Author Archives: Atchison

ASX retreats as banks and materials weigh on sentiment
The Australian share market experienced its steepest one-day drop since May, as investor sentiment soured on the back of persistent US inflation and renewed tariff concerns. The S&P/ASX 200 Index (ASX: XJO) declined by 0.8 per cent to close at 8561.80, retreating from record highs. Market analyst Tony Sycamore from IG Group Holdings plc (LON: IGG)cautioned that a further slip below the 8530–8510 range could trigger a deeper correction toward the 200-day moving average near 8250. Banks led the downturn, with National Australia Bank Limited (ASX: NAB) sliding 3.4 per cent despite internal board support for its CEO. Westpac Banking Corporation (ASX: WBC), Commonwealth Bank of Australia (ASX: CBA), and Australia and New Zealand Banking Group Limited (ASX: ANZ) also posted losses.

Materials and healthcare sectors under pressure
Market sentiment extended into the materials and healthcare sectors. Analysts from Citigroup Inc. (NYSE: C) advised caution on iron ore gains, suggesting speculative Chinese demand rather than strong fundamentals. Despite this, iron ore futures edged higher in Singapore, helping Rio Tinto Limited (ASX: RIO) close 0.2 per cent higher following robust Q2 production data. BHP Group Limited (ASX: BHP) fell 0.7 per cent, while CSL Limited (ASX: CSL) dropped 1.3 per cent amid renewed tariff threats on pharmaceuticals. Among individual movers, Megaport Limited (ASX: MP1) surged 6.3 per cent after a Macquarie upgrade. Iluka Resources Limited (ASX: ILU) added 4.3 per cent, boosted by a bullish outlook and industry developments. On the downside, Newmont Corporation (NYSE: NEM) fell 5.7 per cent after a leadership change and asset sales, while South32 Limited (ASX: S32) and Evolution Mining Limited (ASX: EVN) also posted notable declines.

Global markets remain cautious amid mixed signals
US markets showed caution as traders digested remarks from President Donald Trump and the latest Beige Book report highlighting persistent economic uncertainty. US producer prices were flat in June, while annual wholesale inflation eased to 2.3 per cent – its lowest since September. In corporate news, Tesla Inc. (NASDAQ: TSLA) is set to launch a six-seat version of its Model Y in China to regain competitive edge, and Johnson & Johnson (NYSE: JNJ) beat earnings expectations and raised its guidance despite industry headwinds. Meanwhile, ASML Holding N.V. (NASDAQ: ASML) CEO Christophe Fouquet trimmed sales growth projections for 2026 due to ongoing trade tensions and geopolitical uncertainties.

ASX edges higher ahead of CPI data

The Australian share market posted a modest gain on Tuesday, buoyed by late-session buying as investors braced for a key inflation report due Wednesday. The S&P/ASX 200 Index climbed 0.1 per cent to close at 8740.60, recovering from a session low of 8643.50. Despite early weakness, most sectors finished in positive territory, though investor caution remained high with the Consumer Price Index for the June quarter expected to shape the Reserve Bank of Australia’s upcoming interest rate decision.

Healthcare rotation as energy leads gains

Among sectors, energy outperformed thanks to a rebound in crude oil prices. Woodside Energy Group Ltd (ASX: WDS) rose 1.6 per cent following news it will take over operations of the Bass Strait gas assets from ExxonMobil Australia. In contrast, real estate lagged with Vicinity Centres (ASX: VCX) and Mirvac Group (ASX: MGR) both down. Financials were mixed, with National Australia Bank Ltd (ASX: NAB) gaining 1.2 per cent while Commonwealth Bank of Australia (ASX: CBA) fell 0.4 per cent. Market watchers noted a shift from bank stocks to healthcare, with CSL Limited (ASX: CSL) rising 0.5 per cent and ResMed Inc. (ASX: RMD)slightly weaker. Sandfire Resources Ltd (ASX: SFR) also rose on strong quarterly results, while Viva Energy Group Ltd (ASX: VEA) and Boss Energy Ltd (ASX: BOE) fell sharply on disappointing outlooks.

Global markets slip on earnings and Fed caution

Major US indices declined on Tuesday as caution ahead of the Federal Reserve’s interest rate decision and underwhelming corporate earnings dampened sentiment. The S&P 500 Index slipped 0.3 per cent, the Nasdaq 100 Index fell 0.2 per cent, and the Dow Jones Industrial Average lost 204 points. Weak performances from UnitedHealth Group Inc (NYSE: UNH), The Boeing Company (NYSE: BA), and Merck & Co Inc (NYSE: MRK) dragged indices lower. Earnings disappointments from United Parcel Service Inc (NYSE: UPS) and Whirlpool Corporation (NYSE: WHR) further pressured the market. Despite a surprise uptick in July’s consumer confidence, unresolved US-China trade negotiations and signs of moderating inflation kept investors focused on the Fed’s policy outlook.

ASX lifts as banks rally amid easing trade tensions

The Australian share market ended a two-day losing streak on Monday, buoyed by renewed optimism following a trade agreement between the United States and the European Union and expectations that the US-China tariff truce may be extended. The S&P/ASX 200 Index rose by 30.8 points, or 0.4 per cent, to close at 8697.7, while the All Ordinaries Index added 0.3 per cent. Financial stocks led the gains, particularly Commonwealth Bank of Australia (ASX: CBA), which climbed 1.2 per cent to $174.90. Meanwhile, National Australia Bank Limited (ASX: NAB), Westpac Banking Corporation (ASX: WBC), and Australia and New Zealand Banking Group Limited (ASX: ANZ) posted more modest increases.

Resource and lithium sectors drag despite travel and tech gains

Offsetting the gains in financials were declines in resource and energy stocks. Whitehaven Coal Limited (ASX: WHC) and Yancoal Australia Ltd (ASX: YAL) fell sharply after a court overturned a 2022 coal project approval in the Hunter Valley. Uranium miner Boss Energy Limited (ASX: BOE) plummeted 44 per cent following operational concerns at its Honeymoon project. Iron ore giants such as Rio Tinto Limited (ASX: RIO), Fortescue Metals Group Ltd (ASX: FMG), and BHP Group Limited (ASX: BHP) also retreated as futures weakened. Lithium producers including Pilbara Minerals Limited (ASX: PLS) and Liontown Resources Limited (ASX: LTR) suffered significant losses amid falling lithium prices in China. On a brighter note, Helloworld Travel Limited (ASX: HLO) surged 14.1 per cent after lifting earnings guidance, while Stealth Global Holdings Ltd (ASX: SGI) and Bubs Australia Limited (ASX: BUB) also posted strong gains on positive corporate developments.

Global markets steady as investors eye earnings and Fed decision

In global markets, US stocks were relatively unchanged on Monday as investors processed the new US-EU trade agreement and anticipated a busy week of earnings and economic updates. The S&P 500 Index edged higher to another record, the Nasdaq 100 Index added 0.3 per cent, while the Dow Jones Industrial Average slipped by 64 points. Energy stocks led gains with Exxon Mobil Corporation (NYSE: XOM) and Chevron Corporation (NYSE: CVX) rising, whereas materials stocks underperformed. Market sentiment remained cautious, with focus turning to earnings results from Meta Platforms Inc. (NASDAQ: META), Microsoft Corporation (NASDAQ: MSFT), Apple Inc. (NASDAQ: AAPL), and Amazon.com Inc. (NASDAQ: AMZN). Investors are also closely watching the US Federal Reserve’s policy meeting on Wednesday for potential clues on a September rate cut. 

Soft Friday locks-in poor week for local market

The S&P/ASX 200 Index (ASX: XJO), the Australian sharemarket’s benchmark, gave up 42.5 points, or 0.5 per cent, to 8,666.9 on Friday, marking a 1 per cent slide for the week – its worst weekly performance since a 3.9 per cent decline in the first week of April. The broader All Ordinaries Index (ASX: XAO) retreated 45.1 points, or 0.5 per cent, to 8,934.3 on Friday, to be down 0.8 per cent for the week.

Hawkish comments from Reserve Bank of Australia governor Michele Bullock on Thursday led to a shift in interest-rate cut expectations, with the market appearing to price in two full 25 basis-point cuts this year, possibly in August and November.

Six of the ASX’s 11 sectors finished lower and two closed higher on Friday, with industrials, telecommunications and utilities all effectively flat.

Banks weak, Newmont and Woodside surge

The big four banks continued to lose ground, with Westpac Banking Corporation (ASX: WBC) falling 26 cents, or 0.8 per cent, to $33.03; Australia and New Zealand Banking Group Limited (ASX: ANZ) slipping 22 cents, or 0.7 per cent, to $30.22; Commonwealth Bank of Australia (ASX: CBA) receding 60 cents, or 0.4 per cent, to $172.87; and National Australia Bank Limited (ASX: NAB) walking back 15 cents, also 0.4 per cent, to $37.51.

The big miners were also disappointing, with BHP Group Limited (ASX: BHP) sliding 80 cents, or 1.9 per cent, to $40.80; Fortescue Ltd (ASX: FMG) giving up 65 cents, or 3.4 per cent, to $18.35; and Rio Tinto Limited (ASX: RIO) subsiding $1.00, or 0.8 per cent, to $118.86. The goldminers were also mostly lower, with the exception being heavyweight Newmont Corporation (NYSE: NEM), which rose $3.50, or 3.8 per cent, after a solid quarterly report. Energy did well, largely on the back of Woodside Energy Group Ltd (ASX: WDS), which rose 94 cents, or 3.7 per cent, to $26.20. Santos Limited (ASX: STO) moved 8 cents, or 0.5 per cent, higher to $7.78.

Yawn, another record close for the S&P 500, Nasdaq

In the US, the broad S&P 500 Index (INDEXSP: .INX) advanced 25.29 points, or 0.4 per cent, to notch its 14th record close of the year at 6,388.64, with Friday marking a fifth consecutive day of closing records for the S&P 500. The tech-heavy Nasdaq Composite Index (INDEXNASDAQ: .IXIC) went one better, gaining 50.36 points, or 0.2 per cent, ending at 21,108.32 for its 15th record close in 2025. Both indices also touched fresh new all-time intraday highs during the trading day. The 30-stock Dow Jones Industrial Average (INDEXDJX: .DJI) added 208.01 points, or 0.5 per cent, to close at 44,901.92, a smidgen away from its record close of 45,014.04, achieved on December 4 last year.

All three major gauges finished the week with gains: the S&P 500 Index (INDEXSP: .INX) gained about 1.5 per cent; the Dow Jones Industrial Average (INDEXDJX: .DJI) posted a 1.3 per cent advance; and the Nasdaq Composite Index (INDEXNASDAQ: .IXIC) rose 1 per cent.

The indices were helped by what has been a strong second-quarter earnings season so far, including Alphabet Inc. (NASDAQ: GOOGL)’s better-than-expected report. Verizon Communications Inc. (NYSE: VZ) shares also jumped after the telecommunications company’s results surpassed expectations. For the week, Alphabet Inc. (NASDAQ: GOOGL) lifted 4 per cent and Verizon Communications Inc. (NYSE: VZ) put on 5 per cent. More than 82 per cent of the 169 S&P 500 Index (INDEXSP: .INX) companies that have reported to date have beaten Wall Street’s expectations, according to FactSet Research Systems Inc. (NYSE: FDS) data.

Millionaire factory mauled

S&P/ASX 200 Index (ASX: XJO) closed 27.8 points, or 0.3 per cent, weaker at 8709.4 on Thursday, with nine of the 11 sectors losing ground, led by energy, industrials and real estate stocks. The broader All Ordinaries Index (ASX: XAO) gave up 22 points, or 0.2 per cent, to 8,979.4.

Macquarie Group Limited (ASX: MQG) slumped $11.45, or 5.1 per cent, to $213.84 after the asset management and investment banking firm was hit with its first-ever protest vote on its remuneration report at its annual general meeting, following regulatory and compliance failings. A similar vote next year could lead to a board spill. The group also announced that its long-serving chief financial officer Alex Harvey would depart. Three of the big four banks closed higher. National Australia Bank Limited (ASX: NAB) pushed 46 cents, or 1.2 per cent, higher to $37.66; Westpac Banking Corporation (ASX: WBC) rose 18 cents, or 0.5 per cent, to $33.29; and Commonwealth Bank of Australia (ASX: CBA) edged ahead by 17 cents, or 0.1 per cent, to $173.47; but Australia and New Zealand Banking Group Limited (ASX: ANZ)weakened 13 cents, or 0.4 per cent, to $30.44.

Elsewhere in industrials (which fell 1.2 per cent) Computershare Limited (ASX: CPU) fell $1.37, or 3.3 per cent, to $40.22; Brambles Limited (ASX: BXB) retreated 36 cents, or 1.5 per cent, to $23.13; Cleanaway Waste Management Limited (ASX: CWY) shed 5 cents, or 1.7 per cent, to $2.85; and rail group Aurizon Holdings Limited (ASX: AZJ) lost 7 cents, or 2.1 per cent, to $3.26. Biotech heavyweight CSL Limited (ASX: CSL) gained $4.06, or 1.5 per cent, to $269.56. Automotive parts group Bapcor Limited (ASX: BAP) had a shocker, tanking $1.45, or 28.4 per cent, to $3.66 after it warned of weaker-than-expected earnings; announced $50 million in post-tax write-downs; and said three directors would leave the board.

Lynas, Fortescue flying

In big mining, BHP Group Limited (ASX: BHP) leaked 25 cents, or 0.6 per cent, to $41.60; Rio Tinto Limited (ASX: RIO) advanced 39 cents, or 0.3 per cent, to $119.86; and Fortescue Metals Group Limited (ASX: FMG) climbed 79 cents, or 4.3 per cent, to $19.00. Fortescue Metals Group Limited (ASX: FMG) told the market that it shipped a record amount of iron ore in the year to June and is forecasting further volume growth in the next 12 months at a lower cost of production. But the company flagged a $227 million impairment on two failed energy projects, confirming that its Arizona hydrogen and Gladstone electrolyser projects would not go ahead. Rare earths producer Lynas Rare Earths Limited (ASX: LYC) surged 51 cents, or 5 per cent, to $10.65, after breaking its production record by producing 2,080 tonnes of neodymium-praseodymium (NdPr) in the most recent quarter, up 38 per cent on the previous quarter’s output. Total rare earth oxide (REO) production rose 68 per cent to 3,212 tonnes, and Lynas notched its best average selling price for three years, at US$60.20 per kilogram. Sales revenue rose by 38 per cent on the previous quarter, to $170.2 million. Lynas  also signed a memorandum of understanding with Korean permanent magnet manufacturer JS Link for a potential manufacturing and supply partnership.

Gold miners were under pressure as the precious metal’s price retreated, on easing global tensions. Evolution Mining Limited (ASX: EVN) slid 21 cents, or 2.7 per cent, to $7.54; Regis Resources Limited (ASX: RRL) walked back 10 cents, or 2.2 per cent, to $4.36; and Northern Star Resources Limited (ASX: NST) gave up 40 cents, or 2.4 per cent, to $16.27, after saying it had ditched its forward hedging policy, so as to take advantage of the soaring gold spot price, while acknowledging that troubles at its Super Pit mine in Kalgoorlie would continue to limit production. In coal, Whitehaven Coal Limited (ASX: WHC) surrendered 15 cents, or 2.1 per cent, to $7.03; and New Hope Corporation Limited (ASX: NHC) eased 2 cents, or 0.5 per cent, to $4.36. 

Fresh record closes for S&P 500, Nasdaq

In the US, the broad Standard & Poor’s 500 Index (NYSEARCA: SPY) and the tech-laden Nasdaq Composite Index (NASDAQ: IXIC) both moved to record closes overnight after Alphabet Inc. (NASDAQ: GOOGL)’s latest quarterly results came in better than expected. The S&P 500 added a minuscule 4.4 points, or 0.1 per cent if rounded-up, to end at 6,363.35, but it was enough for a record close after a new intraday all-time high earlier in the session. The Nasdaq Composite Index (NASDAQ: IXIC) pulled off the same feat, rising 37.94 points, or 0.2 per cent, to close at 21,057.96. But the blue-chip 30-stock Dow Jones Industrial Average (INDEXDJX: DJI) slid 316.38 points, or 0.7 per cent, to settle at 44,693.91, bogged down by a 7 per cent plunge in International Business Machines Corporation (NYSE: IBM) after its second-quarter software revenue missed expectations.

The S&P 500 was helped by a strong quarterly earnings report from Alphabet Inc. (NASDAQ: GOOGL), which reported a 32 per cent jump in Google Cloud revenue to US$13.6 billion, well ahead of the US$13.1 billion consensus forecast from analysts. Investors are also nervously eyeing the visit tonight by President Trump to the Federal Reserve, for, presumably, discussions with Chairman Powell. It will be the first time in nearly two decades that an American President will make an official trip to the central bank – and it is probably not going to be a social chat over scones and tea.

Australian indices move higher in tight embrace

The two main Australian indices tracked each other very closely on Wednesday. The benchmark S&P/ASX 200 Index (ASX: XJO) rose 60 points, or 0.7 per cent, to 8737.20, after touching a fresh intra-day high of 8,746.7; while the broader All Ordinaries Index (ASX: XAO) was elevated 59.9 points by the close, also 0.7 per cent, to 9,001.40. Ten of the 11 sectors finished in the green, with utilities the only laggard.

Materials led the market, up 1.2 per cent, with the major miners all higher on the back of Singapore iron ore futures rising 2.2 per cent to $US105.65 per tonne – the highest level for the commodity in five months, boosted by China’s reforms for the steel industry and plans for a massive dam project in Tibet. BHP Group Limited (ASX: BHP) advanced 34 cents, or 0.8 per cent, to $41.85; Rio Tinto Group (ASX: RIO) gained $1.15, or 1 per cent, to $119.47; and Fortescue Ltd (ASX: FMG) firmed 40 cents, or 2.2 per cent, to $18.21. In oil and gas, Woodside Energy Group Ltd (ASX: WDS) rose 36 cents, or 1.5 per cent, to $25.21, after beating expectations with its second-quarter revenue, however, the energy heavyweight downplayed its 2025 outlook.

Paladin Energy Limited (ASX: PDN), a Namibia-based uranium producer, slumped 92 cents, or 11.3 per cent, to $7.25, despite its Langer Heinrich mine enjoying a 33 per cent jump in quarterly production, hitting record crusher throughput. But full-year production guidance fell short of expectations, and the company flagged higher costs than what analysts were expecting. In coal, Whitehaven Coal Limited (ASX: WHC) rose 44 cents, or 6.5 per cent, to $7.18; Yancoal Australia Ltd (ASX: YAL) lifted 18 cents, or 2.8 per cent, to $6.58; and New Hope Corporation Limited (ASX: NHC) added 9 cents, or 2.1 per cent, to $4.38.

In gold, Ramelius Resources Limited (ASX: RMS) jumped 12 cents, or 4.5 per cent, to $2.78; Newmont Corporation (NYSE: NEM) was up $1.70, or 1.9 per cent, to $93.70; Genesis Minerals Limited (ASX: GMD) gained 5 cents, or 1.2 per cent, to $4.12; and Northern Star Resources Ltd (ASX: NST) finished 18 cents, or 1.1 per cent, to the good, at $16.67. Mineral sands miner Iluka Resources Limited (ASX: ILU) advanced 21 cents, or 4 per cent, to $5.39.

SEC blindsides Telix

On the industrial screens, cancer imaging company Telix Pharmaceuticals Limited (ASX: TLX) was pounded after announcing that it had been subpoenaed by the US Securities and Exchange Commission (SEC) over disclosures relating to the development of its prostate cancer therapeutic candidates. Telix lost $3.80, or 15.1 per cent, to $21.32, taking the stock back to where it was in November. Telix said it is fully cooperating with the US regulator and is in the process of responding; at this stage, the matter is a “fact-finding” request. Biotech heavyweight CSL Limited (ASX: CSL) gained $1.55, or 0.6 per cent, to $265.50.

Most of the major banks rose, with Australia and New Zealand Banking Group Limited (ASX: ANZ) up 75 cents, or 2.5 per cent, to $30.57; Westpac Banking Corporation (ASX: WBC) gained 46 cents, or 1.4 per cent, to $33.11; and Commonwealth Bank of Australia (ASX: CBA) turning early-day weakness into a rise of 88 cents, or 0.5 per cent, to $173.30. But National Australia Bank Limited (ASX: NAB) softened 2 cents, to $37.20.

Boldly going where no tech index has gone before

In the United States, the highlight of the Wednesday session was the tech-heavy Nasdaq Composite Index (NASDAQ: IXIC) closing above the 21,000 level for the first time. The tech gauge put on 127.33 points, or 0.6 per cent, and closed at 21,020.02. The benchmark S&P 500 Index (NYSE: SPX) added 49.29 points, or 0.8 per cent, to hit its 12th record close of the year, at 6,358.91. The 30-stock Dow Jones Industrial Average (NYSE: DJI) lifted 507.85 points, or 1.1 per cent, to 45,010.29, just four points away from a new record close.

The impetus for the indices came from positive developments on the trade front this week. The United States and Japan have reached a trade deal, with 15 per cent “reciprocal” tariffs on goods from the nation, below the US’ initial gambit of 25 per cent. Reports also came in that the United States and the European Union were making progress toward a similar deal.

After the close, megacap stocks Alphabet Inc. (NASDAQ: GOOGL) and Tesla Inc. (NASDAQ: TSLA) reported their second-quarter earnings. Alphabet beat both revenue and earnings expectations, and the stock rose 2 per cent in after-hours trading; Tesla disappointed investors with a fall in automobile revenue for the second consecutive quarter, and after-hours trading initially saw the stock slip 3 per cent.

CBA slides but local market quietly pushes higher

It was a positive session for the Australian share market on Tuesday, but not exactly a roaring bull. The benchmark S&P/ASX 200 Index (ASX: XJO) eked out a gain of 9 points, or 0.1 per cent, to 8,677, while the broader All Ordinaries Index (ASX: XAO) did slightly better, accruing 15.3 points, or 0.2 per cent, to 8,941. The benchmark index was affected by heavyweight Commonwealth Bank of Australia (ASX: CBA) sliding $5.45, or 3.1 per cent, to $172.42: Commonwealth Bank of Australia (ASX: CBA) is still up 12.5 per cent for the year, but has dropped 10.2 per cent since hitting a record high last month.

The other big four banks also retreated, with National Australia Bank Limited (ASX: NAB) easing $1.03, or 2.7 per cent to $37.22; Westpac Banking Corporation (ASX: WBC) losing 42 cents, or 1.3 per cent, to $32.65; and Australia and New Zealand Banking Group Limited (ASX: ANZ) ceding 23 cents, or 0.8 per cent, to $29.82.

Elsewhere in the financial sector, Insignia Financial Limited (ASX: IFL) soared 48 cents, or 12.2 per cent, to $4.41 after the former IOOF Holdings Limited agreed to be bought by a US-based private equity firm for $3.2 billion.

Biotech heavyweight CSL Limited (ASX: CSL) lifted $8.64, or 3.4 per cent, to $263.95, and has now gained 9.6 per cent in the past month. However, CSL Limited (ASX: CSL) is down 14.6 per cent in the last 12 months.

Resources lead market

The financial sector was the worst-performing sub-index, dropping 1.7 per cent, while the materials/mining sector topped the table, rising 2.4 per cent. BHP Group Limited (ASX: BHP) gained $1.05, or 2.6 per cent, to $41.51; Fortescue Ltd (ASX: FMG) strengthened 56 cents, or 3.3 per cent, to $17.81; and Rio Tinto Limited (ASX: RIO)put on $3.86, or 3.4 per cent, to $118.32.

Goldminers were also keenly sought, led by West African Resources Limited (ASX: WAF), which jumped 19 cents, or 8.6 per cent, to $2.40. Spartan Resources Limited (ASX: SPR) rose 16.5 cents, or 8.4 per cent, to $2.13 on its last day of trading on the ASX before it is taken over by fellow gold producer Ramelius Resources Limited (ASX: RMS) in a $2.4 billion cash-and-scrip transaction.

For its part, Ramelius Resources Limited (ASX: RMS) gained 20 cents, or 8.1 per cent, to $2.66; while Genesis Minerals Limited (ASX: GMD) lifted 20 cents, or 5.2 per cent, to $4.07; Westgold Resources Limited (ASX: WGX)spiked 13 cents, or 4.8 per cent, to $2.86; Capricorn Metals Ltd (ASX: CMM) leapt 42 cents, or 4.6 per cent, to $9.61; and Perseus Mining Limited (ASX: PRU) gained 14 cents, or 4 per cent, to $3.67.

Lithium producer Pilbara Minerals Limited (ASX: PLS) advanced 9.5 cents, or 5.3 per cent, to $1.88; and IGO Limited (ASX: IGO), which mines nickel and lithium, gained 25 cents, or 5 per cent, to $5.03. But after a strong day yesterday, lithium producer Liontown Resources Limited (ASX: LTR) lost 6.5 cents, or 6.3 per cent, to 97 cents.

Yancoal Australia Ltd (ASX: YAL) was up 32 cents, or 5.3 per cent, to $6.40, while Whitehaven Coal Limited (ASX: WHC) added 32 cents, or 5 per cent, to $6.74. Canadian-based Champion Iron Limited (ASX: CIA) firmed 25 cents, or 5.2 per cent, to $5.07 after it signed an agreement with Nippon Steel Corporation (TYO: 5401) and Sojitz Corporation (TYO: 2768) to form a partnership for the development of its Kami iron ore project in Canada.

Second-quarter tech earnings poised to flow

In the US, the broad S&P 500 Index (NYSEARCA: SPY) notched its second consecutive record-high close, inching ahead by 4.02 points to 6,309.62, rounding-up (barely) to 0.1 per cent. This was the 11th closing record of 2025 for the benchmark index.

The tech-heavy Nasdaq Composite Index (NASDAQ: IXIC), which recorded a record close in the Monday session, couldn’t follow suit, retreating 81.49 points, or 0.4 per cent, to 20,892.69, while the blue-chip Dow Jones Industrial Average (INDEXDJX: DJI) climbed 179.37 points, or 0.4 per cent, to 44,502.44.

The second-quarter earnings season is well under way, but tonight in the US the closely watched tech earnings start to flow, with results from Alphabet Inc. (NASDAQ: GOOGL) and Tesla Inc. (NASDAQ: TSLA), followed by Meta Platforms Inc. (NASDAQ: META), Microsoft Corporation (NASDAQ: MSFT), Amazon.com Inc. (NASDAQ: AMZN) and Apple Inc. (NASDAQ: AAPL) next week.

President Trump’s tariffs and AI spending were the big topics last quarter and remain top of mind for investors. The tariff effect was shown overnight by General Motors Company (NYSE: GM), which reported a 35.4 per cent slide in second-quarter profit to US$1.9 billion, with the fall being exacerbated by a US$1.1 billion hit from the tariffs. Notwithstanding the tariff impact, General Motors Company (NYSE: GM) reaffirmed its full-year profit forecast and cited strong sales of its trucks and “sports” utility vehicles. Even with the impact of the tariffs, General Motors Company (NYSE: GM) still managed to beat analysts’ forecasts handily.

Worst day for three months takes Australian benchmark lower

It was the dirtiest day in three months for the Australian share market on Monday, with the benchmark S&P/ASX 200 Index (ASX: XJO) sinking 89 points, or 1 per cent, to 8,668.2, while the broader All Ordinaries Index (ASX: XAO)lost 80.6 points, or 0.9 per cent, to 8,926.2.

Nine of the Australian Securities Exchange’s (ASX) 11 sectors lost ground, with the leading lights being energy, which gained 1.2 per cent, and materials, which added up 0.3 per cent, helped by more positive sentiment around China. Energy was led by coal heavyweight Whitehaven Coal Limited (ASX: WHC), which surged 25 cents, or 4 per cent, to $6.42; in the same cohort, New Hope Corporation Limited (ASX: NHC) added 10 cents, or 2.5 per cent, to $4.16; Yancoal Australia Limited (ASX: YAL) gained 24 cents, or 4.1 per cent, to $6.08; and Stanmore Resources Limited (ASX: SMR) ended up 8 cents, or 3.7 per cent, to $2.25. Woodside Energy Group Limited (ASX: WDS)also played a part, putting on 35 cents, or 1.4 per cent, to $24.75; and Brazilian-based oil and gas producer Karoon Energy Limited (ASX: KAR) gained 3.5 cents, or 1.8 per cent, to $1.965.

Materials was helped by its leaders, with BHP Group Limited (ASX: BHP) lifting 17 cents, or 0.4 per cent, to $40.46; Rio Tinto Limited (ASX: RIO) firming $1.35, or 1.2 per cent, to $114.46; Fortescue Limited (ASX: FMG) adding 25 cents, or 1.5 per cent, to $17.25; and South32 Limited (ASX: S32) gaining 13 cents, or 4.5 per cent, to $3.02. Lithium stock Liontown Resources Limited (ASX: LTR) provided a resources highlight, spiking 10.5 cents, or 11.3 per cent, to $1.03, while Mineral Resources Limited (ASX: MIN), which mines lithium and iron ore, moved 91 cents, or 3.1 per cent, higher to $29.99.

Every AMP has its day

The financial sector was the lead in the market’s saddlebags, retreating 2.3 per cent as the big retail banks came off. Westpac Banking Corporation (ASX: WBC) led them lower, softening $1.24, or 3.6 per cent, to $33.07; while Australia and New Zealand Banking Group Limited (ASX: ANZ) lost 77 cents, or 2.5 per cent, to $30.05; Commonwealth Bank of Australia (ASX: CBA) retreated $4.59, or 2.5 per cent, to $177.87; and National Australia Bank Limited (ASX: NAB) slipped 94 cents, or 2.4 per cent, to $38.25.

But AMP Limited (ASX: AMP) spiked 15 cents, or 9.8 per cent, to a five-month high of $1.685 after reporting its first quarter of positive cashflows into its superannuation business since the second quarter of 2017, at the height of the share price turmoil resulting from the company’s mauling by the financial services Royal Commission.

Two out of three record highs ain’t bad

In the US, the broad S&P 500 Index (NYSE: SPX) advanced 8.81 points, or 0.1 per cent, to 6,305.6, and the tech-laden Nasdaq Composite Index (NASDAQ: IXIC) lifted 78.52 points, or 0.4 per cent, to 20,974.17, with both indices closing at record highs. But the 30-stock Dow Jones Industrial Average (NYSE: DJI) receded 19.12 points, to 44,323.07.

Investors are dialling-in to a big week for second-quarter financial results. So far, more than 60 S&P 500 Index (NYSE: SPX) companies have reported, with more than 85 per cent of those beating analysts’ estimates, according to FactSet Research Systems Inc. (NYSE: FDS).

ASX extends record streak with strongest weekly rise since May

The Australian sharemarket capped a strong week with the S&P/ASX 200 Index (ASX: XJO) surging 118.2 points, or 1.4 per cent, to close at 8757.20 on Friday. This marked its best single-day gain since April 10, and third record close of the week, bolstered by a rally in CSL Limited (ASX: CSL), and commodity optimism from BHP Group Limited (ASX: BHP). For the week, the index advanced 2.1 per cent. BHP’s share price rose 3 per cent to $40.29 following strong production figures, including record copper output and steady performance in iron ore despite earlier weather setbacks.

Healthcare leads as CSL shines and sentiment remains strong

Investor sentiment remained buoyant with all 11 sectors finishing in positive territory. Healthcare stood out, led by CSL Limited (ASX: CSL), which jumped 3.6 per cent to $257.38, and gained 7 per cent over the week after UBS Group AG (SWX: UBSG) reaffirmed its buy rating and $310 price target. Mesoblast Limited (ASX: MSB) soared 34.7 per cent following early commercial success of its Ryoncil therapy. Meanwhile, Virgin Australia Group Limited (ASX: VAH) rose 1.9 per cent after receiving a buy rating from UBS, and Atlas Arteria Group (ASX: ALX) dipped slightly following a legal setback in the United States.

Global outlook remains cautious amid ECB uncertainty

Globally, investor focus remained on central bank policy, particularly in Europe. A Bloomberg survey indicated that the European Central Bank (ECB) may delay its final interest rate cut to December, with economists split on the timing amid trade-related uncertainties. ECB officials including Christine Lagarde and Isabel Schnabel expressed cautious optimism, though inflation concerns persist. The S&P 500 Index (NYSE: SPX) slipped marginally on Friday. The modest decline came amid mixed corporate earnings and renewed trade concerns, particularly over fresh tariffs on European imports, which added to market caution. While strong results from financial firms such as Charles Schwab Corporation (NYSE: SCHW) and Regions Financial Corporation (NYSE: RF) lent some support, declines in major consumer and industrial names, including American Express Company (NYSE: AXP) and 3M Company (NYSE: MMM), pressured broader sentiment. A sell-off in Netflix Inc. (NASDAQ: NFLX) shares, which fell around 5 per cent despite beating expectations, further dampened the market. Overall, the session reflected a balancing act between positive economic indicators and corporate updates, against a backdrop of geopolitical and trade-related uncertainty.

ASX surges to record on rate cut hopes

The Australian sharemarket rallied to a fresh all-time high as a surprise uptick in the unemployment rate to 4.3 per cent fuelled expectations of a potential interest rate cut by the Reserve Bank of Australia next month. The S&P/ASX 200 Index (ASX: XJO) jumped 0.9 per cent to close at a new peak of 8639, recovering from Wednesday’s sharp loss and surpassing Tuesday’s record. All 11 sectors rose, led by strong performances from property and financial stocks, which are typically sensitive to interest rate changes. The All Ordinaries Index (ASX: XAO) also added 0.8 per cent.

Financials, property, and technology rally

Market optimism grew as bond traders increased the probability of a rate cut at the Reserve Bank’s August 12 meeting to 94 per cent. The three-year government bond yield dropped 5 basis points to 3.45 per cent, while the Australian dollar declined to US64.83¢. Major banks, which had lagged on Wednesday, led gains with Commonwealth Bank of Australia (ASX: CBA) climbing 1.8 per cent, and Westpac Banking Corporation (ASX: WBC), Australia and New Zealand Banking Group Limited (ASX: ANZ), and National Australia Bank Limited (ASX: NAB) each rising over 1 per cent. Property stocks including Mirvac Group (ASX: MGR) and Scentre Group (ASX: SCG) also rallied. Tech names such as Block Inc (ASX: SQ2) and Xero Limited (ASX: XRO)performed strongly, while lithium producers like Pilbara Minerals Limited (ASX: PLS) also posted solid gains.

Global markets lift on economic data and tech strength

On Wall Street, both the S&P 500 Index (NYSE: SPX) and Nasdaq Composite Index (NASDAQ: IXIC) reached new record highs, driven by robust retail sales and falling jobless claims. Tech stocks led the rally after Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM) issued a positive outlook that bolstered sentiment in AI-related investments. Comments from San Francisco Federal Reserve President Mary Daly indicated potential for two rate cuts this year, while Federal Reserve Governor Adriana Kugler urged caution due to inflation concerns. Meanwhile, President Donald Trump moved to impose new tariffs ranging from 20 to 40 per cent on over 20 trade partners. In corporate developments, United Airlines Holdings Inc (NASDAQ: UAL)forecast a more predictable second half of 2025, and Chevron Corporation (NYSE: CVX) signalled increased cash flow as it nears peak production in the Permian Basin.