Market Updates

 Dow jumped 210.82 points, or 0.53%, to 40,211.72. The S&P 500 added 0.28% to 5,631.22. Both touched new intraday highs in the session, while the former also saw a record close. The Nasdaq Composite rose 0.4% to 18,472.57.

ASX SPI Down 4 points.

• Gold at near two-month peak as Fed rate-cut hopes lend support.
• Oil prices ease on demand concerns in China.
• Iron ore extends gains on China stimulus hopes.
• China data and inventories weigh on copper.
• Rio Tinto shuts iron ore mine in eastern Canada amid wildfires.
• Investment in critical minerals in web of doubt, industry says.

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The ASX 200 pushed another 58 points higher to 8018 (0.7%) in a broad-based rally. Well off the intraday high though on some cooling as we await reactions to Trump and US reports this week. Banks were firm but off highs, CBA up 0.8% and NAB up 0.8% with the Big Bank Basket up to $227.88(0.8%). Other financials doing well too, ASX up another 1.2% with NWL up 1.7%. MQG pushed 0.5% ahead with insurers mixed. REITs were better with the exception of GMG falling 0.4% with SCG up 0.6%. Healthcare slightly better RMD up 2.0% and COH up 2.4%. Industrials firmed, WES putting on another 2.1% with retail stocks again finding buyers SUL up 1.3%, PMV up 1.9% and FLT up 2.8%. Tech in demand, WTC up 2.5% and XRO up 1.4%. In resources, BHP rose 0.6% with FMG double that gain. Gold miners were mixed as bullion consolidated, lithium still a little depressed and struggling for direction. Oil and gas better led by WDS up 1.3% and STO up 0.7%. In corporate news, LIC fell 18.1% on ABC media reports of issues. ABB dropped 14.0% as it launched a new cut-price NBN service, Buddy. Nothing locally on the economic front, in China, GDP data and retail sales numbers were disappointing again. Asian markets mixed, HK down 1.4%, Japan closed for a holiday, and China slightly higher. 10-year yields firmed 1bps to 4.33%.

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Wall Street ended the week on a positive note, with gains across all major indices. Fresh economic data reinforced bets that the Fed will cut rates in September, and banks kicked off the start of the US reporting season. The Dow traded higher all session, topping 40,000, narrowly missing a fresh all-time high, up 247 points (+0.62%). Dow up 503 points at best. The S&P 500 gained 0.55%, to 5,615, a fresh record high. NASDAQ rose 0.63%, rebounding from its worst day since April, led by Nvidia +1.4% and Tesla +3.0% a day after tumbling over 8%. On the economic front, US Consumer sentiment fell for a fourth consecutive month, and Producer prices rose more than expected in June, up 0.2% MonM. Results raised bets of a September rate cut to 88.1%, according to CME FedWatch tool. Treasury yields slumped. 2Y yield fell 6bps and 10Y dipped 2.7bps. USD index slid, while Bitcoin edged up 0.35%.

Wall Street banks kick off reporting season with mixed results. JPMorgan (-1.21%) reported record profits for Q2, driven by a 46% rise in investment banking revenue and strong trading performance. Citigroup surpassed profit expectations, driven by a 60% jump in investment banking fees, but shares fell 1.81% due to concerns over expenses and market share. Wells Fargo missed analysts' interest income estimates, with NII decreasing 9%, causing shares to drop over 6%, despite a 38% rise in investment banking revenue.

ASX up 54 points

COMMODITIES

• BHP, Vale agree deal over 2015 Brazil dam collapse proceedings in UK.
• Weak market for critical minerals seen dampening Western efforts to counter China.
• Gold holds firm above $2,400 level, set for third weekly rise.
• Oil prices settle down after data shows weaker US consumer sentiment.
• Copper prices rise on weaker dollar, some draw-down from stocks.
• China June copper imports slide to 14-month low on weak demand.
• Iron ore heads for weekly fall ahead of key China meeting

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ASX 200 hits record high, up 70 points to 7959 (0.9%) as banks once again show a clean pair of heels. CBA pushed to a record, up 1.3% and a higher valuation than BHP!. The Big Bank Basket up to $226.11 (+1.4%). MQG remained stagnant, and insurers slipped back as bond yields fell after US CPI numbers. Other financials did well, ASX up another 1.6% with SOL kicking another 1.6%. REITs put in a solid day although GMG sidetracked as tech weighed slightly. SCG up 1.9% and GPT soaring 5.3%. Healthcare also doing well again. CSL bust through $300, up 1.5% and RMD shrugging off GLP-1 news and rising 4.4%. Industrials firm but not hugely interesting. WES a standout up 1.9% and Retail in demand on rate cut hopes. JBH up 1.5% and LOV up 3.6%. CTT had a significant bounce after its recent sell off although petered out to rise only 0.4%, tech stocks slipped slightly with WTC down 3.4% and XRO falling 0.7% with the All -Tech Index down %. In resources, the three amigos were flat, BHP losing its mantle to CBA fell 0.4% and lithium stocks showed signs of life. Gold miners were in demand as NST rose 4.3% on a bullion spike and EVN up 2.9%. Oil and gas doing little and uranium stocks consolidated after good gains yesterday and coal stocks slid slightly. In corporate news, REX revealed a boardroom stoush, LYC said that the BHP nickel suspension would hit sulphuric acid supply. Nothing locally on the economic front but Chinese exports rose to the highest in two years whilst imports fell. 10-year yields steady at 4.33%. Asian markets mixed, Japan down 2.3% as Yen strengthens, China unchanged and HK up 2.2%.

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• SPI up 45 points.
• Dow +0.08% S&P -0.9% Nasdaq -2% 
• Russell 2000 up 3.6%.  Just the second day since 1979 when the Russell 2000 rose more than 3% while the S&P 500 declined. 
• CPI better than expected Sept Rate Cut looks locked in now.
• USD Index falls 0.55%
• Gold runs 1.8% higher.
• Iron ore bounces of $105. 
• LME commodities in holiday lull.

ASX 200 rallied towards all-time highs, up 73 points to 7890 (0.9%) as rate cuts seem to be back on the agenda. US CPI tonight and some caution creeping in.  As usual, the banks led the charge higher with CBA hitting a new high, the Big Bank Basket hitting $223.09 ().  Insurers continue to push higher with QBE up 1.1% and SUN up 1.4%. MQG lagging a little with ASX up 1.7%. REITs strong again, GMG up 1.1% and SCG up 1.6%. Industrials also firm although TLS unchanged after recent gains, WES up 1.3% and BXB up 1.3%. Healthcare better, CSL pushing 1.5% higher with RMD up 0.9% and TLX doing very well up 10.5%. Tech better too, with XRO up 3.4% and 360 rallying 2.2%. Resources finally finding some friends despite a lack of impetus in iron ore, BHP up 0.9%, RIO up 0.2%, and FMG up 1.9%. Gold miners also in demand, NST up % and EVN up %, with uranium stocks doing very well, PDN up 6.2% and BOE up 6.1%. Lithium stocks saw some bargain hunting, PLS up 2.7% and MIN up 2.5%. Oil and gas stocks better, WDS up 1.2% and KAR up 0.8%. In corporate news, TLX had a good day on changes to US regulations, the ACCC has started initial proceedings against The Good Guys. Not so good now. In economic news, June CPI tonight in the US, Trump will speak at a Bitcoin event. He wants all remaining crypto to be Made in the USA. In Asian markets, China rallied on short seller news, up 1%, HK up 1.5%, and Japan pushed ever higher to 1.1% better.

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Wall Street finished higher overnight, ending near session highs fuelled by gains in heavyweight tech stocks

• Nvidia leads Nasdaq and S&P 500 to record high closes.
• Stocks rise with Treasury yields on pause, Powell boosts rate cut hopes.
• ASX to rally, S&P 500 closes above 5600 points – AFR.

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The ASX 200 has finished the day down 13 points (-0.16%) to 7817 in mixed trade which saw a recovery from opening lows. Telecom was the best performer for a second day in a row thanks to TLS rising another 2.4% on positive broker commentary. Industrials rose as a drop in bond yields took TCL 1.1% higher. JHX lost 2% after a broker pushed out the US renovation market recovery till FY26. AZJ gained 0.6% after Morgans forecasted EPS growth of 16% this financial year. Defensives, Financials and Health Care held ground. Three of the big four banks well off morning lows. CBA and NAB down 0.1%, WBC down 0.6%. ANZ up 1.4%. Bell Financial had positive results rising 3.3%. There aren't many listed stock brokers. COH up 1.7%, PME down 0.3%.

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US equities ended mixed overnight. The S&P 500 and NASDAQ record their fifth and sixth straight record close, up 0.07% and 0.14%. Gains marked the S&P 500’s longest winning streak since January, buoyed by Nvidia +2.5% and Powell’s commentary to Congress. The Dow lost 53 points (-0.13%), paring earlier gains. Up 147 points at best. Down 198 points at worst. Powell’s testimony to Congress didn’t alter bets for rate cuts this year. Powell didn’t offer a timeline for rate cuts, instead, he emphasised that the economy is no longer overheated and the mounting evidence of a cooling job market. Additionally, Powell said regulators were close to agreeing to change their plan to force big banks to hold more capital a big win for Wall Street Banks. JP Morgan, BofA, Wells Fargo, and Citi up between 1.2%- 2.8%. Shorter-term treasuries eased. 2Y yield, which is likely to benefit from policy easing, fell 0.8bps, and the 10Y yield edged 1.7bps higher.

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The ASX 200 has finished the day up 67 points (+0.86%) to 7830 in a broad rally covering all sectors. Telecom finished on top thanks to Telstra’s 2.2% rise. Phone plan price increases announced from August. REA, CAR, and TPG joining in. Up 2.2%, 0.7% and 1.1%, respectively. Financials were next best as the CBA hit a record high, up 1.8%. WBC, NAB and ANZ up between 1.4% and 2%. Interest rate sensitive sectors strong. REITs played catch up to the weekend’s drop in bond yields. SCG and SGP up 1.3% and 1.2%. WTC and NXT leading tech higher. Up 1.8% and 1.7%. Powell’s commentary tonight at the senate banking committee will be closely watched. Discretionary stocks mixed. ALL up 1.7%, and JBH down 0.1%. Unperturbed by a drop in Consumer Sentiment. Health Care in the middle of the pack, and Staples up 0.33%, defensives underperforming.

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