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ASX ends lower on tariff fears; Ansell and Cettire plunge

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The news: The Australian sharemarket pared early losses of around 2% to finish 0.94% lower, as investors digested US President Donald Trump's "Liberation Day" announcement, which landed a blanket 10% tariff on all Australian exports to the United States.

Technology (-2.9%) and energy (-2.7%) were hardest hit by the selloff, while iron ore giants BHP (-3.4%), Fortescue (-3%) and Rio Tinto (-2.7%) also fell, as did bellwether stocks Goodman Group (-3.7%), Macquarie Group (-2.9%) and Woodside Energy (2.9%).

The ASX 200 index closed at 7,859.7, with eight of 11 sectors finishing in the red.

Biggest ASX 200 movers:

  • Ansell (-14.3%) — UBS said Ansell could be the healthcare company most impacted by the tariffs across its coverage, with new 24% duties on Malaysian imports hiking the cost of goods sold to North America.
  • Ramelius Resources (5.2%) — Led a rally by gold producers alongside its acquisition target Spartan Resources (4.4%), as uncertainty caused by the new tariffs pushed the bullion price to a record high.

Tariff reaction:

  • Cettire (-14.5%) — Noted that the tariffs "will likely impact the majority of online and brick-and-mortar luxury retailers". The new 20% duty on EU imports — alongside a likely removal of de-minimis exceptions for all tariffed countries — threaten goods made in the EU and sold to the US, which amounted to 41% of Cettire's first-half gross sales.
  • BlueScope Steel (1.5%) — Upgraded to 'overweight' by Jarden, which said the new tariffs will drive demand for US steelmaking and benefit BlueScope's North Star operation in Ohio.
  • Breville Group (-5%) — Said the tariffs will likely increase the group's input costs in the next financial year and it will seek "tactical adjustments" to ease potential short-term impacts.
  • ARB Corporation (-3.8%) — Citi expects ARB's US earnings to be impacted by new 36% tariffs on Thailand, as one of the key countries the company uses to source its US products.
  • Lovisa (-3.5%) — Citi outlined risks to the retailer's gross margins, given it sources most of its products from China, India and Thailand, which were hit with respective tariffs of 34%, 26% and 36%.
  • Fisher & Paykel (2.7%) — Said 10% tariffs on New Zealand exports to the US would increase costs in the 2026 financial year and delay progress towards its gross margin target.
  • Cochlear (0.3%) — Flagged that it is awaiting clarification on the application of the new tariffs, as its hearing implants currently qualify for duty-free importation to the US.
  • Treasury Wine Estates (-1.7%) — Expects the new tariffs to have a "minimal impact" on its bottom line, noting that 85% of first-half earnings at its Americas division were from US produced wine.

Other news:

  • ANZ (-1.4%) — The Australian Prudential Regulation Authority increased the capital add-on applied to ANZ Bank by $250 million and accepted a court enforceable undertaking from the lender to address ongoing weaknesses in its non-financial risk management practices.
  • Light & Wonder (-4.2%) — Plans to "vigorously defend" fresh legal complaints by its ASX rival Aristocrat Leisure (-0.7%), which added trade secret misappropriation claims against its Jewel of the Dragon game.
  • Region Group (2.4%) — Announced a $100 million on-market share buyback, part-funded by the recent $76 million sale of an unnamed shopping centre.

By Hugo Mathers