Wall Street recorded a rather flat session after briefly dipping following Trump’s updated threats to the EU regarding tariffs – the Financial Times reported that Trump wants a minimum tariff between 15-20%. Markets tiring of having to read between tariff headlines. S&P 500 flat, up 0.3% for the week. Nasdaq also flat, but up 1.4% for the week. Dow fell at open and was subdued for much of the session. Down 142 points, down 487 for the week. Mixed sector performance. Energy followed oil down while Healthcare also flat – renewed focus on tariffs a drag, US imports much of its pharmaceutical products from the EU. Utilities the best performer, strong recent run. Easing yields a boost to rate sensitive sector, REITS also in the top three performers. Cyclicals was the second best performer – strength of largest names pushed sector upwards, Amazon up 1.0%, Tesla up 3.2%.

ASX SPI down 49 - AMP - S32 in focus.

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