Records all round as S&P/ASX200, gold hit new highs, resources, Newmont rally, CommBank reversal begins

The local market closed above a new all-time high on Wednesday, surpassing the 8,800 point level for the first time ever by gaining 0.8 per cent. The materials sector was behind the rally, with the sector leading 10 of the market’s 11 sectors higher, driven by a renewed surge in the gold price. The gold price moved past 3,400 US dollars per ounce — another record — buoying the likes of Northern Star Resources Limited (ASX: NST) to more than 5 per cent gains. The rise comes as another sign of a weakening US economy, this time via the services sector, boosting hopes for rate cuts. Goodman Group (ASX: GMG) and Wesfarmers Limited (ASX: WES) also posted more than 1.5 per cent gains. All eyes are on Commonwealth Bank of Australia (ASX: CBA) with the behemoth gaining 1 per cent, a week ahead of its full-year earnings result, which will test its valuation.

TPG Telecom sinks on ASX error, News Corp gains on REA Group dividend, revenue jump

The ASX Limited (ASX: ASX) is in trouble once again after sending shares in TPG Telecom Limited (ASX: TPG) more than 5 per cent lower due to another error. The group was incorrectly tagged in news of a takeover offer by private equity group TPP Capital Asia, which had bid 651 million dollars to purchase Infomedia Limited (ASX: IFM), whose shares gained close to 30 per cent on the news. News Corporation (ASX: NWS) gained 5 per cent after the company reported solid revenue growth of 2 per cent and a 14 per cent jump in profit. This was supported by a 7 per cent gain in REA Group Limited (ASX: REA) — owner of Realestate.com.au — as the company flagged a double-digit increase in revenue and a record dividend.

Apple investment boosts US markets, India tariffs to hit 50 per cent, McDonald’s sees sales growth return

The technology sector once again drove global markets higher on Wednesday, with the S&P 500 Index (NYSE: SPX) gaining another 0.7 per cent and the NASDAQ Composite Index (NASDAQ: IXIC) rising 1.3 per cent amid a more than 5 per cent surge in Apple Inc (NASDAQ: AAPL) shares. The company flagged a 100 billion US dollar investment in US production capacity as it seeks to limit the impact of tariffs on iPhone production. According to Bloomberg’s Market Pulse Index, the market pushed into a ‘manic’ reading last month, but earnings have helped to settle valuation concerns. Airbnb Inc (NASDAQ: ABNB) was broadly flat despite reporting a solid result, as the company warned that summer sales had been weaker than expected. More toys and promotions were enough to see McDonald’s Corporation (NYSE: MCD) return to sales growth, increasing by 2.5 per cent in the quarter.