Market Updates

The ASX 200 put in another solid performance, rising 91 points to 9039, as iron ore results cheered the resource sector and industrials continued to push higher. The market also took comfort from the latest CPI reading, which came in below expectations and should ease some of the pressure on the RBA to raise rates on 11 August. The banks gave back some early gains, the Big Bank Basket at $295.53 up 0.1%, with ANZ up 1.37%, while other financials were mixed as ASX rallied 1.43%. AMP was showing a clean pair of heels, rising 2.34%. REITs also enjoyed a good session as bond yields fell, with CHC up 2.96% and SGP gaining 4.96%.
Industrials also had a strong day, with retailers rallying on rate-cut expectations. JBH rose 4.67% and LOV also found some friends, up 7.88%. The technology sector performed well, with WTC up 2.33% and XRO rising 4.11%. REA, CAR and SEK also enjoyed solid gains, while TLX climbed 0.21%. Both WOW and COL had good sessions, while healthcare was especially firm. CSL rose 7.15% on encouraging news surrounding its Horizon 2 manufacturing technology, and RMD rallied 3.59%.
Resources painted a more mixed picture. BHP rose 1.36%, while RIO rallied on the back of better-than-expected results and a stronger-than-expected dividend. FMG also pushed higher. One casualty was LTR, which fell 7.92% following a disappointing quarterly update. Gold miners were mixed, with NST up 2.22% and NEM flat. Rare earths continued to struggle, with LYC falling heavily once again. Oil and gas stocks edged higher as tensions in the Middle East escalated and the oil price firmed, with WDS up 1.39% and STO flat. Uranium stocks were mixed.
In corporate news, there was no shortage of quarterly updates. CSL responded strongly to progress on Horizon 2. PPT rejected a revised takeover offer from EQT, while MIN delivered a solid June quarter. LTR ended the June quarter with $561m in cash, although production, costs and guidance disappointed the market. WDS also tightened its FY26 production guidance to 174–185mmboe.
In economic news, headline inflation slowed to 0.6% in June, down from 1.4% in April, with annual inflation easing to 3.8%, below expectations and down from 4.0%.
Asian markets were weaker, Nikkei 225 down 1.5%, HK up 1.56% and China down 0.84% - Korea down 5.98%. US futures weaker, Dow down 58 points Nasdaq down 137. .European markets set to open lower. Fed focus.
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US equity indices closed mixed on Tuesday as chipmakers extended their selloff, while earnings and falling oil prices supported investors' sentiment. The S&P 500 gained 0.2% and the Dow Jones rose 537 points while the Nasdaq 100 fell 1%. Concerns over slowing AI infrastructure spending and the circular nature of data center investment weighed on compute and memory chipmakers. Micron slumped 8.8%, AMD lost 8.1%, Intel fell 5.9%, and Sandisk tumbled 14.2%. The sector also came under pressure after the strong IPO of China's CXMT in Shanghai boosted optimism over rising competition. Meanwhile, health and consumer staples outperformed. Microsoft was up 1.1% and Meta closed little changed ahead of earnings on Wednesday. Coca-Cola soared 5% after an earnings and revenue beat and a hike in its full-year outlook. Eli Lilly was up 1.9%, Berkshire Hathaway gained 3.1%, and Visa rose 1.1% ahead of its earnings release.
SPI up 74 - RIO results - SK Hynix Results - CPI at 11.30am. New Iranian strikes. 
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The ASX 200 shrugged off early losses to close 54 points higher at 8948 (0.6%), with the banks proving resilient yet again. CBA rose 1.5% and NAB gained 0.7%, taking the Big Bank Basket to $295.23 (+1.3%) Other financials also had a better day, with HUB up 1.8% and ASX rising 1.5%.
REITs also performed well, with GMG up 0.2% and SGP gaining 2.7%. Industrials were firm, led by a rebound in the tech sector, with XRO up 3.7%, WTC up 8.1% and TNE rising 3.3%. TLS had a good day, up 1.6%, while retailers also performed well, with JBH up 3.3% and WES gaining 2.1%. Healthcare was also in the pink, with CSL up 2.7% and RMD rising 3.4%.
It was a different story in resources, with BHP down 1.2% and RIO falling 2.5%. Gold stocks gave back some of yesterday's gains, with GMD down 1.1% and EVN easing 1.8%. Lithium stocks remained under pressure, with PLS down 4.9% and MIN falling 2.9%.
Oil and gas stocks enjoyed a better session, with WDS rallying 2.8% and STO up 1.2%, although coal stocks continued to drag. Uranium stocks were also back under pressure as part of the AI trade unwind, with PDN down 4.4% and DYL falling 2.2%.
In corporate news, DRO fell 13.2% after warning that margins would come under pressure. WEB surged 17.1% following plans to buy back up to $90m of its shares and a stronger forecast for first-half earnings. ILU had a good day despite warning that Balranald production would be lower than previously expected, while WHC eased 4.6% after finishing the year at the top end of production guidance.
In economic news, the ANZ-Roy Morgan Consumer Confidence Index fell 4.4 points last week to 71.2.
Asian markets were weaker, Nikkei 225 down 4.4%, HK down 0.1% and China down 2.8% - Korea down 10.4%. US futures mixed Dow up 4 Nasdaq down 290
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US stock indices closed mixed on Monday as chipmakers extended their selloff ahead of this week's Fed decision and a busy slate of economic data and corporate earnings. The S&P 500 ended little changed, the Nasdaq 100 lost 0.3%, while the Dow gained 263 points. Nvidia fell 5% after announcing a $500 billion AI memory chip supply agreement with SK Hynix. Separately, the company guaranteed $250 billion for OpenAI to lease computing capacity from a major data center project, reviving concerns that circular AI financing deals could unravel if hyperscalers curb capital spending. Micron (-2.2%), AMD (-5.2%), Intel (-0.7%), and Sandisk (-11%) also declined. Meanwhile, easing concerns over tight financial conditions helped the Dow. The US and Iran paused strikes over the weekend, sending oil prices and Treasury yields lower, easing expectations of a Fed rate hike this week. Apple (+1.2%), Meta (-0.2%), Amazon (-0.3%), and Microsoft (+1.9%) traded mixed ahead of earnings releases.
SPI down 20 - Oil off 9% - Gold pushes slightly higher - Quarterly results in focus.
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The ASX 200 started the week on a strong note, up 122 points to 8,894 +1.4%), as most sectors of the market rallied hard, with the exception of oil and gas, as Trump's threat of a massive attack on Iran was wound back and US futures rallied. The banking sector was once again solid, with CBA up 1.2% and ANZ up 1.2%, with the Big Bank Basket at $291.58 (+1.2%). MQG also rallied again, and other financials were back in the green. Insurers also rose, led by QBE up 1.4%. The REIT sector was also good today, led by GMG up 3.2% and CHC up 2.8%. Industrials too had a significantly better day, with the tech sector firing for a change: XRO up 6.0% and WTC up 7.0%, with TNE rallying too, along with REA, CAR and SEK.  TLS had a good day. QAN brushed off the latest Alan Joyce novel and rose 3.6% on lower oil prices. Meanwhile, resources had a solid day: BHP up 2.1%, RIO up 2.2%, and the gold miners also doing well today. We had some corporate action with EVN bidding for CNB in a script bid. VAU also had a good day, together with CMM, on a resource upgrade. Even the lithium stocks chimed in today, with LTR up 3.4% and PLS up 2.7%. Meanwhile, oil and gas stocks WDS and STO fell around 3%, and uranium and coal stocks also a little bit easier.
In corporate news, MYR fell 12.0% after it said a sharp slowdown in consumer spending late in the financial year weighed on margins. PPT had another bid from EQT of $22.50, and EVN bid for CNB. Nothing today on the economic front as we await the CPI on Wednesday.
Asian markets were mixed, Nikkei 225 up 0.3%, HK up 0.8% and China 0.3% - Korea up 0.8%. US futures up 400 for Dow, 414 for Nasdaq.
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