The Australian Securities Exchange (ASX) started the week positively, fueled by reports of ongoing trade deal negotiations with the US. Market sentiment was further buoyed by news that certain electronic devices imported from China would remain exempt from US tariffs. By 10:30 am (AEST), the S&P/ASX 200 had increased by 53.9 points, or 0.7%, reaching 7,700.4 points. While the index has recovered 0.43% over the past five days, it remains down 5.62% since the beginning of 2025.
Sector performance was led by materials, which advanced 1.25% in early trading and 0.95% over the past five sessions. Energy, utilities, and industrials also saw gains, rising 0.23%, 0.22%, and 0.16% respectively. Gold continues its record-breaking rally as investors seek safe-haven assets due to market volatility, surging 6.6% last week to close above US$3,200 an ounce. Copper prices also rebounded amid expectations of further stimulus from China to mitigate the impact of US tariffs, returning above US$10,000 a tonne. Top movers included Mineral Resources, up 5.4% to $17.57, and gold stocks like Newmont and Ramelius Resources, gaining 4.69% and 4.14% respectively.
