By Reuters
Australian shares struggled for direction on Monday as losses in banks and technology stocks countered gains in commodity stocks, while uncertainty regarding U.S. President Donald Trump’s tariffs prompted investors to seek refuge in safe-haven assets.
The S&P/ASX 200 index rose 0.2% earlier in the session but reversed all of it to end the day 0.1% lower at 8,570.40 points.
The benchmark had lost 0.3% last week.
Over the weekend, Trump’s latest tariff move – imposing a 30% levy on most imports from the European Union and Mexico – further stirred the pot.
The lack of clarity on Trump’s plans, including a potential 200% tariff on Australian pharmaceuticals, has spooked investors and sent them seeking solace in safe-haven assets.
On the Sydney bourse, gold stocks rose 1.9% on safe-haven demand and higher prices of the yellow metal. Evolution Mining and Northern Star Resources – both gold miners – soared 1.6% and added 1.8%, respectively.
Mining stocks rose 0.9%, with the index hitting its highest