Market Updates

The ASX 200 was on shaky ground falling 82 pts to 8829 (0.9%), with BHP the major culprit after announcing changes to payments and a blowout in capex at its Jansen potash project. Lower iron ore prices didn't help either, BHP finished down 5.6%, with RIO falling 3.1%. Not helping investors was news that JD Vance was no longer in the departure lounge for Switzerland, as Lebanon remains an issue. Donald Trump has already signed the MOU with Iran, but we did see US futures turn negative, despite the fact there is a holiday in America tonight. ASX 200 unchanged for the week.
The banks held relatively firm, with NAB up 1.1% and the Big Bank Basket steady at $270.18 (+0.1%). Tech once again drifted lower, with WTC down 0.3% and TNE down 2.7%. Huge jump today in CSL up 7.6% to a multi month high.
There was further carnage in the resources space, with the gold price once again under pressure. EVN fell 5.1%, while NEM also dropped 6.7%. Lithium stocks eased back, with PLS down 4.7% after announcing an expansion to the P2000 target project. Oil and gas stocks were slightly firmer as oil picked up a little, while coal stocks were better. Uranium stocks, however, came back under pressure.
In corporate news, EOS jumped 14.1% on the back of a large order from the Middle East. BHP was very much in focus following its Jansen update. SKC rallied 14.6% on a settlement deal. QAN had a good day after announcing its Project Sunrise flights to London from October 27. LIC also fell hard after flagging an acceleration in sales momentum, although lower pricing offset the good news.
There was nothing on the economic front locally, with China, Hong Kong and Taiwan closed, and US markets shut tonight.
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U.S. stocks rose on Thursday, staging a comeback after the Federal Reserve indicated the possibility of a rate hike this year — a move that sparked a sell-off in equities during the previous session. 
The S&P 500 added 1.08%, closing at 7,500.58, and the Nasdaq Composite climbed 1.91% to 26,517.93. The Dow Jones Industrial Average rose by 72.15 points, or 0.14%, to end at 51,564.70.
Intel led chip stocks higher, rising 10.6% after President Donald Trump said the company will partner with Apple on designing chips in the U.S. Fellow semiconductor names such as Nvidia and Micron Technology were also higher by about 3% and almost 9%, respectively. The iShares Semiconductor ETF (SOXX) jumped more than 6%.
SPI down 51 - BHP costs blowout - Gold eases - US Holiday tonight
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The ASX 200 closed down 55 points at 8911 (0.6%), with the banks coming under some pressure and resources also slipping. CBA dropped 0.9%, WBC dropped 1.1%, but ANZ managed a small gain, along with MQG, which was again up on the day. The Big Bank Basket dropped to $269.97 (-0.75%). The rest of the financials were not faring so well, with ASX down 2.3% and HUB also down 2.3%, while ZIP fell slightly as well.
The REIT sector also came under a little pressure again today, with GMG down 1.2% and SCG down 0.8%, while industrials were somewhat mixed as the tech sector continued to stumble lower. REA fell X0.6%, WTC dropped 3.4%, XRO lost 3.9%, and the All-Tech Index was down 0.5%. Retail eased slightly, although WES was up 0.3%, while both WOW and COL gained around 1%. Healthcare stocks were mixed, with CSL adding another 1.2%, but RMD fell hard on broker downgrades, down 3.8%.
Meanwhile, in resources, we saw BHP slipped 0.8% on the iron ore price weakening, while RIO and FMG fell further. Gold miners were selectively under pressure, although gold in both Australian dollar and US dollar terms was slightly firmer. We had EVN down 1.9% and GMD up 0.3%, making for a mixed picture across the gold sector. Lithium and rare earth stocks fell back again today. PLS was down 3.0% and LYC fell 1.6%. We also saw selling in the oil and gas sector, with WDS down 1.2%and STO down 0.4%, while coal stocks eased back.
In corporate news, CGF rallied slightly after its Fidante unit agreed to a merger with Channel Capital. SOL rose 0.8% after agreeing to sell its stake in Brickworks Property Trust to GMG. Elsewhere, EOS remained in a trading halt ahead of a material announcement involving a new defence contract.
There was nothing special on the economic front. Citi estimates ANZ job listings fell 2.9% year-on-year in May, with Australia down 4.5%.
Asian markets – China up 0.1% HK down 1.7% Japan up 1.7% Korea up 1.5%
US Futures - Dow Jones up 248, Nasdaq up 339. Oil down 2.5%
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US stock closed lower after the Federal Reserve held interest rates unchanged and signaled the possibility of rate hikes this year. The S&P 500 fell 1.2% and the Nasdaq 100 dropped 1%, while the Dow lost 507 points from its record high. The Summary of Economic Projections from the Fed's June meeting showed that half of the FOMC members projected one rate hike or more this year, as underlying inflation gauges pointed to rising prices and employment data remained robust despite economic shocks stemming from the war in Iran. Chairman Warsh refrained from posting a dot in the projections, reflecting his intention to change the Fed's monetary framework.
Magnificent Seven stocks led the losses amid the selloff in Treasuries, with Meta down 4.2%, Microsoft losing 3.6%, Alphabet shedding 2.4%, and Amazon dropping 3.1%. Chipmakers extended their rally, with Micron up 2.2%, Marvell gaining 3.9%, and Intel advancing 3.5%.
SPI down 64 - Gold falls - Oil rises - Yields rise.
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The ASX 200 rallied another 49 points to 8966 as optimism continues on Fed and war outcomes. After a slow start, and despite iron ore falling, BHP managed a 0.6% rise as passive funds continue to flow into the Big Australian. RIO and FMG drifted lower. Gold miners continued their recovery despite bullion slipping a little, NST up 2.6% and EVN up 2.9%, with RRL doing very well. Lithium stocks also continued recovering, with LTR up 3.9% and PLS rallying 2.8%, while rare earth stocks were mildly positive. Oil and gas stocks fell as oil continued to be barrelled over, with WDS down 3.6% and STO off 1.2%. KAR dropped 13.4% on a production downgrade and oil price woes.
Banks firmed, with CBA the standout, up 1.1%, and the Big Bank Basket rising to $271.99 (+0.6%). Other financials also did well, with insurers up on premium hike talks. MQG rose 1.2%, hitting an all-time high. REITs were also positive, led by GMG rallying 1.4% and SGP up 0.9%. Industrials were mixed, although improving risk sentiment helped. SGH rose 1.2% and ALL gained 3.1%, while healthcare was also better. CSL edged higher and RMD rose 0.6%. Tech stocks bounced hard, with WTC up 4.1% and XRO rallying 3.5%, taking the All-Tech Index up 1.8%.
In corporate news, A1N rose 31.0% on a settlement with Kyle Sandilands. FLT took off , up 5.3% on a lifting of travel advisories despite earnings issues. SGM surged 1.8% following an earnings update. SYL rose 8.2% after agreeing to acquire 100% of Queensland-based Shamrock Civil in a $51 million upfront deal. On the economic front, there was nothing locally.
Asian markets – China up 0.2% HK down 0.5% Japan up 0.7% Korea up 1%
US Futures - Dow Jones up 21 Nasdaq up 201.
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