banking offering and support ongoing operations in the region.
ANZ's chief executive officer Shayne Elliott said the arrangement highlighted the shared commitment to continuing to provide access to safe and trusted banking services in the Pacific Island region.
“While the guarantee is not material for ANZ at a Group level, the arrangement will support a more resilient and sustainable ANZ Pacific business, for the future of the region,” he said in a statement.
The funding is expected to take effect in the second half of 2025.
By Samuel Yang
The mining sub-index has risen nearly 2%, its highest level since March 7.
Iron ore prices rebounded on Thursday, driven by a wave of short-covering as near-term demand in top consumer China stayed resilient.
Sub-index leader BHP is up 1.8% to $38.93, Rio Tinto gains 1.5% to $117.73 while smaller rival Fortescue rises 2.2% to $16.19.
The sub-index has lost 0.2%, year to date.
By Rachel Clayton
Australia is standing up to Trump's imposition of tariffs on steel and aluminium with a threat of its own.
Resources Minister Madeleine King told the ABC Australia's critical minerals and rare earths "are in high demand".
"We would very much like to have a partnership with the US, but if they don't want to do that, then that's up to them and we'll continue to work with other nations as well."
Political reporter Jacob Greber has all you need to catch up on the development:
By Rachel Clayton
A lot of you have been getting in touch to cheer on the small business in NSW that is imposing its own tariffs on US products.
Are you a business owner thinking of doing something similar?
Or do you know of businesses retaliating in their own ways?
If so, we'd love to hear from you! You can get in touch with me at clayton.rachel@abc.net.au
By Rachel Clayton
The Aussie sharemarket has opened +0.1% higher on Friday despite a sell-off on Wall Street over escalating tariff announcements.
Financials has opened in the red -0.7% lower, Energy is down -0.3% and Tech slid -0.2%.
Basic Materials, which includes mining companies like BHP and Rio Tinto, is up +1.6%, followed by Utilities +1.1%.
Bottom movers at the open include fast food chain Guzman Y Gomez, which is down -3.7%, and Orora Ltd which dropped almost -5%.
Top movers include Westgold (+5.7%), Regis (+5%), and Lifestyle Communities (+4.6%).
By Rachel Clayton
Reuters has created the below graph to demonstrate how the S&P 500 has reacted to the ongoing announcements from Trump on tariffs:
By Rachel Clayton
The American spirits industry has called for calm as tensions and tariff threats escalate between the US and European Union.
Donald Trump has threatened to impose a 200% tariff on wine, champagne, and other alcoholic beverages from the EU in response to the bloc's decision to reinstate a 50% levy on American whiskey.
The Distilled Spirits Council of the United States said in a statement the tariffs "pose significant threats to businesses and employees on both sides of the Atlantic and will harm farmers, waitstaff, bartenders, truck drivers and retail workers while also depriving consumers of products they know and enjoy".
"We are encouraged by reports that EU Commissioner for Trade and Economic Security Maroš Šefčovič and U.S. Secretary of Commerce Howard Lutnick will discuss the proposed escalation of tariffs on U.S. and EU spirits and wine tomorrow. This dialogue is a positive step towards resolving trade tensions and finding mutually beneficial solutions.
"We urge the U.S. and EU to refrain from imposing these tariffs and to engage in negotiations to resolve the underlying trade issues on steel and aluminum."
By Rachel Clayton
Lol that place in NSW that put tariffs on US products…I forget where. B something…
– Natty
Right you are Natty!
A cafe in rural NSW has imposed its own "tariffs" on American-made and owned products.
The ABC's Central West team has everything you need to know:
By Rachel Clayton
My colleague Dan Ziffer has everything you need to know about how the market fared yesterday:
By Rachel Clayton
Facebook owner Meta has announced it will start testing 'Community Notes' in the United States from March 18, using technology developed by X.
Meta founder Mark Zuckerberg said two months ago his company would stop its independent fact-checking service to align himself with President Trump and Elon Musk.
Community Notes, which is also used on X, relies on crowdsourcing to flag potentially misleading content on Instagram, Facebook and Threads.
By Rachel Clayton
The US dollar has fallen about 3.8% against a basket of other currencies so far this month.
The fall comes as the Euro rises on defence spending and hopes of an end to the Ukraine-Russia war.
The US dollar has also been hit by weak sentiment associated with the tit-for-tat US trade war, that threatens the US growth outlook.
NAB's Senior FX Currency Analyst Rodrigo Catril spoke to presenter Alicia Barry on The Business last night about the potential cost to American households and the risk of inflation from Trump's tariffs.
By Rachel Clayton
This 3-month graph shows the record close the index reached on February 19 (about three-quarters across the chart) when it hit 6,144 points.
Since then it's been steadily falling and closed at 5,521 points on Thursday in the US.
By Rachel Clayton
President Donald Trump has threatened to hit the European Union with 200% tariffs on alcohol, including wine, cognac and champagne, if the region goes ahead with its threat to impose its own tariffs on US whiskey.
The EU's whiskey tariff was a response to Trump's 25% tariffs on steel and aluminium imports that took effect on Wednesday.
Reporter Daniela Pizzirani has all the details to catch you up on the tariff drama that unfolded overnight.
By Rachel Clayton
Good morning and welcome to the ABC's business and markets blog.
The ASX 200 is forecast to open lower after stocks in the United States fell on Thursday with the S&P 500 entering a correction over fears of an escalating tariff war between the US and Canada that could lead to recession.
The S&P 500 fell about -1.4%, closing more than 10% below its February record high.
The Dow Jones fell -1.3% — its fourth day of declines and the tech-heavy Nasdaq slid almost -2%.
"Sentiment's terrible," Mike Dickson, head of research at Horizon Investments told Reuters.
"There's new tariff headlines every day, and that's weighing on things.
"And you're seeing it most acutely in some of the more sensitive areas of the market like the fairly inflated Magnificent 7. It doesn't feel great out there right now."
On March 6, the Nasdaq confirmed it is in a correction by closing 10.4% lower than its all-time closing high reached on December 16.
"There's still a lot of uncertainty concerning the economy," said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana.
"Some of that uncertainty is certainly being driven by tariffs, but there's other uncertainty out there, and it's got investors thinking maybe the hard landing is happening after all."
Topic:Federal Government
Analysis by John Lyons
Topic:Government and Politics
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Topic:NRL
Topic:Police
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