News

Stocks make little progress, gold rises as tariff news looms

U.S. equities were barely changed while European stocks fell on Wednesday and safe-haven gold was in demand as investors anxiously awaited details of U.S. President Donald Trump's tariff plans and worried about an intensifying global trade war. Investor focus on Wednesday was firmly on reciprocal levies the White House is due to announce after the U.S. stock market close, in what Trump has called America's "Liberation Day." Trump is expected to add new trade tariffs that take effect immediately, adding to already imposed levies on aluminium, steel and autos, along with increased duties on all goods from China that have rattled markets as fears grow a full-blown trade war could trigger a sharp global economic slowdown.

Shipbuilder Austal rides military spending wave, shares defy market slump

U.S. President Donald Trump's policies that have rattled stocks around the world are benefiting Australian shipbuilder Austal, analysts said on Wednesday. Shares of the company, which supplies defence and commercial vessels to the Australian and U.S. navies among other clients, surged 35% in the three months ending March, clocking their best quarterly gains in nearly two years since June 2023. The surge in Austal's shares comes amid Trump's call asking Australia and other U.S. security allies to increase defence spending.