June 4, 2026 — 11:30am ,first published Prime Minister Anthony Albanese has called the fresh tariff threats “unjustified”, as he defended Australia’s slavery response. Mining stocks led losses in early trade, with the iron ore heavyweights slumping heavily after a report that exports from Guinea’s Simandou iron ore project surged in May, six months after the first shipment to China. It marks a milestone in the ramp-up of the high-grade mine that has the potential to reshape the global market and take business away from the Australian miners. BHP fell 3.1 per cent, Rio Tinto lost 3.8 per cent and Fortescue slumped 3.4 per cent. Advertisement Gold miners were also lower as gold held its decline as the renewed hostilities in the Persian Gulf fuelled energy prices and inflation risks. Northern Star Resources plunged 5.5 per cent and Evolution Mining lost 3.7 per cent. Technology stocks were among the losers in early trade, retreating further after their surge early in the week. Software makers Xero, WiseTech and Technology One were down 2.6 per cent, 3.7 per cent and 1.9 per cent, respectively, while family tracking app Life 360 tumbled 5.2 per cent. The big four banks were also trading lower, weighing on the broader market. CBA shed 1 per cent, Westpac slid 1.4 per cent and National Australia Bank and ANZ Bank each dropped 1.2 per cent. On the flip side, energy stocks benefited from the recent uptick in oil prices. Oil and gas giants Woodside and Santos were up 1.5 per cent and 1.1 per cent, respectively, while refiners Ampol and Viva Energy rose 2.6 per cent and 2.2 per cent. Alternative fossil fuel provider Yancoal gained 2.9 per cent. Treasury Wine Estates pulled consumer staples higher after the winemaker said it would rationalise more than half of its portfolio of brands amid a new strategy to simplify the business and invest in fewer, stronger brands such as Penfolds and Squealing Pig. Its shares soared 9.8 per cent, with its halo also boosting bottle shop owner Endeavour Group, which gained 4.5 per cent. Advertisement In New York trading overnight, the S&P 500 fell 0.7 per cent for its first drop in 10 days. The Dow Jones Industrial Average dropped 1.2 per cent, and the Nasdaq composite sank 0.9 per cent. Related Article