Top 10 at 11: ASX lifts as UK trade deal pushes US markets higher

Normalising trade relations have given global markets space to breathe, pushing US indices higher and lifting the ASX in early morning trade.

A UK-US trade deal has lifted markets higher, with the ASX tracking up in early trade. 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.

US-UK trade deal

A bilateral trade agreement between the UK and US has done much to soothe nerves in global markets, in a strong sign of normalising international trade relations.

The deal leaves Trump’s 10% tariff in place, while lowering the UK’s trade tariffs from 5.1% to 1.8% and expanding access to agricultural goods.

The new agreement also provides exemptions for plane parts made by Rolls-Royce.

That, coupled with comments from US Commerce Secretary Howard Lutnick that the UK would buy US$10 billion in Boeing planes, lifted airline stocks about 5.4%.

Trump was quick to say the UK had made 'a good deal', but that others might not enjoy similar success because of large trade surpluses with the US.

US markets went from strength to strength after the deal was announced, led up by Boeing’s 3.3% jump as the strongest mover on the Dow.

Trump’s plans to modify or rescind restrictions on advanced AI-capable chips bumped semiconductor stocks up as well, which lifted 1% overall, having gained 1.7% the day before.

The Dow and the S&P500 each gained 0.6%, while the Nasdaq shot up 1.1%, hovering around bull market territory in comparison to its post-tariff lows on April 7.

Increased certainty around US-UK trade wasn’t enough to lift the FTSE100, nor was a 25-bp interest rate cute by the Bank of England, which called for a “gradual and careful” approach to further easing a day after the US Fed held its rate steady.

The FTSE300 rose 0.3% but the UK FTSE100 slid 0.3%.

Oil and bitcoin climb, gold falls

As a direct consequence of normalising trade relations, oil continued to rise today, lifting 3% on average.

Bitcoin also benefited, jumping 6.2% to climb back past the US$100,000 mark to US$103,32.6.

Gold also responded, retreating 2.5% to US$$3306 an ounce as demand for the safe haven fell in step with reduced tariff anxieties.

A strong US dollar and expectations of a steel production cut in China also pushed base metals down. Copper fell 1.2% and iron ore 1.1% to US$98.23 a tonne, but aluminium gained 1.1%.

Turning our attention to the ASX, the bourse has lifted a little over 0.3% as of about 11am AEST, with eight sectors up and three down.

Info tech is up 1.74%, following the Nasdaq’s lead, while materials is down 0.59%.

Now, onto our movers and shakers for the morning.

WINNERS

Code	Description	Last	%	Volume	MktCap
VPR	Volt Group Ltd	0.002	100%	500000	$10,716,208
GGE	Grand Gulf Energy	0.003	50%	502617	$5,600,774
TMK	TMK Energy Limited	0.003	50%	186408	$20,444,766
FRS	Forrestania Resources	0.056	44%	10937293	$11,699,995
RWD	Reward Minerals Ltd	0.057	24%	25000	$12,292,100
AYT	Austin Metals Ltd	0.006	20%	66	$7,870,957
AZL	Arizona Lithium Ltd	0.012	20%	32796307	$45,618,145
CUF	Cufe Ltd	0.006	20%	1900000	$6,732,874
EM2	Eagle Mountain	0.006	20%	100000	$5,675,186
PCL	Pancontinental Energy	0.012	20%	63454	$81,365,859

In the news…

Forrestania Resources (ASX:FRS) has hit a zone of high-grade gold at the Bonnie Vale gold Project, with results up to 1m at 25.6 g/t gold from 72m of depth.

The company says the gold zones are thickening at depth, and the target zone is open in all directions for further exploration, offering a promising drill target FRS will return to later in the year.

LAGGARDS

Code	Name	Price	% Change	Volume	Market Cap
BIT	Biotron Limited	0.002	-33%	20000	$3,981,738
BUY	Bounty Oil & Gas NL	0.002	-33%	50000	$4,684,416
MEL	Metgasco Ltd	0.002	-33%	35201	$4,372,760
AHN	Athena Resources	0.003	-25%	100000	$8,012,806
ENT	Enterprise Metals	0.002	-20%	500,491	$2,945,793
EPM	Eclipse Metals	0.004	-20%	78571	$14,299,095
CHM	Chimeric Therapeutic	0.005	-17%	617194	$10,904,117
CRB	Carbine Resources	0.005	-17%	743334	$3,310,427
MDI	Middle Island Res	0.018	-14%	320412	$5,786,248
WBE	Whitebark Energy	0.006	-14%	20000	$2,799,347

Athena Resources (ASX:AHN) shareholders were unimpressed with drilling results from the Byro magnetite project, despite logging a magnetite intersection 68 metres wide. Iron ore prices have been falling in recent weeks and are no doubt weighing on the stock as well.

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 as UK trade deal pushes US markets higher