ASX stalls ahead of RBA rate decision, Origin surges on UK deal, materials sink

The local bourse posted a 0.2 per cent loss on Monday, with the S&P/ASX 200 Index (ASX: XJO) dragged lower by weakness across the retailing and materials sectors, with both falling by 0.8 per cent. It was news from gold miner Northern Star Resources Limited (ASX: NST) that production would be at the lower end of forecasts that had the biggest impact, with shares falling 8.7 per cent on the news. This was worsened by a weakening in the iron ore price, which sent BHP Group Limited (ASX: BHP) around 0.3 per cent lower. On the positive side was a strong rally in the utilities sector, gaining 3.5 per cent, as Origin Energy Limited (ASX: ORG) gained close to 7 per cent on corporate news. The company is a major shareholder in UK energy tech company, Octopus Energy, which over the weekend confirmed intentions to hive off its technology platform Kraken, in a deal that could value the business at 10 billion dollars.

South32 lower as deal nears, MinRes falls despite board change, Hub24 jumps on broker upgrade

Diversified miner South32 Limited (ASX: S32) fell 0.6 per cent as the company flagged the sale of its Cerro Matoso nickel mine to venture partner Core X following a review of growing structural challenges in the nickel market. The group is focused on cleaning up non-core assets as higher costs and lower prices spread across the market. Super platform HUB24 Limited (ASX: HUB) managed a 2.8 per cent gain as broker UBS upgraded its outlook for the company as assets under administration continue to flow, and grow as share markets perform strongly. CSL Limited (ASX: CSL)rallied more than 2 per cent amid a renewed search for defensive earnings, while Mineral Resources Limited (ASX: MIN) reversed a 2 per cent gain to finish close to 2 per cent lower, despite the addition of two new independent directors to the under-pressure company’s board. The market is awaiting an RBA rate decision tomorrow afternoon, with economists predicting another 0.25 per cent cut as a near certainty.

Trump tariffs return, S&P 500 sinks, Tesla as Musk launches party

The US share market fell from its all-time high overnight as Donald Trump’s tariffs returned with a vengeance. The S&P 500 Index (NYSE: SPX) was down 1 per cent and the NASDAQ Composite Index (NASDAQ: IXIC) 0.9 per cent as Trump announced a round of tariffs following the expiry of the previous moratorium. A 25 per cent tax will be levied on Japan and South Korea, along with 30 per cent on South Africa; however, positively, the Euro Area was excluded as negotiations continued amid suggestions a 10 per cent cap will be applied. Tesla Inc (NASDAQ: TSLA) sank 7 per cent after Elon Musk announced his intention to start his own political party, worrying investors about a further distraction as the company continues to struggle growing sales. CoreWeave Inc (NYSE: CRWC) has spent 9 billion US dollars on the acquisition of Core Scientific, as it seeks to take greater ownership of AI and computing power-driven assets. Apple Inc (NASDAQ: AAPL) is also appealing a fine of 580 million US dollars regarding recent changes to the App Store in Europe.