Market Updates

Wall Street recorded a primarily negative session despite US GDP of 3% in Q2 as Fed Chair Jerome Powell cooled hopes of a rate cut in September, after holding them steady in July. Powell argued rates have not held back the economy and inflation remains elevated and a threat as tariffs work their way through the economy. S&P 500 down 0.12%, Nasdaq up 0.15%. Dow was flat and steady for most of the day but dropped following Powell’s comments and then partially recovered. Finished middle of its range, down 172 points. Most sectors down. Utilities gained again despite rising yields while Tech also saw modest gains ahead of Meta and Microsoft’s earning releases – very positive market reaction to both, up 11% and 7% in after-hours trading as of the time of writing. Materials worst performing sector as Trump’s copper restrictions were not as sweeping as anticipated. REITs also struggled following Powell’s comments and rising yields. Energy gave up some of its recent gains despite oil rising. All three sectors down over 1%.

ASX to fall. SPI futures down 24 points (-0.28%). Meta and Microsft good results - After hours - US copper falls 19% - Gold down - Oil up.

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The ASX 200 rose 52 points to near record highs of 8756 (0.6%) after a benign CPI ensured we should get a rate cut in August. Familiar story, Banks firm with CBA up 1.6% and the Big Bank Basket up to $279.88 (+1.4%). MQG rose0.8 % with financials firm, as insurers rose surprisingly as yields slipped. QBE up 0.8% and SUN up 0.8%. GQG still feeling unloved. REIT boosted by lower rates with SGP up 2.2% and VCX rising 1.7%. Industrials too firm, BXB up 1.9% with JBH doing well as retail firmed, WOW and COL also better by around 2%. Tech mixed. In resources, gold miners were a mixed bag, EVN up 1.4% with PNR rising 1.9% and GMD up 0.8%. Iron ore stocks mixed, FMG better. RIO results after hours, down 1%. Lithium mixed as PLS had a good quarterly up 3.0% but IGO punished on a negative update, down 7.2%. Oil and gas stocks eased, uranium stocks mixed, BOE recovering 3.6%. 

In corporate news today, plenty of quarterlies, APX crushed on AI uncertainty, MIN rose 2.3% as it met its FY guidance. PNV rose 7.8% after earnings report.

In economic news, CPI came in benign at 2.7% for core, hopes rose for a rate cut on 12th August. 

Asian markets mixed, Japan down 0.1%, China up 0.4% and HK down 0.6%. 

European market opening slightly higher. Waiting for Fed, tariff news and tech results. US futures slightly higher. 

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Wall Street recorded a negative session as disappointing earnings weighed on markets and investors awaited the Fed’s rate decision (tomorrow morning Australian time). Meta, Microsoft, Amazon and Apple all report later in the week and their results will largely dictate market direction. S&P 500 down 0.3%, Nasdaq down 0.38%. Dow fell steadily until noon, where it plateaued, despite a brief spike, closing near the low. Down 205 points. Mixed sector performance. Rate-sensitive sectors such as REITS, Utilities and Defensives all did well as yields fell following a strong seven-year note auction ahead of the Fed’s rate decision. Industrials was the worst performer, followed by Healthcare, with disappointing earnings within the sectors being the primary drivers of weakness.

ASX to fall. SPI futures down 13 points (-0.15%). RIO this afternoon. MIN PLS ALX APX reports.

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The ASX 200 fought back from early losses to close up 7 points at 8705 (0.1%). Healthcare and industrials firmed, CSL up 0.5% and ALL up 0.5% with the banks slightly weaker. CBA down 0.4% and NAB up 1.2%. The Big Bank Basket down to $276.00 (-0.1%). Financials slid with GQG off 3.3% and ASX down 0.6%. ZIP fell 1.3% and REITS drifted lower. VCX off 1.6% and GMG mixed 0.4%. 

Resources once again weaker, iron ore bucked the trend with BHP up 0.3% and RIO unchanged. Gold miners eased, NEM off 1.3% and EVN down 0.6%. Some wins on quarterlies, OBM up 2.2% on results. Lithium stocks down slightly, LTR off 4.1% as it reported its quarterly. Uranium stocks continued to fallout, BOE down another 5.5% and PDN off 5.8%. Oil and gas better with WDS up 1.6% and STO up 2.1%. Coal stocks eased.

In corporate news, VEA tumbled 6.4 as convenience revenue dropped. SFR up 1.6% a better than expected quarterly, LTR fell 4.1% on its report and TAH saw Aware Super exit its stake a few days ago. 

Asian markets: Japan down 0.9%, HK down 0.9% and China up 0.2%. 

The ASX 200 10-year yields steady at 4.33%. European markets set to open up 0.3%. US futures slightly higher. 

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Wall Street recorded another modestly positive session as the S&P 500 and Nasdaq closed at fresh highs, boosted by US-EU trade deal, and excitement over some major corporate earnings this week including Meta, Microsoft, Amazon and Apple. S&P 500 up 0.02%, Nasdaq up 0.33%. Dow dropped at open, recovered partially, then fell steadily from noon until the final half hour of trading when it regained some strength. Finished mid-range, closed down 64 points. Narrow sector performance. Energy the best performer, followed oil up which rose following US-EU trade deal and Trump’s announcement he would shorten time given to Russia to end Ukraine war. Cyclicals and Tech also did well as risk appetite was reignited. Other sectors down. Yields up on US-EU trade deal, hurting rate sensitive sectors and boosting the outlook for global growth. REITS, Materials, Utilities all down.

ASX to fall. SPI futures down 61 points (-0.7%). Resources to be pressured - Quarterlies abound.

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The ASX 200 closed up 31 points to 8698 (0.4%) as banks were back in the driving seat. CBA up 1.2% with the Big Bank Basket up to $276.18 (+0.9%). MQG rallied 1.0% as financials generally found some love. XYZ up 2.8% and MFG doing well, up 4.6%. RPL up 4.1% too. REITs doing well, GMG up 0.5% and SCG rising 0.8%. Industrials also firm, SGH up 2.2% with retail better, WES up 0.6 % and WOW up 0.8%. Tech better, WTC up 0.3% and the All-Tech Index up 1.0%. Healthcare too in demand, CSL up 1.0% on trade deal, RMD rising 1.0%. Old Skool platforms better too, CAR up1.7 % and REA rising 1.3%. Resources were mixed, the shocker from BOE falling 44.0% as it warned on future production. Shorts had a ball in PDN, DYL and lithium stocks tumbled as Asian prices dropped hard. LTR down 8.0% and PLS off 11.7%. Gold miners were mixed, NEM up 4.5% on broker upgrades, the rest in the doldrums, GMD down 1.8% and RMS off 4.4%. Coal stocks also smacked down, WHC and YAL hit hard on a court ruling.

In corporate news, WTC has a new CEO, HLO rose 14.1% after an earnings upgrade. BUB too has a new CEO. Nothing on the economic front.

Asian markets mixed, Japan down 1%, HK up 0.4% and China up 0.1%. 

10-year yields steady at 4.34%.

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Wall St managed a broad rally on Friday night as optimism over a US/EU trade deal boosted the S&P 500 (+0.4%) to a fresh record high. That deal has now been done - described as the "Least worst" deal for the EU. Devil in the detail. 

112 S&P 500 companies reported results last week - average earnings growth was better-than-expected at 6.4% compared to 4.9% expected. Google was up 4.4%, Tesla down 4.1%, Intel down 10.4% and Texas Instruments down 14.6%. 

US Futures this morning are higher with the S&P 500 futures up 0.37% and the NASDAQ futures up 0.19%.

ASX set to open near flat. SPI futures down 5 points. Quarterlies in focus. WTC has a new CEO.

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The ASX dropped another 43 points to 8667 (0.5%) in a quiet trading day. Down 1% for the week. Not much fresh news around. Both banks and resources slipped. Iron ore miners under a little pressure after gains this week, BHP down 1,9% with RIO off 0.8% and FMG back down 3.4%. Gold miners fell too as quarterlies dropped. Diggers and Dealers kicks off 4th August. NST fell another 2.8% and EVN down 3.2% with a good quarterly from NEM kicking it 3.8% higher. Copper and lithium stocks lid, LTR down 2.1% and SFR down 1.6%. Oil and gas better, WDS up 3.7% and uranium mixed. Banks continue to suffer, CBA down 0.4% with the Big Bank Basket down to $273.63 (-0,4%) Financials eased, AMP down 4.8% with RPL posting good FUM and rose 9.0%. Industrials flat, tech flat too with the All-Tech Index down 0.1%. 

In corporate news, KMD up 4.4% on a new CFO, SDF down 1.5% as it lost its CFO! Nothing on the economic front. 

Asian markets eased. 10-year yields steady at 4.35%.

European markets open unchanged. Results in focus. Trump heading to Scotland. 

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Wall Street recorded a modestly positive session as the S&P 500 and Nasdaq closed at fresh highs, boosted by positive Alphabet results which fuelled continued AI optimism. S&P 500 up 0.07%, Nasdaq up 0.18%. Dow dropped at open, recovered partially, and subsequently slowly fell throughout the day. Finished near low, down 316 points. Mixed sector performance. Energy the best performer, followed oil up which rose following US crude supply concerns. Tech second best performer, Alphabet results a boost, rose 1.0%, positive contagion. Industrials and Financials also recorded modest gains. At the opposite end, Tesla results caused the EV maker to dive 8.2%, dragging Cyclicals down. Materials and Staples saw more modest losses.

In corporate news, still dominated by earnings reports, yesterday’s reports were primarily weak outside of AI and tech related news. UnitedHealth sank 4.8% after disclosing cooperation with a DOJ probe into its Medicare business, with both civil and criminal investigations in play. IBM plunged 7.6% as weak software sales dragged down second-quarter results. Honeywell slipped 6.2% despite beating estimates and lifting guidance. And American Airlines dropped 9.6% after flagging a sharp third-quarter loss, blaming soft domestic travel.

Resources up again, strong week, even a rising dollar couldn’t stop them. Oil up on US supply worries. Iron ore up another 0.5%, sustained enthusiasm from the news of China's mega-dam project. Copper, nickel, tin all recorded modest gains too.

ASX to fall. SPI futures down 37 points (-0.43%).

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The ASX 200 drifted 28 points lower to 8709 (-0.3%) as Michele Bullock’s lunch time speech partly dashed rate cut hopes for August. Banks flat with CBA unchanged and the Big Bank Basket at $274.86 (+0.2%). MQG had a nasty day as its AGM saw selling down 5.1% as the CFO retired and earnings softened. Other financials also under a little pressure, CGF down 2.9% and QBE off 1.2%. ZIP had a good day up 4.7%. REITs slid on higher rates, GMG down 0.8% and GPT off 1.2%. Industrials pretty flat too. Tech eased back, XRO down 1.2% and TNE off 2.3%. CPU dropped 3.3% with BXB falling 1.5%. TLS also slipping away with healthcare stocks remaining firm, CSL up 1.5% again.

Resources mixed, LYC up 5.0% on a JV as MIN gained 4.7% on lithium buying and LTR turned from early losses to close up 3.2%. FMG production numbers were solid, pulling out of hydrogen also a positive up 4.3%. Gold miners lid, NST down 2.4% and EVN off 2.7%. Uranium mixed, BOE fell 6.4% on resignation of CEO, PDN recovered slightly. Coal saw sellers back.

In corporate news, BAP was punished for a triple whammy of director resignations, bad debts and earnings downgrade, finishing down 28.4%. DRO fell 5.9% after another order win, CMM off 3.4% as it bid for WA8. In economic news, Bullock’s speech trimmed rate cut hopes. Asian markets solid. Japan up 1.9% on trade deal relief. HK up 0.4%. China up 0.4%. 10-year yields up to 4.37%. US futures mixed.

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