ASX rises; real estate stocks fire

The Australian sharemarket has risen in early trading on the back of large gains in the real estate sector, following a topsy-turvy session in New York as traders weighed up simmering trade tensions between the US and China.
Despite only four out of the 11 sectors being in the green, the benchmark S&P/ASX 200 Index jumped more than 40 points in the opening 10 minutes to get within a touch of its intraday record of 9054.5 before paring gains to be up 15.2 points, or 0.2 per cent, as of 10.45am ( AEDT ).
The S&P 500 opened higher, plunged and then rebounded to end the day with a 0.4 per cent advance as trade headlines shifted sentiment from positive to negative to neutral.
Federal Reserve governor Stephen Miran said there were "now more downside risks than there was a week ago", pointing to the back and forth trade moves by China and the US. Higher uncertainty around trade policies between China and the US had introduced a "new tail risk", he said.
Meanwhile, US President Donald Trump said he saw the US as locked in a trade war with China, even as Treasury Secretary Scott Bessent proposed a longer pause on high tariffs on Chinese goods to resolve a conflict over critical minerals. "Well, you're in one now," Trump said on Wednesday (Thursday AEDT ) when asked by a reporter if the world's two largest economies are in for a sustained trade war if they cannot reach a trade deal.
"Despite continued US-China trade uncertainty and some intraday volatility, Wall Street managed to eke out a little gain, courtesy of a bounce in US tech stocks," said Capital.com market analyst Kyle Rodda. "The brinkmanship between the US and China hasn't dissipated yet."
In commodities, oil rose from a five-month low after Trump said Indian Prime Minister Narendra Modi had vowed to halt purchases of Russian barrels, a move that could squeeze global supply.
On the ASX, real estate stocks led the bourse higher after Reserve Bank of Australia Governor Michele Bullock said monetary policy was "marginally tight" and that her job guiding interest rates wasn't finished. Goodman Group jumped 3.1 per cent, Mirvac 1.5 per cent, and Stockland 1.8 per cent.
Gold miners continued to surge as the price of bullion topped $US4200 an ounce for the first time amid continued safe haven demand. Northern Star gained 2.5 per cent, Evolution 2.4 per cent, Newmont 2.6 per cent, and Capricorn 2 per cent.
Investors took profits from rare earth stocks after they rocketed earlier in the week following China's announcement it would dramatically expand its export controls on the materials. Australian Strategic Metals tanked 15.7 per cent and Australian Rare Earths 14.1 per cent, while Iluka fell 7 per cent, Lynas 4.1 per cent, and Arafura Rare Earths 2.1 per cent.
Stocks in focus
Treasury Wine Estates eased 0.8 per cent after chairman John Mullen said preliminary data showed that sales in China in 2025-26 would fall "well below" previous expectations, with some high-end wine to be re-allocated to other countries.
AMP rocketed 10.6 per cent after it reported that total assets under management increased by 3.6 per cent quarter-on-quarter to $159.5 billion.
DroneShield dropped 4.7 as investors continued to take profits, with the tech stock now down nearly 25 per cent from its intraday record of $6.70 set last week.

Sumber : AFR