FX.co ★ Australian Shares Slip on US Tariff Jitters

The S&P/ASX 200 Index dipped 0.3% to fall below 8,390 on Friday, wiping out the gains from the previous day due to renewed concerns over US trade policy affecting investor sentiment. A US appeals court has reinstated President Donald Trump’s global tariffs, overturning an earlier federal court decision that had deemed them unlawful. Domestically, investors exhibited caution ahead of the forthcoming retail sales data in Australia, which is expected to shed light on consumer spending patterns and their impact on monetary policy. The Reserve Bank of Australia is anticipated to hold an easing bias following last week's 25 basis point rate cut. Technology stocks were at the forefront of the decline, with Xero decreasing by 1.1%, WiseTech Global by 1.8%, and Zip Co by 2%. Other significant sectors like mining, energy, and financials also faced downward pressure. Nonetheless, despite Friday’s downturn, the ASX 200 remains poised to secure its sixth weekly gain within the last seven weeks.