Market Updates

Wall Street recorded another positive session with the S&P500 and the Nasdaq closing at new record highs for the second consecutive day after yesterday’s inflation came in broadly as expected, bolstering the case for the Fed to resume easing. S&P 500 up 0.32%, Nasdaq up 0.14%. Dow jumped at the open, weakened a little as the day progressed, but found renewed strength toward the end to finish near a fresh high. Up 464 points. Mainly broad and strong sector performance. Materials best performer, one of the top three yesterday too. Healthcare also did well, one of the weaker performers this year due to Trump’s threat of a tariff which may rise to 250%. Cyclicals and Energy the next best performers. Tech and Utilities the only negatively performing sectors from the overnight session.

In corporate news, Nvidia slipped 0.9%, Alphabet fell 0.7% and Microsoft dipped 1.6% as the market looked beyond some of the Magnificent Seven for growth momentum. Apple advanced 1.6% on reports of AI-powered robotics and smart home ambitions. CoreWeave, backed by Nvidia, plunged 20.8% after posting a larger-than-expected quarterly loss, underscoring the earnings pressure weighing on some high-profile AI plays.

Resources down despite dollar weakness. Oil hit a two-month low as the IEA reported that US crude stocks rose by 3m when expectations were for a 275k increase. Copper, nickel and zinc all down.

ASX to rise. SPI futures up 32 points (+0.36%). TLS WBC SUN Results - Super Thursday.

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The ASX 200 fell 54 points to 8,827 (-0.6%). Not a bad day considering, CBA was smacked 5.4% on a solid but uninspiring result, with valuations already too stretched to be just “in line.” The fall; accounted for around 50 index points. The Big Bank Basket fell to $273.05 (-4.0%) with ANZ outperforming on catch-up. Other financials slid, QBE down 1.5% as IAG dipped 0.1% on a slight beat on results, ASX down 2.4% and GQG slipping 2.3% lower again.

REITs rose slightly, SCG up 0.3% and SGP up 0.5%. Healthcare was better with CSL up 2%, seeing inflows as CBA fell. TLX rose 2.7% in a rare up day recently. Industrials were flat, dominated by results — CPU hit 3.8% on broker downgrades post-results. BXB bounced slightly, SGH held after the rout yesterday.

Retailers were in the green, APE up 3.1% and TPW rising 1.5%. LNW had a good day, up 3.0%, and FLT up 1.2%. GYG came under some pressure, currently down another 3.7%.

In resources, lithium stocks saw the shorts return, LTR down 4.4% and PLS off 6.6%. Iron ore stocks firmed again — BHP up 1.1% and FMG up 1.4%. LYC rose 3.2% and EVN up 3.9% on better-than-expected results and an increase in dividend. Other golds did OK too, NST up 1.1% and GMD rising 3.2%. Oil and gas stocks slipped, BPT down 7.6% and KAR off 3.8%. Uranium drifted lower and coal off slightly.

In corporate news, BVS missed expectations losing 16.5%, TWE firmed despite some concerns, AGL ran out of power, down 13.1% on bad numbers, guidance underwhelms. TYR boomed 11.4% on takeover talk and ANG disclosed an accounting error.

On the economic front, wage increase and lending data. Looks like wage pressure has stabilised. Asian markets continued to march to records, Japan up 1.3%, HK up 2% and China up 0.9%.

10-year yields steady at 4.23%.

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Wall Street recorded a positive session with the S&P500 and the Nasdaq closing at new record highs as inflation came in broadly as expected with CPI rising 0.2% on a monthly basis in July.  S&P 500 up 1.1%, Nasdaq up 1.4%. Dow rose at the open following the inflation news, and remained steady at that level for the rest of the session. Closed near high, up 484 points. Broad sector performance. Financials best performer on rate cut expectations. Tech followed closely behind. Materials and Industrials also did well as the inflation figure somewhat eased concerns about the US economy.

In corporate news, Alphabet rose 1.2% as AI company Perplexity made a $34.5Bn cash offer to buy Chrome. Intel also rose 5.6% after CEO met Trump, only after Trump demanded his resignation last week, this time describing the meeting as “very interesting” while praising the CEO Lip-Bu Tan. Nvidia rose less than other big Tech names, gaining 0.6%, as China warned caution to its tech firms over purchases from the chipmaker.

Resources mainly up. Oil fell as markets await the EIA’s inventory report. Copper, aluminium and zinc all rose over 1.0%.

ASX to rise. SPI futures up 19 points (+0.21%). CBA IAG TWE EVN Results.

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The ASX 200 hit a new record high, up 36 points to 8881(0.4%) as the RBA cut rates as expected. Banks pushed higher with the Big Bank Basket at $284.55 (+0.6%), CBA on pause ahead of results tomorrow. ANZ the standout up 2.2% with other financials firm. ASX up 0.9% and insurers fighting back, QBE up 2.1% and SUN bouncing 2.9%. REITs were mixed but generally up, CHC up 0.8% and SGP up 0.2%. Industrials mixed, JBH bounced well on analyst reports, SGH fell hard on a disappointing outlook. XRO dropped 2.2% as tech went now here with the All-Tech Index up 0.2%. REA fell 0.5% with CAR up 5.0% on broker comments post results. BXB under a little pressure down 1.5%. Resources were mixed, lithium stocks gave back some of the gains from yesterday, LTR down 8.0% and PLS down 0.9%. Iron ore stocks better, BHP up 1.0% as futures in Asia remained firm, FMG up 1.2%. Gold miners mixed as the tariff chaos works through the market. Oil and gas stocks mildly higher, Uranium stocks fell again, DYL in deep red down 3.8%. Coal stocks better, WHC up 2.8%.

In corporate news, SGH disappointed, SWM down 6.7% on results, 360 did well on results and a C-Suite change, SGR announced a new deal for Queen Street and rose 23.6%. OML appointed a new CEO from SBS. On the economic front, the RBA cut rates and remains cautious. 

Asia markets heading higher, Japan at record, up 2.2%, China up 0.5% and HK flat.

10-year yields steady at 4.25% 

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Wall Street recorded a negative session as markets await tonight’s inflation release to gauge the path of rates and the inflationary effects of tariffs. S&P 500 down 0.25%, Nasdaq down 0.30%. Dow dropped at the open, almost fully recovered by noon, but then continued to fall. Closed near low, down 201 points. Mixed sector performance. Energy, REITs and Industrials all down despite oil rising and yields being rather flat. At the opposite end, Cyclicals was up, benefitting from Tesla’s 2.8% rise, while Healthcare and Staples also recorded slim gains.

In corporate news, Nvidia and Advanced Micro Devices slipped 0.35% and 0.28% after agreeing to hand 15% of China chip sales revenue to the US government, a move seen pressuring margins. Micron jumped 4% on upgraded Q4 revenue and profit guidance, while Intel rose 3.5% as its CEO visited the White House. TKO leapt 10% after Paramount bought the exclusive rights to UFC distribution in a $7.7Bn deal.

Resources mixed. Oil rose on US-Russia talks. Copper, aluminium and zinc all fell while nickel rose, as did iron ore on Chinese steel mill demand.

ASX to fall. SPI futures down 13 points (-0.15%).

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The ASX 200 marched another 38 points higher to 8845 (0.4%) led by the banks and resources. CBA up % leading the charge and the Big Bank Basket to $282.97 (+1.2%). WBC up 1.9% with MQG down 0.3% and insurers still suffering from post QBE fall out. Financials a little lacklustre, PNI down 2.8% and XYZ giving back Friday’s gains. ZIP down 2.7%. AMP smacked 7.2% lower on broker downgrades. REITs firmed, DGT up 9.1% on certification news, with CMW up 2.3%. Industrials becalmed, ALL down 1.1%, WES fell 1.8% and retail under pressure following JBH off 8.4%. Slightly disappointing numbers and CEO to retire. WEB fell 4.3% and LNW bounced 3.6%. Tech mixed, XRO continue to drift lower, off 1.3% and WTC up 0.7%. The All-Tech Index down 0.6%.

In resources, it was all about a lithium renaissance following news that CATL is closing a large mine for three months, LTR rallied 18.3% despite recent cap raise, PLS boomed up 19.7% and MIN up 12.2% as shorts were forced to cover. Gold miners under a little pressure on the switch to lithium, NST down 1.8% and NEM off 1.1%. Uranium stocks showing little interest and WDS up 0.7% with STO extending DD to ADNOC and fell 0.1%.

In corporate news, CAR held steady after in line results. Not even a special dividend could save JBH as valuations look toppy, IRE disappointed on results, falling 7.2%, iron ore futures in Asia jumped 1.4% as several steel mills in China will be forced to close next month on pollution concerns. BHP up 1.2% and FMG up 3.0%.

Nothing on the economic front as we await the RBA tomorrow and US CPI this week.

Asian markets better, Japan up 1.9%, HK up 0.1% and China up 0.6%.

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An excellent night on Wall St to cap off a positive week. Nasdaq up 0.98% to a record high. S&P 500 up 0.78%, driven by gains in the Technology sector. 0.5% off its record high. Dow Jones lagged, only up 207 points. Closing near the high. No major news during the session. Tech stocks were boosted by ‘Fed rate cut enthusiasm’ and Apple rising another 4.2%. Up 13.3% for the week, its largest gain since covid. This week saw several Fed officials soften their policy stances after last Friday’s weak jobs number. The official rate cut odds haven’t moved much since the labour print. Increasing from 80% to 90%.

SPI up 5 - JBH - CAR - PXA Results

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ASX 200 fell 24 points to 8807 (0.3%) to be up 1.7% for the week. Not too shabby. As usual it was the perennial war between banks and resources. Banks down with CBA slipping %, results next week and the Big Bank Basket down to $279.64 (-0.8%). Insurers walloped, QBE down 8.8% on poor results. SUN off 3.2% and IAG sliding 2.7%. Other financials falling hard too GQG down 14.6% on FUM levels falling and performance lagging, HUB dropped 2.0% and PNI took a break, down 5.3%. REITs flat, healthcare slid, CSL running into reality, down 1.8% and PME falling 3.6% as TLX continued to drift lower. Industrials too fell, REA down 1.1% and ALL off 1.8% with LNW falling 11.2% on plans to delist from Nasdaq. Tech fell, XRO down 1.4% and 360 dropping 4.2% with the All Tech Index down 0.7%.

Resources were bid, Iron ore a lithium together with gold miners in the green. BHP up 0.9% with FMG rising 1.8%. NST bounced another 4.0% with NEM cruising 2.2% higher, LYC jumped 3.8% and PLS up 9.0%, buyers cover shorts as lithium pricing recovered. LTR returned from a mega upsized raise of $316m with the Chinese taking a slice and the Australian government, the stock unchanged. Coal stocks better, NHC up 2.5% and WHC rising 3.1%. Uranium stocks slightly firmer. PBH up 4.6% as its board recommended Mixi’s offer.

In corporate news, IRE bounced 12.2% on takeover approach from Blackstone at 1050c, QBE massacred, XYZ showed a clean pair of heels on a good result, NCK too better by 6.9% on numbers.

Nothing on the economic front locally. Asian markets mixed, Japan up 1.7% to new highs. China modestly lower and HK falling 1.0%.

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Wall Street recorded a mixed session. Earnings by Eli Lilly disappointed and Trump said he’ll nominate Council of Economic Advisors Chairman Stephen Miran to serve out the remaining term of Federal Reserve Governor Adriana Kugler, while searching for a longer term replacement. S&P 500 down 0.08%, Nasdaq up 0.35%. Dow dropped at the open, and maintained that level throughout the day. Closed near low, down 224 points. Mixed sector performance. Utilities, Materials and REITs all rose despite bond yields ticking up, rotation into defensives. Healthcare worst performer again, Eli Lilly’s disappointing results didn’t help, Trump’s threats to hike tariffs on pharmaceuticals to 250% within 18 months also a continued headwind. Financials and Energy rounded out the bottom three performing sectors.

ASX to fall. SPI futures down 25 points (-0.28%).

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ASX 200 fell slightly off record highs to 8831 off 12 (0.2%).  A mixed session with banks slipping a little, CBA down 0.5% and the Big Bank Basket at $281.90 (). Financials dragged lower, MQG down 0.8% and ASX falling hard, off 8.6%, on cost blow outs on CHESS and other issues, AMP rose 4.8% after a broker call rethink on results. REITs firm, SCG up 0.8% and SGP up 0.9% with industrials mixed, BXB down 3.3% and QAN off 1.1% as retail stocks firmed, JBH up 1.8% and ALL up 1.5%. Travel stocks better, FLT up 3.1% and WEB rising 2.3%. LNW fell 2.0% on plans to end Nasdaq listing. Tech better, WTC up 0.9% and TNE pushing on another 0.8%. Resources were a mixed lolly bag, iron ore weaker, gold miners better on a post Diggers glow. NST up 1.5% and NEM up 1.0% with WGX raising guidance and rising 5.1%. Lithium major PLS up 3.8% with LTR in a halt as it raises around $266m at 73c. Rare earth stocks still in demand. Oil and gas, becalmed, uranium stocks firmed with BOE starting to recover. PDN up 3.4% and coal stocks moving higher. In corporate news, the government has invested $50m in LTR, NEU hitting highs on Daybue sales in the US. 

On the economic front, reciprocal tariffs are now in. Local BoP figures showed a rebound to a $5.4bn surplus on stronger coal and gold exports. 

Asian markets firmed, Japan up 0.6%, HK up 0.6% and China unchanged. 10-year yields steady at 4.24%

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