Market Updates

The ASX 200 ended a long week of results down 25 points at 9,059, or 0.3%. The index down 0.7% this week. It has been a long week for the market, and some of the gains from previous sessions were reversed today. The banking sector found its feet, with the Big Bank Basket rising to $267.12 (0.5%), led by CBA, up 1.0%. Insurers also bounced following yesterday's drubbing, with QBE up 2.9%, SUN up 1.1%, and MPL also having a good day, up 5.1%. Industrials were generally weaker across the board, with WES down 2.3%, JBH falling 1.4%, and QAN also under pressure, down 1.2%. The supermarkets drifted lower too. Healthcare came under pressure, with CSL falling 1.7% and PME also down 7.0%. Technology stocks gave back some of their gains from previous sessions, with XRO down 0.3% and WTC falling 2.0%. MP1 continued to flop following its capital raise, while NXT also slipped slightly.

Resources were mixed, with BHP down 0.9%, while RIO headed in the opposite direction, rising 1.4%. Gold miners regained their footing and pushed a little higher, with GMD up 3.9% and RMS posting a modest gain. PLS also had a good day, up 5.0%, while MIN, IGO and LTR all performed well. Coal and uranium stocks were slightly firmer, while the oil and gas sector was somewhat mixed.

In corporate news, GYG delivered better-than-expected results, rallying 11.4%, while TPG also performed well following its results. On the M&A front, EQT rose 9.3% on the back of a rival bid from BGH Capital, while it looks like the SDF deal has been signed, with the stock in suspension until next week. Some notable fallers on corporate news included ING, DGT and CHC, all of which came under pressure following their results.

Nothing of note on the local economic front today. Asian markets were mixed, with Japan down 0.5%, Hong Kong up 0.7%, China up 0.6%, and US futures were narrowly firmer, with the Dow up 22 points and the Nasdaq up 48. European markets poised to open better. 

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US stock indices closed lower on Thursday amid concerns that the Treasury’s plan to curb borrowing costs may provide only a short-term fix, while higher energy prices stoked inflation worries. The S&P 500 lost 0.9%, the Nasdaq fell 0.7% and the Dow shed 704 points. Treasury yields rose across the curve as investors worried that the Treasury’s efforts to support notes and bonds could worsen the inflationary backdrop amid ample dollar liquidity. Borrowing costs were also lifted by higher fuel and gas prices after President Trump said the US had entered an “economic war” with Iran, prolonging blockades of tankers crossing the Persian Gulf. Financials were mostly lower, with JPMorgan down 1.6% and Morgan Stanley losing 3.2%. AI hyperscalers also mostly declined following tepid financial results from OpenAI, which failed to grow at the same pace as rival Anthropic. Walmart sank 9.1%, its sharpest single-session decline in four years, after second-quarter sales fell short of expectations.

SPI down 28 - Gold steady - Results in focus

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The ASX 200 rose 30 points to 9,084 (0.3%), although early gains petered out as the banking sector once again came under pressure. The Big Bank Basket fell to $265.70 . CBA was down 2.7%, ANZ fell 1.6%, and the insurance sector was also faring badly, with QBE down 3.9%, SUN down 2.3%, and MPL, which reported today, down 6.4%.

Other financials did better, with ASX up 0.3% and ZIP having a cracker of a day, up 18.2%, on better-than-anticipated results. REITs also rose as yields came off on the back of intervention in the US Treasury market, with VCX up 3.2% and SGP up 2.4%, although GMG fell 1.5% following its results.

Healthcare was once again a sector in the green, with CSL pushing ahead 2.8% and RMD also up 2.8%, while PME did well, rising 3.6%. We saw gains in the technology sector too, with XRO up 2.4% and WTC bouncing back from yesterday's big sell-off to rise 9.1%. Other tech stocks also rose, with CDA having a cracker of a day, hitting record highs and rising 12.4%. MP1 announced another capital raising and fell 5.1%. Retail stocks were generally better, following some good results, with LOV up x%.

The big gains, though, were in the resources sector, with BHP up 3.2%, RIO up 1.8%, and the gold miners doing very well on the back of the explosion in the bullion price. NST rose 6.2%, EVN gained10.2%, with copper still trading close to record highs. GMD also rose 10.3%, while lithium stocks were slightly firmer, as were uranium stocks.

In corporate news, IEL plunged 20.7% after a slump in net profit and an 11% drop in revenue. SUL surged 15.1% after beating expectations, while MPL fell hard after membership growth slowed. BXB slipped slightly after its pallets business was affected by the World Cup, while MGH had a good day, rising 9.0%, with profits beating expectations. On the economic front, jobs fell by 15,800 in July following an upwards revision to 80,200 workers for June. The unemployment rate rose to 4.5%. 

Asian markets were better, with Japan up 1.4%, Hong Kong up 1.2%, China flat, and US futures were narrowly mixed, with the Dow up 18 points and the Nasdaq up 103. European markets poised to open better. Gold flying.

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US stock indices closed mixed on Wednesday as losses in AI infrastructure and bank stocks offset gains in other sectors. The S&P 500 added 0.2% and the Dow gained 120 points, while the Nasdaq shed 0.2%. The Treasury doubled the limit on buybacks of long-term securities for next quarter, adding to a series of measures aimed at controlling the recent surge in longer-term benchmark borrowing costs. Alongside lower rates, the prospect of increased dollar liquidity from the Treasury’s intervention also supported equities. This was combined with FOMC minutes confirming that some policymakers believe rate hikes may be appropriate this year. Retail stocks were mostly higher after TJX (-4.2%), Target (+4.3%) and Lowe’s (+2%) reported earnings. The pharmaceutical sector rallied, with Merck up 12.6% and Moderna surging 177% after a trial of their joint vaccine reduced melanoma recurrence. Meanwhile, tepid results from OpenAI pressured chip producers, with AMD (-3.7%) and Intel (-4%) dropping.

SPI up 27 - Gold soars - Results in focus - BXB - FMG - CWY

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The S&P 500 fell on Tuesday, pressured by a run in sovereign bond yields to multidecade highs amid concerns of persistent inflation and elevated oil prices. A pullback in semiconductor stocks also weighed on the broader market.

The broad market index declined 0.69% to 7,691.76 and posted a third consecutive losing session. The Nasdaq Composite was down 1.33% to end at 26,289.71. Western Digital fell 7%, weighing on the Nasdaq. Sandisk dropped 9%. Marvell Technology and Seagate Technology were also down by nearly 8% and more than 9%, respectively. The Dow Jones Industrial Average shed 116.38 points, or 0.22%, and closed at 53,343.40.

The U.S. 30-year Treasury bond yield scored a fresh 19-year high Tuesday. Elsewhere, Japan’s 10-year bond yield reached its highest level in three decades. Germany’s 30-year bond yield hit its highest since 2011, and the French 30-year government bond yield reached its highest point since 2008.

SPI down 24 - Results in focus - EVN - TPW - RBA deputy speaks today.

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The ASX 200 fell 3pts to 9,070 in a day dominated by results, with the two biggest contributors to the positive move being BHP, up 2.7%, and CSL, which knocked it out of the park, rising 17.3%.

The market was generally soggy across the board, with few exceptions, mainly focused on companies delivering results that beat expectations. The banks once again came under pressure, with CBA down1.4% and MQG falling 2.0%, while REITs also came under pressure as bond yields remained elevated.

Elsewhere in the industrials, WES dropped 0.7% and TLS fell 1.5%, while both WOW and COL were also in the doghouse. The tech sector was mixed, with WTC rising 2.6% and XRO gaining 0.8%, although TNE fell. Healthcare was the standout sector, with CSL beating expectations and investors happy to believe the company is finally back on track/ COH also had a good day following its results, rising 7.6%.

In resources, it was largely a day of rest, except BHP, which shot the lights out on the back of its increasingly buoyant copper focus, rising 2.7% following its results and an increase in the dividend. RIO fell 0.6%, while FMG was relatively unchanged. Lithium stocks gave back some recent gains, while gold miners also came under a little pressure, with EVN down 1.7% and NST falling 3.1%. Oil and gas stocks edged higher, with WDS and STO both better. Uranium stocks also continued their recent recovery, with PDN up 1.8% and BMN rising 4.7%.

Corporate news was, unsurprisingly, dominated by results and takeover activity. PME performed well following its results, while RWC was in focus following a bid from Brookfield, rising 24.7%. Canadian gold miner OceanaGold also launched a bid for AUC, sending the shares up 24.4%. EML Payments dived17.1%, despite shrinking its full-year net loss to $19.7m. SGM tumbled 11.0%, despite net profit more than tripling in FY26 to $289.1m. EQT jumped 21.6% on news that US private equity group TPG Global had made a $657.9m takeover bid. HUB lost 7.3% after reporting a full-year net profit of $120.2m, beating analyst expectations. Meanwhile, CGF rose 6.5% after flagging a $450m buyback, a special 1.5c dividend and reporting a net profit of $506m.

Nothing on the economic front.

Asian markets were mixed, with Japan down 2.1%, Hong Kong down 0.5%, China down 0.8%, and US futures were narrowly mixed, with the Dow down 114 points and the Nasdaq down 288. European markets poised to open lower. Yields rising across the globe. Gold down $21.

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US stock indices closed lower on Monday amid concerns that elevated oil prices will fuel inflation as hopes for a deal to end the war in the Middle East faded. The S&P 500 fell 0.5%, the Nasdaq lost 0.2% and the Dow shed 273 points. Prospects for peace suffered a setback, with fighting flaring anew and rhetoric escalating. Oil prices rose, rasing concerns that inflation could prompt the Fed to raise rates before the year is over. The 30-year Treasury yield hit its highest level since 2007, reflecting concerns over surging government spending. Credit-sensitive stocks, including financials and hyperscalers, closed lower. Google lost 0.6%, Microsoft was down 3% and Meta shed 3.5%. Berkshire Hathaway lost 1.1%, Visa shed 1.5% and Amex retreated 1.8%. Meanwhile, chipmakers posted gains after strong revenue growth from Anthropic. The company is meeting with banks over a potential IPO, which could be the biggest on record. Micron added 4.1%, Intel gained 1% and Sandisk soared 9%.

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The ASX 200 dropped 42 points to 9073 (-0.5%) as once again, the banking sector disappointed, with NAB's results pointing to challenges ahead. The stock fell 4.6%, while ANZ gave back some of last week's gains, falling 2.6%. The Big Bank Basket was down to $277.41 (-1.8%). Financials were generally weaker, with SOL down 1.9%, MQG down 0.5%, and ASX giving back some recent gains. Insurers also slipped, with QBE down1.8% and SUN down 5.1%. REITs came under pressure as bond yields rose, with SCG down 0.8% and SGP down 3.0%.

Industrials were generally weaker, with the retail sector leading the market lower. JBH fell 12.3% following underwhelming results, while WES lost 4.4% and HVN also fell 4.6%. Technology stocks were mixed, with WTC down 2.6%, while XRO managed to rise 0.8%. We also saw some profit-taking in healthcare, with CSL down 1.4% and RMD falling 1.3%.

Holding the market together was the resource sector, with BHP rallying 1.4% ahead of tomorrow's results. The gold sector also performed well as bullion held onto its recent gains, with EVN up 5.2% and NST gaining 3.0%. BSL slipped slightly following its results, while the lithium sector was better again, with PLS the standout, up 4.5%.

Oil and gas stocks also edged higher, while buyers returned once again to the uranium sector, with PDN up 4.2%.

In corporate news, IRE failed to impress despite a lift to profits. Falling 11.6%. AD8 had a great day, up 11.0%, after revealing an underlying loss, with LLC falling 11.2% as it swung to a net loss of $749m in 2026. In economic news, Japanese second-quarter GDP grew 1.1% on an annualised basis.  

Asian markets were mixed, with Japan up 0.5%, Hong Kong up 1.8%, China up 1.2%, and Korea closed US futures were narrowly mixed, with the Dow down 28 points and the Nasdaq up 129. European markets poised to open higher. UK jobs and inflation ahead.

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http://bit.ly/mt20-podcast

Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast

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Disclaimer
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