Market Updates

Wall Street recorded a modestly positive session despite major indices such as the S&P500 and the Nasdaq falling over 1% after Bloomberg reported that Trump would fire Fed chair Jerome Powell – Trump quickly denied the rumours, settling markets. S&P 500 up 0.32%, Nasdaq up 0.25%. Dow started flat, sharply dived on the Powell rumours, and recovered after Trump denied them, steadily rising from there. Closed near high, up 231 points. Strong sector breadth. Cyclicals flat and Energy followed oil down, otherwise all sectors up. Healthcare the best performer. Boosted by Johnson & Johnson, which rose 6.2% after its strong earnings guidance which halved expectations for tariff-related costs. REITS and Financials next best performers, yields fell, and multiple earnings beating expectations, although the individual companies had mixed responses – Goldman Sachs (+0.9%), Bank of America (-0.3%), Morgan Stanley (-1.3%).  

Resources down, weaker dollar couldn’t boost them. Oil down again, US inventory build increasing supply without rise in demand. Copper modestly down 0.2%, nickel and lead down over 1%.

ASX to rise. SPI futures up 54 points (+0.63%).

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The ASX 200 fell 69 points to 8562 after a record yesterday. Banks were weak on proposed RBA charges changes, CBA off % with the Big Bank Basket down to $279.26 (-1.5%) NAB under extra pressure on CEO issues, down 3.4%. Financials generally eased back, MQG off 0.8% and insurers down, QBE off 1.0%. REITs too under pressure with GMG down 0.2% and SCG falling 0.5%. Healthcare mixed, CSL fell 1.3% on US tariff issues on pharmas, PME up 1.7% and FPH slightly firmer. Industrials mostly lower, TCL off 0.7%, ALL down 1.7% and WOW and COL easing back as did TLS. Utilities pulled back as ORG fell 1.1% and AGL down 0.8%. Tech gained, WTC up 0.6%.

In resources, it was all about rare and critical metals. News of Apple’s investment rocked the sector to the core, with good gains across the board. ILU rose 4.3% with LYC flat, even ARU rose 4.9% with MEI up 14.3%. Gold miners fell on NEM news, quarterlies doing nothing to help on profit taking after rises yesterday. NST falling 2.2% EVN down 2.3% on quarterly and WAF down 3.4%. Lithium stocks held up relatively well. BHP down 0.7% despite iron ore hitting $100 in Singapore. Uranium stocks up again, PDN up 3.3% and BOE up 3.3%. Oil and gas flat.

In corporate news, LLC fell 1.7% on a luxury development news. RIO up 0.2% on quarterly and CEO change.

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Wall Street recorded a mixed session as most sectors fell although news of Nvidia’s planned resumption of sales of its H20 AI chip to China boosted the stock, helping to lift the Nasdaq. In broader economic news, tariff uncertainty continued to weigh on stocks and the latest US CPI reading showed tariff-induced price increases starting to appear, rising 0.3% in June, up from 0.1% in May, as expected. July and August will show further tariff-related figures begin to appear in hard economic data as many businesses were previously selling pre-tariff bought stock. S&P 500 down 0.4%, Nasdaq up 0.18%. Dow steadily fell from the open, ended near the low. Down 436 points. Narrow sector performance with only Tech recording gains. Nvidia news boosted stock 4.0% and helped other Tech stocks with Broadcom rising 1.9% and Microsoft gaining 0.6%. Inflation data ticked up which hurt rate-sensitive sectors. Economically sensitive sectors and indices also fell as tariff uncertainty continues, Materials down over 2% and the Russell 2000 fell 2.0% too.

Resources mixed, stronger dollar after the CPI reading a drag. Oil dropped as Trump ‘s 50 day deadline to Russia to agree a peace deal with Ukraine or face new sanctions eased any immediate supply concerns. Copper made modest gains, nickel rose 1% while zinc fell by 1%.

ASX to rise. SPI futures down 68 points (-0.79%).

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The ASX 200 drove 60 points higher at a new record of 8630 (+0.7%). Banks rallied with the Big Bank Basket up to $283.45 (+0.5%). Other financials also in demand, MQG up 1.4% and ASX up 0.9% with insurers rising, QBE up 1.2% and MPL rallying 1.0%. REITs back in demand, GMG up 1.1% with SCG rising 0.5%. Healthcare too doing well, CSL leading the charge, up 3.8% with RMD up 0.7% and PME putting on 2.4%. Industrials firmed reversing yesterday’s losses, BXB up 0.9% and QAN rising 1.6%. Retail mixed, LOV up 2.0% but other slipping. Gaming stocks better, ALL up 1.2%. Tech sector a standout with WTC up 1.8% and XRO bouncing 1.1%. The All Tech Index up 1.8%.

Defence stocks continue to soar, DRO up 14.8%. In resources, a mixed picture BHP, RIO and FMG all falling around 1% on iron ore slipping. Gold miners were better with NEM up 1.1% and NST up 1.5%. Lithium stocks depressed, PLS down 4.6% and MIN falling 1.0%. Uranium stocks doing well, PDN up 7.9% on a broker upgrade. Rare earth stocks also in demand. In corporate news, HUB rose to record highs on new FUM inflows. TYR fell 2.7% on RBA moves to cancel fees for consumers.

In economic news, Chinese GDP rose to 5.2% higher than expected and local consumer confidence rose. US CPI data tonight. Asian markets mixed with Japan up 0.3%, HK up 0.5% and China down 0.2%. 10-year yields at 4.38%.

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Wall Street recorded a modestly positive session against a backdrop of continued tariff uncertainty and threats and renewed Trump pressure on Powell to cut rates and/or step down. S&P 500 up 0.14%, Nasdaq up 0.27%. Dow steadily rose from the open, in a choppy morning session but found consistency toward the end of the day. Finished near the high, up 88 points. Financials best performing sector, Q2 earnings seasons kicks off tomorrow Australian time, expected to be positive. REITS, a correlated sector and once part of Financials in GICS classification, was the second best performer, followed then by Industrials and Utilities. Energy the worst, followed oil down lower.

Resources down. Oil dropped as Trump gave Russia 50 days to agree a peace deal or face new sanctions. Stronger dollar did not help resources. Copper, nickel and tin all fell.

ASX to rise. SPI futures up 51 points (+0.6%). Bitcoin hit new highs at over $120k, up 2.2%.

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The ASX 200 ended down 10 points at 8570 as the move out of banks to resources continued. Banks eased slightly with the Big Bank Basket down to $282.02 (-0.4%). ANZ the worst of the four with MQG up 0.2% and AMP rising 1.4%. BNPL XYZ and ZIP fell 2.8% on JP Morgan moves on charges, REITs firmed ever so slightly, GMG up 0.3% and industrials eased, CPU down 3.0% with QAN off 0.9%, SGH down 0.8% and ORG falling 0.9%. Retailer flat and tech slipping, XRO continuing to fall, WTC down 1.3%. Resources saw buyers again, BHP up 0.9% as iron ore closed on US$100 in Singapore. Lithium stocks rallied from a lacklustre open as shorts covered again. PLS up 6.5% and LTR rising 3.1%. MIN up 1.5% with feet in both camps. Gold miners too back in demand, NST rallied 1.7% with NEM up 1.7% and EVN rising 1.9%. Oil and gas firmed, and uranium powered ahead as shorts covered. BOE up 2.0% and PDN up 2.9%. 

In corporate news, ASK on the end of a 165c bid. CCX fell 1.2% on a trading update, issues in US hurting. DRO jumped 17.0% on increased R&D spending, HSN rallied 10.9% on business update. 

Nothing on the economic front locally but Chinese exports showed promise.

Asian markets firm but not spectacular. HK up 0.4%.

10-year yields up to 4.36%

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Wall St drifted down on Friday night. Tariff talk dampening sentiment but no major damage. S&P 500 down 0.33%, closing near the high. Nasdaq down 0.22%. Dow off 279 points. Small Caps underperformed. Off 1.03%. Stocks held up surprisingly well considering the 35% tariff threat on Canada and 15%-20% blanket tariffs which came in addition to Brazil’s 50% hit, 50% on copper and uncertainty over what will happen with the EU.

The bloc received its letter from Trump on Saturday night. 30% tariffs to be imposed on most imports. Mexico receiving the same treatment. EU leaders said they will suspend any immediate retaliation and extend existing countermeasures until early August in a desire to avoid tit-for-tat escalation. Countermeasures against steel, aluminium and blanket tariffs had been set to expire today. The EU is facing conflicting interest as some members (like Germany) want a quick deal to safeguard its industries while others (like France) don’t want to give in to cheap concessions. This was evident over the weekend in commentary from the two heads. Merz saying he was ‘really committed’ to finding a trade solution with the US, Marcon saying the EU needs to ‘assert the Union's determination to defend European interests resolutely’, pointing to anti-coercion trade production measures. 

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The ASX 200 drifted 9 points lower to 8580 (0.1%) as we wait and see what the weekend brings on tariff news. Banks eased back with CBA down 0.5% with the Big Bank Basket down to $283.17 (). MQG fell 1.5% and insurers also under pressure. REITS slipped, GMG down 1.8% with SCG off 1.3% as yields rose to 4.33%. Healthcare eased, CSL down another 0.6% with FPH falling 1.7%. Industrials also on the wane with WES down 0.7% and ALL down 1.1% with the techs under pressure too. XRO falling again by 1.5%. Retailers in trouble too, JBH down 2.1% and LOV down 2.5%. The bright spot was resources. Iron ore and rare earths. BHP up 2.8% as iron ore prices rose again, RIO up 2.3% with LYC up 16.7% and ILU flying 22.9% on US Pentagon news on MP Materials. Lithium stocks also doing well, LTR up 1.3% and PLS rising 1.6% with MIN storming 7.8% ahead. Gold miners sagged, NST continued its drop, down 2.2% and EVN off 1.5%. STO fell 0.9% on broker research on bid, coal better, WHC up 2.7% and uranium flat.

In corporate news, JLG rallied 22.6% on news that PE is bidding 400c in a scheme. VNT fell 1.9% on a new fibre upgrade contract. ASM jumped 8.4% on a scoping study for Dubbo project. 

Nothing on the economic front. 

Asian markets were mixed, with Japan up 0.1%, HK up 1.5% and China up 0.7%.

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The ASX 200 rose 51 points to 8589 (+0.6%). Banks were strong again with CBA up 0.8%, the Big Bank Basket up to $284.27 (+0.8%). Financials were firm with MQG up 0.4% and PNI up 1.8%. Insurers were mixed with MPL up 1.2% and NHF better. REITs firmed with GMG up 0.9% and VCX up 1.2%. Industrials better as BXB rallied 1.5% with TCL up 1.0% as CPU up 2.1%. Tech was mixed, with the All -Tech Index unchanged. Retail better too, JBH up 1.4% and LOV up 5.1% TPW up 1.8%. Resources better, led by BHP up 1.2% and FMG up 1.9%. Gold miners bounced back with NEM up 1.5% and PRU up 3.2%. Lithium stocks were also better with LTR up 6.7% and MIN up 3.7%. Uranium stocks eased again, BOE down 3% with PDN down 2.0%. In corporate news, IMR down 15.1% as approvals had fallen behind, AEL with board appointments.

On the economic front, building approvals out today.

Asian markets were mixed, with Japan down 0.7%, HK up 0.4% and China up 0.7%.

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