Closing Bell: ASX climbs on banks and tech strength; world waits for US-China trade chat

The ASX has posted a 0.48pc gain on the back of tech and banking stocks, while all attention turns to upcoming US-China trade discussions.

Whatever the result, trade talks between the US and China will be moving markets over the weekend. Pic: Getty Images

• ASX lifts 0.48pc as attention turns to US-China trade talks

• Info Tech leads gains, up 1.83pc with All Tech Index climbing 1.36pc

• Materials lags behind, slipping 0.46pc

The ASX was significantly less squirrely today, seeming to gain confidence as it extended its upward trajectory at midday to finish up 0.48% overall.

Most of that momentum came from Info Tech (+1.83%) and Financials stocks (+1.10%) with much of the latter supported by upward movements from the banks.

Source: Market Index

Westpac (ASX:WBC) lifted 2.33%, Macquarie Group (ASX:MQG) 3.79% and QBE Insurance (ASX:QBE) 3.48%.

As for tech, there were some strong movements in the midcaps. Megaport (ASX:MP1) jumped 3.91%, Objective Corporation (ASX:OCL) 2.79% and Data#3 (ASX:DTL) 2.5%.

The Tech Index climbed 1.32%, while the ASX200 Banks nudged up 0.73%.

Source: Market Index

With trade talks between the US and China scheduled for this weekend, we may wake up on Monday to a very different market sentiment.

World awaits result of US-China trade talks

It feels a bit like we’ve all been forced to witness a giant game of chicken, one with a hell of a lot on the line.

The US Treasury Secretary Scott Bessent is set to meet with Chinese officials in Geneva tomorrow, with the goal of normalising trade between the two nations.

“I look forward to productive talks as we work towards rebalancing the international economic system towards better serving the interests of the United States,” Bessent said in a statement announcing the upcoming dialogue.

At present, the US and China are essentially in a trade embargo, with respective +125% tariffs making bilateral trade far too expensive to countenance for most businesses.

Analysts say it’s going to have a dampening effect on global growth. As expenses for US businesses grow, they’ll have less money to splash around in the rest of the world.

Neither party have shown any signs of backing down, with Trump shooting down rumours the US was considering reducing tariffs by half and Chinese Vice Foreign Minister Hua Chunying stating simply, “We have no fear”.

While there’s very little guarantee any real progress will be made in Switzerland tomorrow, many markets are betting there will be some kind of easing in tensions – or perhaps they think Trump will back down again.

Given how mercurial his moods – and therefore his policy – can be, it’s probably not the worst bet you could make.

The first signs of strain in the global economy are beginning to show, although the worst is certainly yet to come as inventories empty and stockpiles deplete in time.

The US is staring down the barrel of a serious stagflation threat, while China’s Politburo, its second-most powerful political body, has cautioned officials to prepare for “worst-case scenarios” due to the impact of “external shocks”.

What’s increasingly clear, is that while Trump and China play their zero-sum game, the rest of us are all losing.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Security	Name	Last	% Change	Volume	Market Cap
GGE	Grand Gulf Energy	0.004	100%	12430706	$5,600,774
WEL	Winchester Energy	0.002	100%	1000000	$1,363,019
AYM	Australia United Min	0.003	50%	105099	$3,685,155
EEL	Enrg Elements Ltd	0.0015	50%	2676335	$3,253,779
TMK	TMK Energy Limited	0.003	50%	16525088	$20,444,766
VPR	Voltgroupltd	0.0015	50%	667047	$10,716,208
FHS	Freehill Mining Ltd.	0.005	43%	1305474	$11,317,347
FIN	FIN Resources Ltd	0.007	40%	750767	$3,474,442
CMD	Cassius Mining Ltd	0.022	38%	1436420	$10,840,090
DDT	DataDot Technology	0.004	33%	1250000	$3,632,858
JAL	Jameson Resources	0.04	33%	49506	$18,322,000
TASDA	Tasman Resources Ltd	0.02	33%	430001	$2,415,749
PCL	Pancontinental Energ	0.013	30%	7495949	$81,365,859
ENV	Enova Mining Limited	0.009	29%	19761262	$9,894,505
KPO	Kalina Power Limited	0.007	27%	5094926	$16,131,334
VRX	VRX Silica Ltd	0.057	27%	1333575	$33,628,648
ASR	Asra Minerals Ltd	0.0025	25%	207082	$5,412,094
CAV	Carnavale Resources	0.005	25%	5191227	$16,360,874
RLL	Rapid Lithium Ltd	0.0025	25%	62500	$2,489,889
TEM	Tempest Minerals	0.005	25%	703479	$2,938,119
TNC	True North Copper	0.185	23%	861843	$18,875,852
TG1	Techgen Metals Ltd	0.0245	23%	607703	$3,173,314
FRS	Forrestaniaresources	0.047	21%	25187100	$11,699,995
CRI	Criticalim	0.018	20%	9015158	$40,326,729
CUF	Cufe Ltd	0.006	20%	13681259	$6,732,874

Making news…

Jameson Resources (ASX:JAL) just gave an update on its Crown Mountain hard coking coal project, and it’s looking pretty solid. A review by top technical advisers confirmed the project’s proven and probable reserves are still good to go, even with the shake-up in costs and coal prices.

Since 2020, inflation’s pushed up capital and operating costs, but the project’s still standing strong, said Jameson. Revised coal price forecasts and adjustments boosted its pre-tax NPV from US$469m to a massive US$942m.

Aureka (ASX:AKA) has just scored a major win by bringing on Jozef Story as its new exploration manager. Story’s no rookie, he’s fresh off four years at Barrick Gold as exploration manager, with over 25 years in the field, including stints at Fosterville and Castlemaine in Victoria.

CEO James Gurry is stoked, saying Story’s experience gives Aureka the edge to tap into its gold targets at Bendigo, Stawell, and St Arnaud.

Winchester Energy (ASX:WEL) has notched a definitive legal win in its battle with Westex Resources, after the courts dismissed all orders against the company.

Westex previously alleged Winchester had failed to meet agreed farm-in work commitments and attempted to claim damages. None were awarded, and WEL’s directors expect no further action to be taken related to the dispute.

Identification and security solution firm DataDot Technology (ASX:DDT) has netted a major Tier 1 Australian insurer as a customer through its Australian subsidiary, marking the second pilot agreement for the company’s PropertyVAULT technology.

The PropertyVAULT is a service designed to enhance the identification and recovery of stolen assets, targeted at insurance and insurance recovery sectors.

Tempest Minerals (ASX:TEM) has climbed despite launching an entitlement offer at a 9.5% discount to its 5-day VWAP price, seeking to raise up to just under $1.47m.

The company wants to channel those funds into exploration on its gold assets, as well as iron ore at the Yalgoo project.

TEM recently released an inaugural resource estimate for Yalgoo, coming in at 63.5Mt at 30.6% iron ore content.

ASX SMALL CAP LAGGARDS

Today’s worse performing small cap stocks:

Security	Name	Last	% Change	Volume	Market Cap
DTM	Dart Mining NL	0.003	-40%	12409271	$3,438,820
BUY	Bounty Oil & Gas NL	0.002	-33%	1217227	$4,684,416
CRB	Carbine Resources	0.004	-33%	1271859	$3,310,427
EDE	Eden Inv Ltd	0.001	-33%	469000	$6,164,822
SKN	Skin Elements Ltd	0.002	-33%	17,238	$3,225,642
FNR	Far Northern Res	0.12	-29%	36562	$6,845,190
WBE	Whitebark Energy	0.005	-29%	1464839	$2,799,347
MDR	Medadvisor Limited	0.096	-26%	3806463	$77,703,033
AUK	Aumake Limited	0.003	-25%	308600	$12,093,435
BNL	Blue Star Helium Ltd	0.006	-25%	1507365	$21,559,082
PHO	Phosco Ltd	0.054	-23%	136773	$22,085,581
KRR	King River Resources	0.007	-22%	5071874	$13,753,987
TMS	Tennant Minerals Ltd	0.007	-22%	282358	$8,603,014
AMS	Atomos	0.004	-20%	730870	$6,075,092
AVE	Avecho Biotech Ltd	0.004	-20%	391664	$15,867,318
ENT	Enterprise Metals	0.002	-20%	1	$2,945,793
JLL	Jindalee Lithium Ltd	0.38	-18%	434473	$35,628,915
CHM	Chimeric Therapeutic	0.005	-17%	4422914	$10,904,117
IFG	Infocusgroup Hldltd	0.005	-17%	4087690	$1,574,561
JAV	Javelin Minerals Ltd	0.0025	-17%	21521064	$18,138,447
ODE	Odessa Minerals Ltd	0.005	-17%	2707196	$9,597,195
RDS	Redstone Resources	0.005	-17%	546336	$5,552,271
MDI	Middle Island Res	0.018	-14%	782231	$5,786,248
CRR	Critical Resources	0.003	-14%	1723221	$9,149,774
EAT	Entertainment	0.006	-14%	500001	$9,161,502

Trading Halts

VHM (ASX:VHM) – cap raise

Raptis Group (ASX: RPG) – cap raise

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

Originally published as Closing Bell: ASX climbs on banks and tech strength; world waits for US-China trade chat