Market Wrap / tariff turmoil

The local market followed Wall Street lower during Wednesday's session, despite gains in the materials sector. The S&P/ASX 200 fell 0.37% to close at 8,782.90 points.  

US President Trump’s continued to worry markets, after a new tariff escalation with some European economies. 

Locally, the banking sector reverberated these worries and closed 1.6% lower. It also comes ahead of tomorrow’s unemployment figures, as economists contemplate a hold or a hike from the RBA. Payments platform Xero fell a further 5.2%.

Telix Pharmaceuticals dropped 7.7%, despite posting strong revenue, However it fell short of bullish forecasts.

The miners were higher amid a raft of production reports. Rio Tinto posted record fourth quarter iron ore output, while its copper production also beat estimates. Shares gained 2.6%. 

Elsewhere Paladin jumped 13.1% on its forecast that FY26 production will come in at the top end of its guidance. And in the small end of town, Australian Strategic Materials more than doubled its share price on a takeover proposal from a US firm.

Tonight, Donald Trump’s economic vision will be under scrutiny as he speaks at the World Economic Forum in Davos.