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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Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
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Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

Marcus Today – Daily Market Insights
Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.
If you'd like to go further:
Start a free 14-day trial of Marcus Today
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Join Marcus Today
Use code MTPODCAST for 10% off
http://bit.ly/mt-join-podcast-offer
MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
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
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.