Market Updates

The ASX 200 closed down 44 pts at 8,797 as US futures weakened and Asian technology stocks were hit hard. Down 10pts for the week. Our market saw both the banks and resources come under pressure. The banks gave up ground, with CBA down 0.8% and WBC falling 0.2%. The Big Bank Basket fell to $284.25 (-0.5%) with a late rally helping. Insurers, however, held their ground, while other financials also performed reasonably well, with AMP rising for the second day in a row.

Elsewhere, defensives in the industrial sector held firm, with TLS up 2.7% despite CEO Vicki Brady facing lawmakers in Canberra. WES also gained 0.9%, while in healthcare CSL edged higher and RMD rose 1.5%.

Technology stocks were mixed. XRO gained 0.9% and WTC was little changed, but the data centre sector remained under pressure, with NXT falling another X%. MP1 had another horrible session, down 8.5%, while AI-related stocks were sold heavily. EIQ fell 5.7% and WBT tumbled nearly 10.5%. In fact, anything with a Vegas AI connection was under pressure today. Resources were once again the weak link. BHP continued to slide following its quarterly result, falling 2.7%. RIO also eased 2.4%, while FMG held up, but only just. Lithium stocks were once again under pressure, with PLS down 3.1% and MIN falling 2.6%. Gold miners also suffered despite bullion prices rising in Asian trade, with NST and EVN both down over 4%. Oil and gas stocks bucked the trend, with WDS up 3.3% and STO gaining 1.9%, although coal stocks failed to fire.

There was little of note on the corporate front. ZIP fell 5.1% after announcing it would exit its New Zealand business. PRU delivered a stronger-than-expected quarterly update. SKC climbed after announcing the sale of investment properties in Auckland. COL walked away from its proposed acquisition of Greencross from TPG Capital, while RRL fell 8.4% after issuing a softer FY27 outlook.

In economic news, Westpac Chief Economist Luci Ellis warned that the current AI boom could face a correction if commercial returns fail to justify the lofty valuations.

Asian markets were slammed, Nikkei 225 down 4.6%, HK down 2.3% and China down 3.9% - Korea closed for a holiday.

US futures down - Dow down 403 and Nasdaq down 465. Oil up 0.9%. European markets set to fall 1%

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Stocks fell on Thursday as a sell-off in technology stocks overshadowed a raft of solid earnings reports.

The S&P 500 lost 0.51% and ended at 7,533.77, while the Nasdaq Composite declined 1.47% to 25,881.95. The tech-heavy major averages struggled with weakness in semiconductors. The Dow Jones Industrial Average shed 105.67 points, or 0.20%, and closed at 52,552.97.

Chip stocks slid after Taiwan Semiconductor posted an increase in its spending forecast, which overshadowed a better-than-expected second-quarter report. The company expects capital expenditures to clock in between $60 billion and $64 billion for the year, up from a prior guidance in the range of $52 billion to $56 billion. The stock lost more than 2%. 

The VanEck Semiconductor ETF (SMH) slid almost 4%, led by a more than 5% drop in Arm Holdings. Shares of Micron Technology and Advanced Micro Devices were also lower by more than 5% each. Broadcom was off 5%. The U.S.-listed shares of SK Hynix slid more than 13%.

SPI down 15 - Gold drops - Oil flat

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The ASX 200 closed unchanged on futures expiry day at 8841, after an afternoon rally in the banks gathered pace, with CBA up 1.8% and NAB gaining 1.3%. The Big Bank Basket continued its recent run higher to $285.73. Financials were generally firmer, with SOL up 3.3% and GQG gaining 1.1%. REITs also pushed higher, led by SCG up 0.5% and SGP rising 2.0%. Industrials and technology stocks found buyers, with WES up 1.2% and ALL gaining 0.3%, while retailers edged higher as JBH rose 1.8%. Healthcare stocks also regained some poise, with CSL and RMD both moving higher. In the technology sector, buying returned to XRO and WTC, while REA had a strong session, up 6.6%, after reporting growth in listings. That helped lift CAR and SEK as well.

Resources, however, were once again out of favour. BHP's quarterly failed to excite the bulls, with the stock down 2.3%. RIO also slipped, while FMG fell 1.1%. Lithium stocks remained under pressure, with PLS falling sharply and LTR following suit. Gold miners were mixed, with NST down 0.1% while GMD gained 1.5%. Oil and gas stocks eased as crude prices slipped, with WDS down 1.5%, while coal and uranium stocks also drifted lower.

In corporate news, NWL reported record funds under administration (FUA). PPT announced it had received an improved takeover proposal from EQT, TNE maintained its FY26 guidance, and OBM warned of lower gold production in FY27 alongside higher all-in sustaining costs (AISC). On the economic front, Korean stocks were volatile again after the BoK raised rates.

Asian markets were weaker, Japan down 3%, HK up 2.1% and China flat Kospi down 6%.

US futures mixed - Dow up 45 and Nasdaq up 1. Oil off 0.5%. European markets set to rise a little.

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The S&P 500 rose on Wednesday, with major technology stocks advancing, as traders digested more data showing inflation is cooling.

The broad market index finished up 0.38% at 7,572.40, while the Nasdaq Composite climbed 0.62% to settle at 26,269.23. The Dow Jones Industrial Average added 150.37 points, or 0.29%, to end at 52,658.64.

Investors appeared to be paring exposure to key semiconductor stocks and moving into shares of certain Big Tech names. Notably, Amazon and Alphabet moved up around 3%, while Microsoft was higher by nearly 3%. Apple gained 4%, hitting a new all-time high.

SPI up 15 - BHP quarterly - Gold eases - Oil steady

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The ASX 200 finished unchanged at 8809, fighting back from earlier losses as resources found a footing. US futures helped, as did steady markets across Asia. Banks eased back, with CBA down %, leaving the Big Bank Basket at $281.76 (-0.6%). Other financials also weakened, NWL fell 2.2% and SOL dropped 0.8%. REITs were easier too, with GMG down 2.7% and CHC falling 1.3%. WOW and COL slid 1% as defensives were sold down. Healthcare picked up a little, with CSL rising 1.3% and COH up 1.6%. Industrials generally eased, WES flat and TCL dropped 0.8%, with SGH off 1.4%. Tech stocks were mixed, XRO and WTC found buyers, TNE fell 1.3% and NXT was 3.2% easier. All-Tech Index fell 0.3%. 

Resources staged a good turnaround, with BHP up 0.6% and FMG up 1.3%, while the gold miners recovered after early losses. Bullion pushed back above US$4,000. EVN rose 3.2% and VAU gained 1.4%. S32 also had a better session, while lithium stocks posted small gains. Oil and gas stocks rose as crude pushed higher, with WDS up 3.0% and STO rallying %. Coal stocks were firm, WHC up %, while uranium stocks were whacked again. PDN fell 6.0% and NXG lost 3.2%.

In corporate news, KKR joined the consortium bidding for SDF. LNW powered 8.0% higher on a guidance update. CTD remains suspended as it tries to negotiate terms with the UK Government to stave off a liquidation event. GMD and VAU agreed terms for their merger.

On the economic front, the ANZ-Roy Morgan Consumer Confidence Index rose slightly. The Westpac-Melbourne Institute Consumer Sentiment Index rose 4.1% to 83.9 in July from 80.6 in June.

Asian markets were better, Japan up 0.5%, HK up 0.3% and China up 1.2%, Kospi up 1.2%.

US futures slightly positive. Oil up 1.7%.

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US stock indices closed lower on Monday amid weakness in chipmakers and a deteriorating macroeconomic backdrop. The S&P 500 fell 0.8%, the Nasdaq 100 lost 1.9%, and the Dow dropped 138 points. Chipmakers sank on persistent concerns that AI hyperscalers will be forced to scale back spending on AI infrastructure. SK Hynix ADRs fell 8.6% after surging 13% in their debut on Friday, as a Korean brokerage warned the company could miss its next earnings expectations. Nvidia shed 3.5%, Broadcom was down 4%, AMD retreated 4.2%, and Intel fell 6.1%, while memory producers Sandisk and Micron lost 12.6% and 4.3%, respectively. Stocks in other sectors also declined alongside US Treasuries after President Trump said the US would reinstate the blockade of Iranian ships in the Strait of Hormuz, escalating the conflict and raising the risk of energy-driven inflation. Major banks fell ahead of this week's earnings, with JPMorgan down 0.6%, Bank of America falling 0.3%, and Goldman Sachs losing 0.9%.

SPI down 8 - Resources under pressure.

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The ASX 200 recovered from early losses to close up just 3 points at 8,809, despite weakness across the region, particularly in Korea. Once again, the banks held firm, with the Big Bank Basket rising to $283.41 (up 0.8%). ANZ was the best of the bunch, gaining 1.1%. Insurers also rallied, with IAG rising 2.0% and SUN adding 0.9%.

Other financials eased, with BVS falling 5.5% on profit-taking after a strong week. Industrials were generally soggy. CSL fell 1.3%, RMD dropped 4.9%, and technology stocks remained unloved. XRO fell 4.3% following CEO share sales, WTC drifted another 2.0% lower, and WBT crashed back to earth, falling 10.6%.TLS recovered 1.6% after its week from hell. REITs were surprisingly firm, with SCG up 0.3% and GPT gaining 0.2%. The supermarkets were not so super, with WOW down 0.8% and COL falling 1.9%.

In resources, it was once again heavy going as Treasury yields rose and the gold price came under pressure. Iron ore stocks held firm, but the gold miners succumbed. NST fell 2.8%, while GMD gained 3.7% as RRL pulled out.

In corporate news, RRL threw in the towel on its bid for VAU. OML extended due diligence for the three interested parties, while CCX soared following a positive trading update. There was nothing of note on the local economic front.

Asian markets were mixed with the Nikkei 225 down 2.6%, the Hang Seng down 0.2%, and the CSI index down 1.7%. Kopsi crashed 9.0% as SK Hynix fell hard.

US futures were weaker with the Dow down 208 and the Nasdaq down 388. European market expected to open 0.6% weaker.

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Wall St rose Friday, closing out a second straight week of gains in a quiet session. Dow Jones up 150 points. S&P 500 up 0.42%, closing in on record highs. Nasdaq up 0.29%. Russell 2000 down 0.49%. VIX down 5.11%. Mag7 up 1.4%. SOX flat. SaaS down 0.8%.

SPI futures up 43 points or 0.49%. RRL pulls out of VAU race - OML extends bid deadline.

For the week, the S&P 500 rose 1.23% and the Nasdaq added 1.74%. Mag7 up 3.96%. The SOX up 2.70% after a volatile week, though still well below its June 22 record. The KOSPI meanwhile fell 7.57% and Chinese markets dropped 4.20%, while the Dow slipped 0.78% and the ASX 200 eased 0.43% (weighed down by resources, gold especially). European markets broadly weaker - the DAX down 2.76%, CAC down 1.99%, STOXX 600 down 1.91%.

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