The Australian share market is on the rise following a recovery in US stocks driven by a rally in the beaten-down tech sector.
However, investors remain nervous as Europe and Canada respond to US tariffs with their own trade barriers.
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 Michael Janda
Figures at 12:20pm AEDT
Live updates on the major ASX indices:
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By Rhiana Whitson
Here's a bit more analysis on stock movements today from Reuters:
Australian coal mining stocks are down as Asia's seaborne imports of metallurgical coal drop to the lowest in three years in February on lower demand from major fossil fuel consumers China and India
The Newcastle coal index, a commonly used benchmark, fell 2.5% on March 10.
Yancoal is down 12.2%, leading the declines on the ASX 200.
Whitehaven Coal fall is down 5.5%.
Coal-focused Coronado Global Resources slide 4.2%.
The slump comes despite weakening of fossil fuel regulations in the US and increased pushback on net zero goals around the world.
Meanwhile, gold stocks have been on the rise as investors continue to flock to safe haven gold as uncertainty remains around the US tariffs policies, while cooler-than-expected U.S. inflation kept Fed rate cut bets intact.
Bellevue Gold is leading the gains, up more than 6%.
Evolution Mining is up 3.8%, while larger Northern Star Resources is up 1.7%.
By Rhiana Whitson
After making modest gains, the ASX 200 is up just 0.10 points shortly after midday AEDT to 7,786.
It's a mixed bag on the ASX 200, in terms of who is leading the gains and declines.
Bellevue Gold is up about 6%, while Yancoal is down 11.9%.
Yancoal's fall has been largely driven by the coal miner's shares going ex-dividend this morning for its final dividend for FY 2024.
After all but one sectors opening in the red, the tables have turned. Eight of 11 sectors are now in the green.
Nine shares are trading 0.3% higher after announcing acting CEO Matt Stanton is now its permanent boss.
We'll bring you more on stock movements shortly.
By Rhiana Whitson
Steelworkers in Port Kembla are worried the steel tariffs are designed to push steel businesses like BlueScope to relocate to the United States.
Arthur Rorris is the secretary the largest union representing steelworkers at Port Kembla, the South Coast Labour Council, and says Donald Trump has not hid his intentions.
"The greatest threat facing the Australian steel industry is not Trump’s tariffs, it’s Trump wanting to steal our industry," he said.
"We have to look at Trump’s motivations carefully and it has been clearly stated he wants to take BlueScope and get them invested and based in the United States."
"Our job is to make sure that doesn't happen, that we build and continue to ensure that we have a steel industry into the future."
In response to the tariffs, the SCLC is pushing for domestic procurement quotas to ensure Australian projects are using Australian steel.
"The very least that we can do in this new world is to write some of our own rules made for the Australian workers," said Mr Rorris.
Those should be where we make things and where we have a demand for a local projects, that we use the stuff that we make."
— guest post from ABC News reporter Tim Fernandez
By Emilia Terzon
Good morning! Emilia ducking in here.
I've put out a story this morning revealing new modelling done by the Parliamentary Budget Office for the Greens about the revenue that could be raised from legal cannabis.
Right now, you can only legally choff down (or eat a gummy!) if you've got a medical script or if you're in the ACT.
The Greens want to change this and fully legalise adult use cannabis, and create a 15% tax on it to raise what the PBO says could be around $700m in extra revenue a year.
That's instead of the cash going to drug dealers. It would also create legal work for small to medium businesses that the Greens wants to help set up, like cannabis cafes.
We spoke to a small business owner that is currently selling hydroponic sets for "tomato grower" although they would like to legally sell more than this for cannabis enthusiasts.
"Right now, we're basically handcuffed. We have folks coming in to our business that, for example, want to receive hydroponic growing advice," Sasha Lai says.
"They have to use pseudonyms like 'tomato plants' to ask us how to get rid of a certain sort of pest or bacterial fungus on their plants and we're having to provide advice in this extremely grey area that puts our business at risk."
"For me, the current medicinal cannabis structure only benefits large pharmaceutical companies that have the ability to create a spin-off business that poses them as doing goodwill for plant based alterative therapies."
Read more of the story here, including the counterpoints to the Greens policy who argue it is dangerous and not that beneficial for the economy.
By Rhiana Whitson
Nine has announced Matthew Stanton as its new CEO.
In a statement to the ASX, Nine says:
"An experienced commercial CEO, Mr Stanton has a strong track record of leading transformation programs across the media, food and beverage and retail sectors.
Previously he was Chief Executive Officer of Barambah Organics, Chief Transformation Officer at Woolworths, and Chief Executive Officer of Bauer Media (now Are Media). After joining Nine as Chief Strategy Officer in 2022, Mr Stanton has been Acting Chief Executive Officer since October 2024.
During his time as Acting Chief Executive Officer, Mr Stanton has reset Nine’s operating model, refreshed the Executive Team and accelerated the strategic and cultural organisation-wide reform programs underway at Nine."
Nine Chair Catherine West says:
“The Board is delighted to confirm Matt as the Nine CEO. Following a thorough and competitive recruitment process, Matt was clearly the best credentialled leader to maintain the momentum on our strategic and cultural transformation. He has done an outstanding job as Acting CEO.
Matt’s mix of strategic and commercial acumen, transformation and media experience, strong values, and an open and collaborative approach to leadership, make him the right person to lead Nine. After developing the Group strategy, Matt has a deep understanding of Nine, our priorities, culture and people and has earned the respect of the senior leadership, the broader workforce, the market and the Board.”
Nine is the publisher of The Australian Financial Review, The Sydney Morning Herad and The Age.
Its other offerings include radio stations 2GB and 3AW and streaming platform Stan.
Nine shares are up 0.3% to $1.63.
By Rhiana Whitson
If you're not deeply involved in freight, you might wonder why the name DP World rings a bell.
In 2023 it was the subject of a substantial cyber attack which crippled the company's operations just ahead of Christmas.
The company moves about 40 per cent of the nation's freight, and it was feared that a prolonged cybersecurity breach would make life harder for importers, retailers and Christmas shoppers — particularly those seeking items in hot demand around the world, like electronics.
For me, it's more about its completely legal but controversial tax practices that end with it making immense profits in Australia but paying very little or $0 in tax.
Again, there is no suggestion of illegality.
At the time I wrote this article, DP World had generated $4.5 billion in total revenue in the previous eight years and had not paid a dollar in corporate income tax.
By Daniel Ziffer
Hi team, jumping in with some exciting 'getting stuff to your door' news.
Our competition watchdog has detailed "preliminary competition concerns" with the idea of DP World Australia buying Silk Logistics.
Here's what they do, and why the Australian Competition and Consumer Commission is a bit worried.
The ACCC has two main 'issues of concern' and here I'll quote from their statement that lays it all out.
Discrimination against rival container transport providers by increasing charges or worsening the quality of terminal services
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OK, that's one problem.
Below-cost conditional discounts that have an exclusionary effect on rival container transport providers
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As in, they could offer a great deal, run competitors down or out of business and then raise prices.
The ACCC wants people in the market to make submissions by no later than 27 March 2025.
The watchdog will "finalise its view on this matter" after it considers submissions and intends to publicly announce its final view by 5 June 2025.
By Rhiana Whitson
The Australian Energy Market Regulator has today released its new Default Market Offer (DMO).
The DMO is basically a benchmark price for electricity, acting as a "safety net" for consumers who are not on a competitive market offer. It's also a price that allows retailers to recover their costs.
It applies to customers in New South Wales, South Australia, and south-east Queensland. Victoria's default market offer is set by a different regulator.
Benchmark tariffs to rise by between 25.1 and 8.9% in some parts of the country in states affected by the AER's DMO.
IEEFA's Lead Electricity Analyst, Johanna Bowyer, had this to say about what's driving the price rises:
"A key driver of wholesale price rises over the past decade is gas prices. Gas prices have come down from record levels seen a few years ago but still remain elevated compared to historical levels.
Recently, a number of coal power station outages have also been driving up wholesale prices. Coal generators are ageing, and wear and tear on the assets can lead to more outages. When coal generators have outages, more expensive gas generation usually steps in to fill the gap, raising prices.
In our analysis of wholesale prices, we've found that higher penetrations of renewable energy are correlated with lower spot prices. Wind and solar farms bid into the market at very low prices, pushing wholesale prices down when wind and solar energy is abundant.
More renewable energy entering the system would drive further wholesale price reductions."
However, as a federal election looms, IEEFA is not a fan of the Coalition's nuclear plan as a way to bring down the cost of energy bills:
"Nuclear is one of the most expensive electricity solutions. If nuclear power was introduced into the grid, we have calculated this could lead to energy bill rises of $665 per year for a typical household, or $972 for a 4-person household, in a situation in which nuclear reactors recover their costs through bills," Bowers argues.
Most energy experts agree. The Coalition, however, is adamant nuclear will work.
On network costs (which make up at least 40% of household energy bill costs) Bowyer argues:
"Regarding network costs, we have found that there are opportunities to bring them down. Network businesses are achieving supernormal profits, and tightening up the regulations could reduce bills by around $120 per year."
IEEFA says "households and businesses can save money on their energy bills by improving the insulation of buildings, replacing old inefficient electric appliances with efficient ones, and installing rooftop solar and storage."
By Rhiana Whitson
The Australian share market is making modest gains after a new 100-day low.
The ASX 200 is up 0.2%, at 7,801 as investors look to "buy the dip" amid Trump tariff worries.
BlueScope Steel's leading the gains in early trade:
Ten of 11 sectors are lower:
We'll bring you more markets news shortly.
By Rhiana Whitson
In light of Trump's tariffs, PM Anthony Albanese has suggested Australians should buy Australian goods instead of American ones, invoking "Team Australia" in the aftermath of Donald Trump's steel and aluminium tariffs.
Labor sources have told ABC News political reporter Tom Crowley next fortnight's federal budget would have a "buy Australian" theme, which might include action on boosting the representation of Australian suppliers in federal procurement contracts.
Read more here:
By Michael Janda
While many inflation pressures are starting to abate, it seems the recent lull in electricity costs will soon be over.
The energy market regulator is expected to be looking at default market offer (DMO) increases of more than 5% from July 1.
While most customers are not on the DMO, it tends to drive the movement in most market offers.
Energy reporter Daniel Mercer has you covered with the details.
By Michael Janda
If you want to get up to speed on what happened on the market yesterday, Alan Kohler has your regular finance fix.
By Michael Janda
A great feature by my colleague Rachel Clayton looking at the history and present of prefabricated housing.
These are homes largely built in a factory and then trucked onto site for final assembly.
A government report more than 50 years ago argued that prefab housing could play a much greater role in Australian housing supply, and keep a lid on building costs.
A recent Productivity Commission report highlighted how Australia now produces 12 per cent fewer houses per hour worked than it did 30 years ago.
Many see factory-based building as a way to arrest this decline in productivity, and it is happening overseas, such as in Sweden.
Read more below, it's worth the five or 10 minutes of your time.
By Michael Janda
Unlike Australia, which has opted not to retaliate to US tariffs on steel and aluminium for fear it would simply push up local prices for consumers, Europe and Canada have hit back at Donald Trump with trade barriers of their own.
Canada announced retaliatory tariffs on imports worth nearly $14 billion for steel and more than $3 billion for aluminium, as well as nearly $16 billion on various other US imports.
Not to be left out, the European Union announced tariffs on about $45 billion worth of US imports to the region.
Still not quite sure what Trump's trade war is about? My colleagues Emily Clark and Brad Ryan have done a good job explaining it in straightforward terms.
By Michael Janda
Good morning, and welcome to the ABC's daily business and markets blog.
After some brutal days of selling over recent weeks, it looks like the bears are taking a walk and Goldilocks has snuck in to the market.
Tech stocks are leading gains on Wall Street as more adventurous investors seek what they see as a bargain.
"Sector details show largely a tech-led rebound with IT +1.4% and Comm Services +1.7%," noted Tapas Strickland in NAB's morning note.
The tech heavy Nasdaq index was up 1.2% to 17,648, while the broader S&P 500 had a milder 0.5% rally to 5,599 points.
The local market, short on those volatile tech stocks, looks set to follow those more modest gains, with the ASX SPI 200 futures up 0.2% to 7,799.
But NAB's head of market economics, Strickland, warned there are some signs the recent falls might have much further to run.
"Worth noting in your scribe's view a WSJ article covering the Yale CEO Caucus where CEOs on the whole were concerned about Trump's policies, but were also reluctant to question policy openly," he observed.
"When asked how much the stock market would need to decline for them to speak out collectively, 44% said it would have to fall 20%. Another 22% said stocks would have to fall 30% before they would take a stand.
"The inference being the Trump put could be a lot lower than where some people think."
Maybe the bears are just out for a short stroll? Watch out Goldilocks!
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