viewProactive Australia

S&P/ASX 200 slips as US-China trade impasse shows no signs of easing

US President Donald Trump said he’s not yet ready to make a trade deal with China.

ASX boards
Lynas Corp shares surged 15.5%

S&P/ASX 200 (INDEXASX:XJO) closed down 44 points or 0.7% to 6,440, giving up yesterday’s gains following a slump on Wall Street overnight.

The prospects of a resolution to the ongoing trade war between the US and China weakened, after US President Donald Trump said he’s not yet ready to make a trade deal with China.

This led to a sell-off in US stocks yesterday, which has impacted markets across Asia today.

Rare earths firms gain

Lynas Corp (ASX:LYC) shares surged 15.5% to $2.76, amid speculation China may restrict exports of rare-earths metals due to its trade dispute with the US.

Rare earths are used to make mobile phones, LEDs, electric cars and other high-value items. China dominates the global market, accounting for 71% of the global rare earths supply.

Consequently, rare earths exploration firms benefited, with Arafura Resources (ASX:ARU) jumping 22.9% to 8.6 cents and Peak Resources (ASX:PEK) rising 20.5% to 4.7 cents.

Quick facts: Proactive Australia

Price: - -

Market: ASX
Market Cap: -

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


Mountain Valley MD gets approval for COVID-19 clearance trial in Level 4 Bio...

Mountain Valley MD (CSE: MVMD) CEO Dennis Hancock and Director of Life Sciences Mike Farber joined Steve Darling with news the company will be conducting a Bio-Safety Level 4 lab study of COVID-19 viral clearance to prove out the Company’s solubilized Ivermectin technology versus commercially...

4 hours, 13 minutes ago

2 min read