ASX dips slightly as banks drag index

The Australian sharemarket edged lower on Monday, with the S&P/ASX 200 Index (ASX: XJO) slipping 9.7 points or 0.1 per cent to 8570.4, while the All Ordinaries Index (ASX: XAO) also eased 0.1 per cent to 8815.3. The decline was led by losses in the industrials and banking sectors, with Commonwealth Bank of Australia (ASX: CBA) down 0.4 per cent, while Westpac Banking Corporation (ASX: WBC)and Australia and New Zealand Banking Group Limited (ASX: ANZ) also ended the day lower. Tech stocks followed suit, with Zip Co Limited (ASX: ZIP) falling 2.8 per cent, Appen Limited (ASX: APX)down 3.2 per cent, and Block Inc (ASX: SQ2) dropping 5.3 per cent.

Gold and mining stocks lift amid tariff tensions

Gold miners on the ASX rallied in response to renewed tariff threats from US President Trump, which boosted demand for gold. Northern Star Resources Limited (ASX: NST) rose 1.7 per cent, Evolution Mining Limited (ASX: EVN) climbed 1.9 per cent, and Newmont Corporation (ASX: NEM) added 1.7 per cent. Rising iron ore prices also benefited mining heavyweights, with BHP Group Limited (ASX: BHP) up 0.9 per cent, Rio Tinto Limited (ASX: RIO) gaining 0.6 per cent, and Mineral Resources Limited (ASX: MIN) firming 1.5 per cent. Notable corporate moves included DroneShield Limited (ASX: DRO) surging 17 per cent on expansion plans, Abacus Storage King (ASX: ASK) jumping 5.8 per cent on a takeover offer, and Hansen Technologies Limited (ASX: HSN) rising 10.9 per cent on upgraded earnings guidance.

Global markets steady as tariffs loom

US markets closed slightly higher on Monday despite fresh tariff announcements from President Trump, who plans to implement 30 per cent duties on goods from the EU and Mexico starting August 1. The S&P 500 Index (NYSEARCA: SPY) edged up 0.1 per cent, the Dow Jones Industrial Average (INDEXDJX: DJI) rose by 88 points, and the Nasdaq Composite Index (NASDAQ: IXIC) gained 0.3 per cent, supported by strength in tech giants such as Meta Platforms Inc (NASDAQ: META) and Netflix Inc (NASDAQ: NFLX). Investors are awaiting key second-quarter earnings reports from banks like JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Company (NYSE: WFC), alongside the upcoming US CPI data for June. Among mega-cap names, Tesla Inc (NASDAQ: TSLA) rose 1 per cent after Elon Musk announced a shareholder vote on the company’s investment in xAI.