Top 10 at 11: ASX lifts 0.2pc against global market falls

ASX gains 0.21% in early trade, defying global market falls amid EU-US trade tensions. Energy leads the rise, while gold stocks are dragging.

Trade discussions between the EU and US have dampened markets overnight, as traders wait for tariff war dust to settle. Pic: Getty Images.

Morning, and welcome to Stockhead’s Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading.

With the market opening at 10am sharp eastern time, the data is taken at 10:15, once trading kicks off in earnest.

In brief, this is what the markets have been up to this morning.

Global markets subdued as EU-US trade talks continue

Global markets fell across the board last night, as both Europe and the US digest the potential fallout of ongoing trade talks between the two trading blocs.

The Dow and the S&P 500 fell 0.6%, the Nasdaq 0.5%. The Euro FTSE 300 shed 0.7% and the UK FTSE 100 0.6%.

US President Trump threatened the EU with a flat 50% tariff just a few days ago, but has since extended the deadline for talks until July 9.

Diplomats and politicians on both sides of the negotiations have indicated they are progressing, perhaps moving toward something similar to the UK’s trade deal with the US.

That left a 10% tariff in place but removed several other barriers to automotive and agricultural exports.

Court of International Trade rules tariffs unlawful

Adding another healthy dose of chaos to the mix, a three-judge panel at the Court of International Trade in New York has unanimously ruled President Trump’s tariffs as “contrary to the law”.

They found that the International Emergency Economic Powers Act does not give him “unlimited” power to impose tariffs.

“Because of the Constitution’s express allocation of the tariff power to Congress, we do not read IEEPA to delegate an unbounded tariff authority to the President. We instead read IEEPA’s provisions to impose meaningful limits on any such authority it confers,” the ruling said.

Trump’s new tax bill included a clause that could potentially limit the ability of the courts to enforce contempt citations for breaches of injunctions or temporary restraining orders.

The impact of the Court of International Trade’s judgement may depend on whether the tax bill passes the US Senate in its current form.

Fed Reserve in “wait and see” mode

Either way, the US Fed isn’t happy with how things have evolved. The Fed’s latest minutes revolved around the increasing threat of inflation, coupled with rising unemployment and falling economic productivity.

“The culprit is Trump’s tariff plans,” Stockhead’s Eddy Sunarto wrote earlier this morning.

“If they stick, they could jack up prices while slowing the economy, putting the Fed in a pickle: raise rates to cool inflation, or cut them to save jobs?”

Chair Jerome Powell has signalled the Fed has its hands tied until the dust settles around Trump’s tariff plans.

It seems it’s simply impossible to set monetary policy when the future impact to the economy is so uncertain.

The Fed will next meet on June 17-18, due to release new projections from policymakers on their outlook for employment, inflation and the wider economy.

ASX bucks global trend to gain in early trade

The ASX has lifted in the first hour of trade this morning, gaining 0.21% as of about 10.30am AEST.

Energy is leading the bourse up, riding higher on a 1% lift to oil prices overnight.

Tech and Bank stock indices are also in the green this morning, joined by 9 of 11 sectors.

The ASX All Ords Gold index is dragging, pushed lower by a cut to gold prices overnight as the US dollar recovered against major currencies.

Onto our winners and laggards for the morning...

WINNERS

Code	Name	Last	% Change	Volume	Market Cap
BMO	Bastion Minerals	0.002	100%	1299995	$903,628
AXP	AXP Energy Ltd	0.0015	50%	50000	$6,574,681
MOM	Moab Minerals Ltd	0.0015	50%	1042927	$1,733,666
TMK	TMK Energy Limited	0.004	33%	36750	$30,667,149
BPP	Babylon Pump & Power	0.005	25%	8000000	$11,082,268
BYH	Bryah Resources Ltd	0.005	25%	2100000	$3,479,814
CAV	Carnavale Resources	0.005	25%	16666	$16,360,874
EVR	Ev Resources Ltd	0.005	25%	500000	$7,943,347
CCO	The Calmer Co Int	0.003	20%	1351982	$7,528,289
FBR	FBR Ltd	0.006	20%	3288732	$28,447,261

In the news...

Oncology biotech Invion’s (ASX:IVX) non-melanoma skin cancer trial has shown early indications of strong promise, achieving an observable reduction in lesion size after a single treatment cycle.

The safety review committee noted no adverse events, and patients experienced no pain during the treatment according to clinician feedback.

The trial also demonstrated IVX’s INV043 treatment has potential as a diagnostic tool, with suspected cancers fluorescing (glowing) under violet light.

BPH Global (ASX:BP8) is preparing its first shipment of Indonesian seaweed biomass under a sales cooperation agreement with PT Kebula Raya Bestari, delivering 60 metric tonnes to South Korea-based food ingredient manufacturer MSC.

Eden Innovations (ASX:EDE) has sold just over $878,000 in EdenCrete® products between February 6 and May 23, with year-on-year sales for April and May 86% higher than the sales for all of Q4 FY 2024.

The EdenCrete product is designed to lower the cost of concrete and reduce the amount of Portland Cement used, the main driver of carbon emissions in the concrete industry.

A farm-in agreement with Condor Energy has furnished Red Sky Energy (ASX:ROG) with the funding to advance the KN2 well at the Killanoola Oil Project.

The farm-in participants will collectively fund 75% of drilling and completion costs of the KN2 well, while Red Sky retains a 55% interest in the well and full control of the licence, remaining as its operator.

Education technology platform ReadCloud (ASX:RCL) has boosted its organic revenue growth 13% in the first half of the 2025 financial year. The company also lifted its underlying EBITDA by 73%, holding cash of $3.5m with operating cash inflow of $1.9m.

Bryah Resources (ASX:BYH) has kicked off a flora survey for its manganese mining licences, held with joint venture partner OM Ltd. Manganese prices have lifted by about 4.52% since the beginning of 2025, prompting Bryah to push the project toward production.

LAGGARDS

Code	Name	Last	% Change	Volume	Market Cap
FTC	Fintech Chain Ltd	0.003	-50%	2185603	$3,904,618
ALR	Altairminerals	0.002	-33%	1756764	$12,890,233
VML	Vital Metals Limited	0.002	-33%	5110645	$17,685,201
OVT	Ovanti Limited	0.003	-25%	378539	$11,174,060
CHM	Chimeric Therapeutic	0.004	-20%	5476493	$9,253,431
EPM	Eclipse Metals	0.005	-17%	1	$17,194,914
DTM	Dart Mining NL	0.003	-14%	100000	$4,193,195
OLI	Oliver'S Real Food	0.006	-14%	1663	$3,785,123
TMS	Tennant Minerals Ltd	0.006	-14%	300000	$6,691,233
AVG	Aust Vintage Ltd	0.075	-13%	841853	$28,333,811

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Top 10 at 11: ASX lifts 0.2pc against global market falls