Aussie shares shaky as US tariffs win stay
Australian shares are trading flat after a US appeals court temporarily reinstated Trump administration tariffs a day after the duties were blocked by a trade court.
The S&P/ASX200 edged upward 0.7 points, or 0.01 per cent, to 8,410.5, as the broader All Ordinaries fell 1.6 points, or 0.02 per cent, to 8,636.4.
A US federal court has granted a stay to President Donald Trump's Liberation Day tariffs, until an appeal to a trade court decision to block them is heard.
The top-200 fell almost 0.4 per cent in early trading in the immediate wake of the trade news, but has recaptured some of the losses.
The mixed start followed a subdued session on Wall Street, with the S&P500's eventual gains of 0.4 per cent coming to a fraction of futures market forecasts during the Asia session before the tariffs were restored.
"The caution reflects the fact that although market sentiment has been supported by the prospect of the judiciary halting arguably Presidential overreach with tariffs and trade policy, the decision marks the beginning of a new source of uncertainty rather than the total closure of another," Capital.com market analyst Kyle Rodda said.
Five of 11 sectors were in the red by lunchtime, with the defensive consumer staples and health care stocks the main bright spots, up 0.6 per cent and 0.4 per cent.
Energy stocks led the losses, down 1.3 per cent, as oil prices slipped more than three per cent since Thursday's ASX close as an all-too-familiar uncertainty returned to the trade outlook.
The IT sector retreated 0.7 per cent and is on track to snap a five-session winning streak.
Financial stocks overcame a flat start to edge 0.3 per cent higher, as NAB outperformed the big four with a 0.8 per cent gain after Morgan Stanley rated it ahead of Westpac.
Commonwealth Bank grinded 0.5 per cent higher to $175.33 but has not yet found the momentum to convincingly beat its $176.64 peak.
Macquarie Group weighed on the sector as it handed back 0.5 per cent of its nearly four per cent gain from the past ten days.
Materials edged 0.1 per cent higher, as iron ore prices dipped to equal seven-month lows just above $US96 a tonne, pushing Fortescue 1.2 per cent lower as Rio Tinto shed 0.5 per cent to $112.78.
Gold miners brought some shine to the sector, with Northern Star and Genesis Minerals rising more than 1.5 per cent each and Ora Banda leading the top-200 and rallying more than four per cent.
The precious metal is up more than one per cent since Thursday's ASX close, as futures lifted to trade at $US3,334 ($A5,188) an ounce.
The Australian dollar is buying 64.27 US cents, down slightly from 64.32 US cents on Thursday afternoon.
The Aussie slipped 0.35 per cent after retail sales fell 0.1 per cent in April, coming in below forecasts of a 0.3 per cent uptick.
