On Friday, the S&P/ASX 200 index dipped by 0.2%, concluding at 8,547, marking a second consecutive session of declines. This downturn was influenced by growing geopolitical tensions and persistent concerns over tariffs, which dampened market sentiment. However, the index showed resilience over the week, posting a 0.4% gain—its fifth consecutive weekly increase. In the Middle East, tensions escalated after Israel conducted a preemptive strike on Iranian nuclear facilities, stoking fears of retaliation and a potential broader regional conflict. Compounding these issues, former President Trump issued threats of renewed tariffs, including the extension of steel duties to encompass steel-based appliances. Market participants are now keenly anticipating further details on the unresolved US-China trade agreement. Domestically, focus shifts to Australia’s May employment figures, set for release next week, which could impact the Reserve Bank of Australia (RBA)’s interest rate stance. Within the corporate sector, mining stocks were among the hardest hit, with companies like BHP Group down 2.3%, Rio Tinto decreasing by 0.9%, and South32 dropping 3.2%. Conversely, gold mining and energy firms experienced gains, encouraged by rising oil and gold prices.
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