US sharemarket fell sharply as escalating trade and geopolitical tensions linked to Greenland triggered a broad risk-off move across global markets. President Donald Trump’s renewed push to acquire the Danish territory, backed by threats of tariffs on countries opposing the move, undermined investor confidence and prompted selling across US equities, bonds and the dollar. All three major indices closed lower, with the Dow down 1.8 per cent, the S&P 500 sliding just over 2 per cent and the Nasdaq falling nearly 2.4 per cent, led by heavy losses in technology stocks. Market volatility spiked, with the VIX rising above 20 for the first time since late November, while concerns about US fiscal stability intensified after a major Danish pension fund said it would exit US Treasurys.
The sell-off extended across asset classes, with US Treasury yields rising to around 4.28 per cent on the 10-year note as bond selling continued, while the US dollar weakened sharply against major currencies. Gold climbed to a fresh record above US$4,750 an ounce as investors sought safe havens, while bitcoin fell below US$90,000. European leaders criticised the proposed tariffs and signalled potential countermeasures, raising fears of a broader trade confrontation and reduced foreign appetite for US debt. In Australia, local shares are set to open lower in response, with ASX 200 futures down 50 points, or 0.6 per cent, as investors turn their attention to a busy day of earnings from companies including Rio Tinto, Beach Energy, Evolution Mining, Lynas Rare Earths, Paladin Energy and Yancoal Australia.
In company news,
Everest Metals secures federal grant to fast-track Australian rubidium supply
Everest Metals Corporation (ASX:EMC) has secured $490,500 in non-dilutive funding under the Australian Government’s AEA Ignite program to accelerate development of its Direct Rubidium Extraction technology at the Mt Edon Critical Minerals Project in Western Australia. The 12-month program, run in partnership with Edith Cowan University, aims to lift the technology’s readiness from laboratory scale to pilot-level demonstration, following test work that has already achieved up to 97% rubidium recovery. Mt Edon hosts an inferred resource of 3.6Mt grading 0.22% Rb₂O, positioning Everest to establish Australia’s first commercial rubidium industry and reduce reliance on offshore supply chains for the critical mineral.
Nova Minerals identifies higher-grade starter pit within 8.65Moz Korbel gold system
Nova Minerals (ASX:NVA, NASDAQ:NVA) has confirmed the potential for a near-surface starter pit within the Korbel Main deposit at its Estelle Gold Project in Alaska, following shallow reverse-circulation drilling that defined a higher-grade core within the bulk-tonnage resource. The Korbel system hosts a combined 8.65Moz gold resource, with recent drilling returning intercepts of up to 1.2g/t gold from surface, supporting plans for a pilot pit to test ore sorting and early mining economics. With gold prices near US$4,600/oz, the company expects Korbel to materially contribute to the project’s pre-feasibility study.
WIN Metals advances Radio Gold Project toward potential 2026 restart
WIN Metals (ASX:WIN) reported strong results from its maiden drilling campaign at the Radio Gold Project near Southern Cross in Western Australia, confirming shallow, near-surface gold mineralisation at Radio South, Green Harp and the historic Radio Mill area. Drilling intersected multiple ore-grade zones close to surface, while surface sampling at the Repeater prospect confirmed high-grade lode mineralisation extending to surface. The results support WIN’s strategy to complete resource updates, mine design and approvals in 2026, targeting a potential production restart leveraging existing underground infrastructure.
