Australia’s share market has retreated from the previous week’s record high as investors weigh the latest twist in the Trump tariff saga.

The S&P/ASX200 fell 55.4 points on Monday, down 0.61 per cent to 9,026, as the broader All Ordinaries gave up 51.7 points, or 0.56 per cent, to 9,251.5.

Gold miners were a lonely success story, helping lift the basic materials sector 1.2 per cent as investors sought safe havens following US President Donald Trump’s threat to lift global tariffs to 15 per cent after a US court ruled against his previous tariffs.

While local markets got off to a shaky start, the impacts on Australia’s economy should be minor, IG Market analyst Tony Sycamore said.

“It doesn’t really impact our GDP (gross domestic product) given we don’t have a huge export sector to the US,” he told AAP.

“This isn’t a toxic outcome for the Australian stock market or for Australian exporters net-net, and it may actually turn out to be a boon because China, where most of our exports go, has gotten out of it with a lower effective tariff rate.”

Only three of 11 local sectors ended the session higher, led by a 1.5 per cent boost to basic materials as investors ploughed back into gold stocks.

Spot gold is buying $US5,156 ($A7,294) an ounce, supporting names such as Evolution Mining and Northern Star, which each rallied 3.5 per cent.

Iron ore giants were mixed, with BHP lifting to its best-ever closing price of $54.02, while Rio Tinto and Fortescue fell behind.

Lynas Rare Earths ticked higher ahead of its earnings update later in the week and lithium producers Liontown and PLS each gained more than three per cent.

Financials were heavy, down 1.2 per cent as all four banks sold off, led by a 2.3 per cent slump in ANZ shares.

Commonwealth Bank lost 0.6 per cent to $178.53, but has held onto most of its recent earnings season gains.

Energy stocks tumbled 1.7 per cent despite oil prices hovering near recent highs as tensions between Iran and the US persist.

Coal producers were also in the red while uranium stocks ran into profit-taking after strong performances the previous week.

Ampol shares faded more than two per cent as its first-half statutory net profit after tax fell by roughly a third on the equivalent half to $82.4 million.

IT stocks were the worst-performing segment, down 4.6 per cent despite a positive lead from Wall Street on Friday, as concerns about artificial intelligence disruption to software companies loomed.

Health care was also under pressure, the sector losing 2.4 per cent as CSL tanked to its lowest price in more than six years.

The slip came despite strong earnings and guidance from Fisher and Paykel Healthcare (up 4.0 per cent) and Regis Healthcare (up 7.6 per cent).

Consumer cyclical stocks gave up almost 1.8 per cent in a broad-based slump that overshadowed positive earnings reports from Kogan (up 5.5 per cent) and Adairs (up 10.5 per cent).

Looking ahead, earnings season continues with Woolworths and Nine Entertainment among companies reporting on Tuesday and Fortescue, Yancoal, Domino’s and Qantas to follow later in the week.

The Australian dollar is buying 70.74 US cents, up from 70.43 US cents on Friday afternoon.

January inflation figures come out on Wednesday, and any upward surprise in price growth could significantly increase the odds of a Reserve Bank interest rate cut in March.

ON THE ASX:

* The S&P/ASX200 fell 55.4 points, or 0.61 per cent, to 9,026

* The broader All Ordinaries lost 51.7 points, or 0.56 per cent, to 9,251.5

CURRENCY SNAPSHOT:

One Australian dollar trades for:

* 70.74 US cents, from 70.43 US cents at 5pm AEDT on Friday 

* 109.25 Japanese yen, from 109.37 Japanese yen

* 59.84 euro cents, from 59.92 euro cents

* 52.32 British pence, from 52.38 British pence

* 118.19 NZ cents, from 118.3 NZ cents

Twelve units designed for office, research and industrial uses

New commercial units are set to be built at Cheshire Oaks Business Park after plans were given the green light.

Cheshire West and Chester Council planners have rubber-stamped an application to construct 12 units along with parking and landscaping at Lloyd Drive in Ellesmere Port.

The application from Asteer Planning said the two-storey units are designed with flexibility in mind, so they can be used by a variety of different businesses as offices or for industrial and research purposes.

A planning officer’s report, said: “The proposed new buildings are designed to be functional modern units of accommodation that can flex between uses, but their overall appearance is appropriate for this area; their visual appearance, including the style of fenestration along the principal elevations, and their finishing materials would be as similar as possible to the existing units in operation in and around the business area.”

The land’s planning history is complex having previously been earmarked for a care home which was never built, but the land was divided up with a different care home scheme currently under construction nearby. The site is within the designated business park and it has residential properties to the north – Shetland Drive – and the west – Islay Close and Lewis Close.

The officer’s report added: “the Council’s environmental protection unit has confirmed that the potential end uses here, which may include research and development and industrial processes, can be undertaken without detriment to residential amenity, subject to conditions.”

The report said control over artificial lighting and the risk of ‘undue levels of light pollution’ could be controlled by ensuring the applicant adheres to its submitted lighting plan.

Recommending approval, the report concluded: “The proposed development would be of economic benefit, creating new employment units that can be adapted to the changing needs of the end user.”

The Trump Organization and an Australian developed have signed an agreement to build what some reports have called “Australia’s tallest building.”

The Trump Tower will reportedly be a 91-storey building located in Surfers Paradise.

Trump Tower to Rise on the Gold Coast

According to a report by ABC News, Altus chief executive David Young posted a statement online, sharing that the agreement was signed on February 14.

“At 340 metres in height, and 91 storeys, it will outstretch the Australia 108 building in Melbourne by 15 metres and leave every other Australian resort property in its wake when it comes to luxury,” Young said in the statement.

“We are now deeply into a process of design, engineering, construction and fit-out that will cost a shade under $1.5 billion and bring the world’s pre-eminent hotel-resort brand to our shores,” he added.

The building will be located at 3 Trickett Street, Surfers Paradise. The Atlus CEO claims that will have 270 apartments whose prices will “likely to start at $5 million.”

A luxury resort, beach club, swimming pool, and restaurants will also be located in the first five floors of the building.

Eric Trump’s Statement on Australian Tower

Eric Trump, the son of US President Donald Trump, has also shared his thoughts on the project, according to news.com.au.

“Trump International Hotel Tower, Gold Coast is our first official project in Australia and reflects our unwavering commitment to delivering world-class luxury experiences in iconic locations around the world,” the president’s son said in a statement.

“This development exemplifies the Trump brand’s dedication to quality, sophistication, and unmatched service and we are thrilled to bring this vision to the vibrant Gold Coast community,” he added.

As of press time, it has not been revealed when the construction of the tower is expected to be complete. Construction is expected to begin this year.