Top 10 at 11: ASX opens lower as tariff fatigue sets in across global markets

ASX opens lower as tariff reinstatement dampens global market sentiment. Energy sector leads losses, while gold stocks lift.

Tariff fatigue has well and truly set in. 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.

Federal Court reinstates tariffs

US markets rose in overnight trade, but showed none of their usual enthusiasm.

News Liberation Day tariffs had been suspended by a US court order and deemed unlawful pushed US futures up more than 1% overnight, but that optimism was quickly dashed as a Federal Court reinstated the tariffs.

They’ll remain in place as the Trump Admin appeals the decision and outlines new legal justifications for the tariffs.

President Trump’s team has already signalled that it will continue to pursue the tariffs even if its appeal is lost.

President of the Chicago Federal Reserve Austan Goolsbee signalled the removal or avoidance of large tariffs could bring on an interest rate cut, pointing to the underlying strength in the US economy.

According to a Reuters analysis, the tariffs have cost business across the US, Asia and Europe more than US$34 billion in lost sales and higher costs.

Investors and traders appear to be becoming somewhat numb to it all.

The Dow lifted 0.28%, the S&P500 0.4% and the Nasdaq 0.39%.

A brief tariff relief rally in Europe faded to leave both major indices marginally lower – the FTSE300 dipped 0.2% and the FTSE100 0.1%.

ASX follows Europe lower

The ASX has opened lower in the first hour of trade, down 0.21% as of about 10:30 am AEST.

Consumer Staples are Materials are the only sectors in the green at present, not an ideal start to trading this morning.

A lift in the gold price overnight has provided some stability for gold stocks, which have lifted the All Ords Gold index 0.52%, but the rest of the market is demonstrating broad weakness.

Energy is leading losses, down 0.89% after putting in a strong showing yesterday.

Let’s see who’s moving higher against the market’s momentum…

WINNERS

Code	Name	Last	% Change	Volume	Market Cap
PRM	Prominence Energy	0.004	100%	1500	$778,353
ERL	Empire Resources	0.005	67%	319668	$4,451,740
GMN	Gold Mountain Ltd	0.002	33%	288500	$8,429,639
AYT	Austin Metals Ltd	0.005	25%	198136	$6,296,765
ECT	Env Clean Tech Ltd.	0.0025	25%	159004	$8,013,537
RGL	Riversgold	0.005	25%	149838	$6,734,850
WBE	Whitebark Energy	0.005	25%	100000	$2,749,334
LRD	Lordresourceslimited	0.026	24%	538906	$1,625,946
ASP	Aspermont Limited	0.006	20%	719102	$12,365,938
PIL	Peppermint Inv Ltd	0.003	20%	200000	$5,690,224

In the news...

Lord Resources (ASX:LRD) is up this morning despite launching a 1-for-1 entitlement offer to raise just under $1.4 million. LRD is offering its shares at a 18.18% discount to its 5-day VWAP, with funding to support drilling at the Ilgarari copper project.

Aspermont’s (ASX:ASP) half year results have pleased investors, after the company grew its annual recurring subscription revenue by 4% year-on-year to $11.2m.

The B2B software firm says its subscription business now contributes more than 70% of its total revenue, maintaining a net retention rate of more than 100%.

LAGGARDS

Code	Name	Last	% Change	Volume	Market Cap
TEG	Triangle Energy Ltd	0.002	-33%	500000	$6,267,702
RAN	Range International	0.0015	-25%	3198946	$1,878,581
XPN	Xpon Technologies	0.008	-24%	1654000	$4,349,659
PLC	Premier1 Lithium Ltd	0.009	-18%	1254900	$4,048,666
REZ	Resourc & En Grp Ltd	0.015	-17%	492052	$12,089,504
KPO	Kalina Power Limited	0.005	-17%	865163	$17,597,818
ENL	Enlitic Inc.	0.029	-15%	303089	$24,527,901
ADG	Adelong Gold Limited	0.006	-14%	47460198	$9,782,403
WNX	Wellnex Life Ltd	0.33	-14%	37088	$26,092,038
AX8	Accelerate Resources	0.007	-13%	235331	$6,377,510

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 opens lower as tariff fatigue sets in across global markets