The Australian Securities Exchange (ASX) is giving up the gains it amassed in its best one-day performance in five years after US President Donald Trump went for the trifecta on China tariffs.
Overnight (AEST) the White House clarified that the tariff on China has actually increased to 145%, not 125%, marking the third hike this week.
The S&P/ASX 200 followed Wall Street’s ride down, shedding 167.3 points, or 2.17%, to 7,542.3 points by 10.30am (AEST). The index has lost 1.64% over the past five days and has retreated 3.47% in the past year.
All 11 sectors were in the red to start the session. Materials tumbled 1.44%, utilities retreated 0.91%, energy was down 0.39% and industrials edged back 0.42%.
ANZ Head of FX Research Mahjabeen Zaman says the lower-than-expected US March Consumer Price Index inflation data — which showed inflation slowed sharply in March and came in at a six-month low — got less attention than usual.

“Such a print would be seen as paving the way for the Fed to resume cutting rates under normal circumstances. But these are highly unusual times,” Zaman says.
Gold demand returned, with the safehaven metal hitting a new record and continuing its rally this morning (11 April) to trade at US$3,190 ($5,129) an ounce.
“Gold rose to a fresh record high as investors sought sanctuary from the market volatility,” Zaman says.
This saw the gold producers dominate the top movers in early trade. Regis Resources (ASX:RRL) climbed 4.33% to $4.58, Newmont (ASX:NEM) rose 3.38% to $81.75, West African Resources (ASX:WAF) rallied 3.11% to $2.32, De Grey Mining (ASX:DEG) jumped 2.97% to $2.43 and Evolution Mining (ASX:EVN) advanced 2.66% to $7.33.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX & Stock



