Closing Bell 9th July: ASX Dips on Copper Tariff Threats; Telix Surges on US Approval

Asia-Pacific Markets Mixed as Tariff Uncertainty and China Deflation Weigh

Asia-Pacific equities traded mixed on Wednesday after U.S. President Donald Trump confirmed tariffs on copper imports will take effect August 1, with no extension. Trump also flagged further sector-specific duties, including a potential 200% tariff on pharmaceutical imports, which he said could come into force within 18 months.

The announcements added to investor caution, particularly amid signs of continued deflation in China. The country’s producer price index fell 3.6% year-on-year in June—the sharpest drop in nearly two years—highlighting ongoing weakness in industrial demand. Meanwhile, the consumer price index rose just 0.1%, its first positive reading after four months of declines.

Hong Kong’s Hang Seng Index slipped 0.83% by mid-morning, while the CSI 300 in mainland China traded flat. Japan’s Nikkei 225 edged down 0.15%, though the Topix rose 0.19%. South Korea’s Kospi gained 0.43% and the Kosdaq climbed 0.44%.

Australia’s S&P/ASX 200 dropped 0.43%, weighed down by commodities and property stocks following Trump’s trade threats and the RBA’s surprise decision to hold rates steady.