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The key takeaways from the last 24 hours

ASX finishes higher as CBA hits new peak, Xero rallies on profit boost, employment gains

The local market posted another positive day, buoyed by the Commonwealth Bank (ASX:CBA) which added 1.3 per cent to reach a new all-time high, despite growing commentary around its recent strength. Six of the 11 sectors finished higher, led by technology, on the back of global buying of the likes of NVIDIA (NYSE:NVDA). WiseTech (ASX:WTC) managed another 2 per cent gain while accounting software Xero (ASX:XRO) surged on the back of a strong earnings result. Management reported a 30 per cent increase in profit as the company continues to increase revenue per user, with revenue up 23 per cent to NZ$2.1 billion, on the back of a 6 per cent increase in subscribers to 4.4 million globally. Wesfarmers (ASX:WES) was a beneficiary of stronger employment data with shares gaining more than 2 per cent following news of a 89,000 person jump in employment and unemployment remaining steady at 4.1 per cent. 

NRW Holdings tanks on Whyalla deal, Mayne Pharma confirmed take over bid, IAG up on Perth purchase

Shares in service provider NRW Holdings (ASX:NRW) fell by more than 8 per cent after the company warned of a possible $113 million impairment in relation to its work at the Whyalla steelworks. The company is concerned that a decision by the government to move the assets into being ‘infrastructure’ as opposed to personal property would impact on its ability to collect on the debts it is owed. Insurance Australia Group (ASX:IAG) gained strongly after announcing the acquisition of The Royal Automotive Club of Western Australia’s insurance business for $400 million, representing another 1.3 million members. Mayne Pharma (ASX:MYX) managed an 8 per cent gain as an independent review of a takeover bid from Cosette for $672 million was seen to be in the best interests of shareholders.

S&P500 delivers fourth straight day of gains, Walmart rallies on solid result, Meta down on delays

The S&P500 delivered a fourth straight day of gains, adding 0.4 per cent while the Canadian share market hit an all-time high after rallying for eight days in a row. The Nasdaq was unchanged, but the Dow Jones gained 0.7 per cent as the rally in technology turned to one of old-fashioned dividend paying companies. Walmart (NYSE:WMT) was the latest to deliver a solid result, with sales growing 4.5 per cent during the quarter, far better than expected, but the share price little changed. US producer price inflation fell, while growth in retail sales slowed considerably after the latest tariff announcements in a threat to the domestic economy. Shares in Meta Platforms (NYSE:META) were 2 per cent lower, after the company flagged a delay in the rollout of its flagship AI model. 

The key takeaways from the last 24 hours

ASX (ASX:XAO) gains on rate cut hopes, Appen (ASX:APX) jumps, Dexus in court battle

The local share market finished the week at a three-month high, posting a 0.6 per cent gain on Friday and delivering a 1.4 per cent gain for the week. It was pushed higher by seven of the 11 industry sectors, with property a key contributor. The interest rate sensitive sector bounced strongly on hopes of an impending interest rate cut by the RBA following weaker economic data in the US. Goodman Group (ASX:GMG) finished 2.9 pr cent higher and Vicinity (ASX:VCX) 2.2 per cent. Commonwealth Bank (ASX:CBA) retreated from an all-time high, albeit only slightly, while gold miners rallied as the AUD continued to weaken, with Evolution (ASX:EVN) adding 3.6 per cent. Property group Dexus (ASX:DXS) fell 1.1 per cent after the board of Australia Pacific Airports Corp alleged the company breached confidentiality and could be forced to sell its stake in Melbourne Airport. While shares in Appen (ASX:APX) posted a massive jump, adding 18.7 per cent, after delivering revenue guidance well ahead of expectations. 

US stocks weaken late despite US-Europe discussions, Moody’s cuts US credit rating, CoreWeave surges on NVIDIA deal

US benchmarks gave up significant early gains, sitting just off a full-blown bull market, with the Nasdaq lagging to gain 0.5 per cent, and the Dow Jones and S&P500 both adding more than 0.7 per cent for the session. The late weakness was driven by news that Moody’s had cut the credit rating on US debt as it seeks to place pressure on the government to cut spending and reverse tax cuts. This overcame positive news that a prior impasse that held back US- Europe trade discussions had been overcome in a positive move for the global economy. The result was 3.4 per cent weekly gain for the Dow, 5.3 for the S&P500 and 7.2 per cent for the Nasdaq.

In company news, CoreWeave (NYSE:CRWV) an AI scaling business rallied 22 per cent after NVIDIA (NYSE:NVDA) announced a strategic stake in the company. Applied Materials (NYSE:AMAT) the semiconductor technology provider fell by more than 5 per cent after the company announced a significant hit from the US-China trade dispute.

The key takeaways from the last 24 hours

Australian stocks in focus

Australian equities retreated ahead of the Reserve Bank of Australia’s expected rate cut, with the S&P/ASX 200 Index (ASX: XJO) slipping 0.6 per cent, snapping an eight-day winning streak. Profits were recycled into typically defensive utilities stocks and gold miners, buoyed by the higher bullion price. Gold miner Capricorn Metals Limited (ASX: CMM) was the best performer on the S&P/ASX 200 Index (ASX: XJO), rising 3.4 per cent to $8.71, while Evolution Mining Limited (ASX: EVN) rose 3.2 per cent to $8.12.

In corporate news, New Hope Corporation Limited (ASX: NHC) tumbled 7.1 per cent to $3.65 after downgrading its guidance for coal output and sales. Fellow coal miner Whitehaven Coal Limited (ASX: WHC) closed down 3.4 per cent at $5.37. Domino’s Pizza Enterprises Limited (ASX: DMP) lost 2.6 per cent, closing at $24.55, after announcing the chief of its Australia and New Zealand business, Kerri Hayman, would step down in August. Hearts and Minds Investments Limited (ASX: HM1) slipped 1.3 per cent to $3.06 after it announced chief executive Brett Jollie was stepping down after less than a year with the business. And Electro Optic Systems Holdings Limited (ASX: EOS) surged 14.7 per cent to $1.48 after announcing a new government-funded order worth about $53 million for its counter-drone remote weapons system to address “urgent operational requirements” in Europe.

US currency and policy backdrop

The US Dollar Index (DXY) fell by about 0.7 per cent to 100.1 on Monday, retreating further from the one-month highs reached last week, as growing concerns over the United States fiscal outlook triggered a shift away from dollar-denominated assets. On Friday, Moody’s Investors Service downgraded the US credit rating from Aaa to Aa1, citing rising government debt and a widening budget deficit. Fiscal concerns were further exacerbated by the approval of President Trump’s tax-cut legislation by a key congressional committee on Sunday. The bill includes hundreds of billions of dollars in new tax cuts without corresponding spending offsets. Despite criticism, the Trump administration argues the tax cuts will spur economic growth, boost revenues, and ultimately help narrow the deficit.

On the monetary policy front, markets continue to price in two rate cuts by the Federal Reserve (Fed) this year, with reductions anticipated in September and December.

The key takeaways from the last 24 hours

ASX lifts as rba cuts rates, flags further action

The Australian share market rose on Tuesday after the Reserve Bank of Australia (RBA) delivered a widely anticipated 25 basis point interest rate cut, striking a dovish tone in its policy outlook. The S&P/ASX 200 Index (ASX: XJO) gained 0.6 per cent, or 48.2 points, to close at 8343.3, marking the second rate reduction this year. Gains were broad-based, with eight of the 11 sectors closing higher. RBA governor Michele Bullock confirmed the decision had been “unanimous”, although a larger 50 basis point cut was discussed. She also signalled the board was willing to “take further action” if global economic conditions, particularly trade tariffs, warranted it. In response, the yield on the three-year Australian government bond dropped 20 basis points, and the Australian dollar weakened.

Interest-sensitive sectors advance; corporate updates mixed

Rate-sensitive sectors such as financials, technology, and property led the advance on the S&P/ASX 200 Index (ASX: XJO). Commonwealth Bank of Australia (ASX: CBA) rose 0.6 per cent to a record $172.43, National Australia Bank Limited (ASX: NAB) added 1 per cent to $37.21, and Macquarie Group Limited (ASX: MQG) climbed 2 per cent to $208.09. In the tech space, WiseTech Global Limited (ASX: WTC) closed 2.7 per cent higher at $102.07. Property stocks also rallied, with Goodman Group (ASX: GMG) up 1.8 per cent to $32.20 and Vicinity Centres (ASX: VCX) gaining 3 per cent to $2.42. In corporate news, TechnologyOne Limited (ASX: TNE) surged 11.3 per cent to $36.76 on stronger interim results and a 30 per cent lift in dividends. Telstra Group Limited (ASX: TLS) rose 2.2 per cent to $4.66 following price hike announcements. Conversely, Kogan.com Ltd (ASX: KGN) fell 8.9 per cent to $4.12 after flagging continued losses in its Mighty Ape unit until 2026, citing platform integration issues.

U.S. equities ease amid fiscal and geopolitical concerns

US equity futures edged lower early Wednesday following a weak overnight session on Wall Street, driven by renewed scepticism over the durability of the recent rally. The S&P 500 Index (NYSEARCA: SPY) broke a six-day winning streak, the Nasdaq Composite Index (NASDAQ: IXIC) recorded its first loss in three sessions, and the Dow Jones Industrial Average (INDEXDJX: DJI) ended a three-day advance. Market sentiment was dampened by lingering concerns over the US federal budget bill and rising fiscal deficits. On the global stage, trade tensions flared after China accused Washington of derailing discussions in Geneva, prompted by a US Department of Commerce warning on Huawei Technologies Co., Ltd. chips. Meanwhile, Federal Reserve officials reiterated a cautious stance, with St. Louis Fed President Alberto Musalem indicating that current monetary policy remains appropriate, and inflationary risks from tariffs are expected to be short-lived.

The key takeaways from the last 24 hours

Australian banks and resources lift  

The S&P/ASX 200 Index (ASX: XJO) climbed 0.5 per cent, gaining 43.5 points to close at 8386.8 – just 2 per cent below its record high set in February. Financial stocks led the charge, with Commonwealth Bank of Australia (ASX: CBA) hitting a record high during early trade and closing up 1.5 per cent at $174.98. National Australia Bank Limited (ASX: NAB) rose 1.2 per cent to $37.64, while Westpac Banking Corporation (ASX: WBC) edged 0.2 per cent higher amidst news it is preparing to cut over 1500 jobs. Defensive sectors also gained ground.

In utilities, Origin Energy Limited (ASX: ORG) advanced 1 per cent to $11.14, and New Zealand-listed Contact Energy Limited (ASX: CEN) climbed 3.4 per cent to $8.57. Healthcare names such as ResMed Inc (ASX: RMD) and Fisher & Paykel Healthcare Corporation Limited (ASX: FPH) rose 4 per cent to $38.65 and 3.1 per cent to $33.84 respectively. Energy shares tracked the global rise in oil prices, which were lifted by reports of potential Israeli action against Iranian nuclear facilities. Woodside Energy Group Ltd (ASX: WDS) and Santos Limited (ASX: STO) each gained over 1 per cent, closing at $21.75 and $6.45, respectively.

Treasury volatility and fiscal fears weigh on Wall Street

US markets declined sharply on Wednesday amid a spike in long-term Treasury yields and mounting fiscal concerns. The S&P 500 Index (NYSE: SPX) fell 1.6 per cent, the Nasdaq Composite Index (NASDAQ: IXIC) dropped 1.3 per cent, and the Dow Jones Industrial Average (NYSE: DJI) lost 817 points, following a weak $16 billion auction of 20-year bonds that pushed the 30-year yield to 5.08 per cent – its highest since 2023. Worries that a proposed tax-and-spend bill could inflate the US deficit added to pressure on risk assets. Retail earnings disappointed, with Target Corporation (NYSE: TGT) down 5.2 per cent after cutting guidance and flagging weaker demand, while Lowe’s Companies Inc. (NYSE: LOW) and TJX Companies Inc. (NYSE: TJX) also declined. UnitedHealth Group Incorporated (NYSE: UNH) sank 5.7 per cent on reports of controversial payments to nursing homes. In contrast, Alphabet Inc. (NASDAQ: GOOGL) rose 3 per cent on optimism around new AI investments. A weakening US dollar and developments from the G7 summit further added to market uncertainty.

Market movements

The key takeaways from the last 24 hours

Australian banks retreat as ASX pauses rally

The ASX 200 Index (XJO) dropped -0.5% (-38.1 points) to close at 8348.7, almost wiping out the previous session’s gains, as banks and tech stocks led the sell-off. This pullback follows Wall Street’s sharpest drop in a month, with ten of the eleven local sectors finishing in the red. Commonwealth Bank of Australia (CBA) declined 1.3% to $172.72, while Macquarie Group (MQG) shed 2.2% to $205.54, as investors took profits following a recent rally. The All Ordinaries (XAO) index also lost 0.5%. According to MLC Asset Management’s Anthony Golowenko, the market is “taking a breather” after a strong rebound from early April, noting particularly strong recent gains in growth and technology stocks.

Resources, Tech Diverge as Gold Shines and Lynas Surges

Mining and tech stocks showed divergent performances, with gold producers surging on the back of a rising bullion price. Northern Star Resources (NST) climbed 5.4% to $20.25, and Newmont Corporation (NEM) gained 2.3% to $82.98. In contrast, the tech sector faltered: WiseTech Global (WTC) fell 2.3% to $98.74, Aristocrat Leisure (ALL) dropped 2.0% to $60.57, and Wesfarmers (WES) declined 1.2% to $83.09, citing deeper-than-expected losses in its lithium business. A notable standout was Lynas Rare Earths (LYC), which jumped 7% to $8.13 following a double upgrade from Morgan Stanley, which forecast significant demand upside tied to growth in AI-driven humanoid robotics. Meanwhile, Insurance Australia Group (IAG) rose 2.7% after the ACCC approved its takeover of RACQ Insurance. In corporate leadership news, Rio Tinto (RIO) announced CEO Jakob Stausholm will step down later this year.

US Markets Cautious Amid Fiscal Jitters and Bond Selloff

US equity markets finished mixed as investors digested President Trump’s newly passed tax-and-spending bill, which could significantly expand the national deficit. The S&P 500 (SPX) and Dow Jones Industrial Average (DJIA) closed slightly lower, while the Nasdaq Composite (IXIC) managed a 0.3% gain. The Congressional Budget Office estimates the bill will add nearly $4 trillion to the debt, raising the total to $36 trillion and triggering a surge in bond yields — with the 30-year Treasury touching 5.14%, its highest since 2023. Energy and utilities underperformed, dragged down by a 37% plunge in Sunrun (RUN) shares, while communication services led gains. Despite macro uncertainty, the S&P Global Composite PMI improved to 52.1 in May, indicating moderate expansion, even as housing and labour data painted a more mixed economic picture.

Market movements

The key takeaways from the last 24 hours

ASX Gains for second week amid dovish RBA tone

The Australian share market posted its second consecutive weekly gain, buoyed by easing US Treasury yields and renewed speculation that the Reserve Bank of Australia (RBA) may cut interest rates sooner than previously expected. The S&P/ASX 200 Index closed 0.2% higher at 8360.9 on Friday, advancing the same amount over the week. Technology shares led sectoral gains, while six of the eleven sectors ended in positive territory. Investor attention is turning to the upcoming April CPI release, which is anticipated to show inflation easing to 2.3%. The RBA’s dovish commentary earlier in the week further bolstered optimism across rate-sensitive sectors.

Real estate, and financials lift on falling rates

Real estate and financials benefitted from falling rate expectations. Goodman Group (GMG) rose 2.2% to $32.68, Commonwealth Bank (CBA) added 0.6% to $173.84, WiseTech Global (WTC) gained 1.3% to $100.05, and NextDC (NXT) climbed 1.1% to $13.11. However, weaker iron ore prices capped broader gains, dragging on the miners. Fortescue (FMG) dropped 2.4% to $15.51 following the departure of its energy chief. Uranium companies surged on news of a potential US executive order to support the nuclear sector, with Boss Energy (BOE) jumping 12.1% to $3.98, Paladin Energy (PDN) rising 6.7% to $5.77, and Deep Yellow (DYL) advancing 8.3% to $1.25. In other corporate developments, Nufarm (NUF) fell 6.1% to $2.47 after a cautious note from Morgan Stanley, and Origin Energy (ORG) slid 1.1% to $11.05 on softer LNG earnings guidance.

Wall Street finishes in the red

On Friday, 23 May 2025, US equity markets declined as renewed trade tensions rattled investor confidence. The Dow Jones fell 0.6%, the S&P 500 dropped 0.7%, and the Nasdaq lost 1%, marking the worst week for the S&P 500 in nearly two months. The sell-off was triggered by former President Donald Trump’s threat to impose a 50% tariff on European Union imports and a 25% levy on iPhones not made in the US. This hit technology stocks particularly hard – Apple (AAPL) slid nearly 3%, while NVIDIA (NVDA) and Tesla (TSLA) also retreated. Deckers Outdoor (DECK) plunged over 21% after issuing weak guidance partly due to tariff risks. As fears of a trade war resurfaced, investors moved towards safe-haven assets, driving the 10-year Treasury yield down to 4.50%.

Market movements

The key takeaways from the last 24 hours

Tepid day barely troubles index scorers

The benchmark S&P/ASX 200 index was barely changed on Monday, advancing by 0.1 points, to 8,361, while the broader All Ordinaries rose by 2.1 points. Five of 11 sectors managed a rise, led by IT, which rose 1.1 per cent. WiseTech surged $4.70, or 4.7 per cent, to $104.75 after the logistics software giant announced the acquisition of Texas-based e2open for $3.25 billion. Former tech high-flier Appen, which is a third-party dataset provider for AI and machine learning algorithms, leapt 12 cents, or 10.5 per cent, without any news of note.

At the other extreme, the utilities sector was weak, hurt by Origin Energy, which shed 54 cents, or 4.9 per cent, to $10.51. Origin flagged a $50 million hit to future earnings as unseasonable warmth in the UK hit income for its Octopus Energy stake, and also warned that earnings from its stake in Queensland-based Australia Pacific LNG, the largest producer of natural gas in eastern Australia, would be lower than expected. Agribusiness heavyweight Elders lost 44 cents, or 6.7 per cent, to $6.16 after half-year earnings missed expectations owing to dry weather, even as its half-year profit more than doubled.

Uranium sector glows hot; gold also glitters

Uranium stocks extended Friday’s rally after US President Trump signed an executive order intended to kick-start the US nuclear energy industry. Boss Energy rose 29 cents, or 7.3 per cent ,to $4.27; Deep Yellow spiked 17 cents, or 13.7 per cent, to $1.42; Namibia-based producer Paladin Energy gained 51 cents, or 8.8 per cent, to $6.28; Malawi-based Lotus Resources lifted 2 cents, or 10.8 per cent, to 20.5 cents; and Canada-based NexGen Energy added 69 cents, or 7.6 per cent, to $9.81.

The Gold sub-index had a day out, adding 2 per cent, as the group responded to a solid gain in the gold price on Friday. Evolution Mining jumped 30 cents, or 3.4 per cent, to $9.07; Vault Minerals was up 1.5 cents, or 3.3 per cent, to 46.5 cents; Westgold Resources gained 9 cents, or 3.2 per cent, to $2.95; and Northern Star Resources appreciated 60 cents, or 3 per cent, to $20.95. Producer Genesis Minerals firmed 9 cents, or 2.1 per cent, to $4.43, after striking a deal to buy the Laverton Gold Project from Focus Minerals for $250 million. Focus Minerals almost doubled on the back of the deal, surging 19 cents, or 86.7 per cent, to 42 cents. 

US futures looking strong, but Apple taints barrel 

The US markets were closed on Monday for Memorial Day, but futures opened higher on Monday night after President Trump said over the long weekend that he agreed to delay tariffs 50% on the European Union. The futures version of the Dow Jones Industrial Average added 412 points, or 1 per cent, to 42,078; the S&P 500 index’s futures alter ego lifted 62.25 points, or 1.1 per cent, to 5,879.25 and Nasdaq Composite futures gained 257 points, or 1.2 per cent. Monday night’s action follows a losing week on Wall Street. The Dow Jones, S&P 500 and Nasdaq Composite all slid more than 2 per cent as Trump’s calls for tariffs on the EU, along with Apple, worried investors. Apple is down 3.7 per cent in futures trading, while NVIDIA futures are down 2.4 per cent. 

Market movements

The key takeaways from the last 24 hours

No Mondayitis for local market

The S&P/ASX 200 Index (ASX: XJO) rose 46.6 points, or 0.6 per cent, to 8407.6 at the close, while the broader All Ordinaries Index (ASX: XAO) appreciated 42.7 points, or 0.5 per cent, to 8,631.5. Six of the ASX’s 11 sectors gained ground, led by information technology, which added 1.2 per cent.

Logistics software heavyweight WiseTech Global Limited (ASX: WTC) rose $2.32, or 2.2 per cent, to $107.07; small business accounting software player Xero Limited (ASX: XRO) was up $2.63, or 1.5 per cent, to $183.57; and hotel operations software provider Siteminder Limited (ASX: SDR) advanced 11 cents, or 2.5 per cent, to $4.51.

The Financials Index was also higher, up 1.1 per cent, led by Westpac Banking Corporation (ASX: WBC), which was up 53 cents, or 1.7 per cent, to $31.78; Australia and New Zealand Banking Group Limited (ASX: ANZ)firmed 40 cents, or 1.4 per cent, to $29.06; National Australia Bank Limited (ASX: NAB) lifted 35 cents, or 0.9 per cent, to $37.75; and Commonwealth Bank of Australia (ASX: CBA) gained $1.46, or 0.8 per cent, to $175.34.

The Healthcare Index was up 0.9 per cent, led by Fisher & Paykel Healthcare Corporation Limited (ASX: FPH), which put on 79 cents, or 2.4 per cent, to $34.12; Pro Medicus Limited (ASX: PME), which surged $3.99, or 1.5 per cent, to $278.59; and sector heavyweight CSL Limited (ASX: CSL), which strengthened $1.94, or 0.8 per cent, to $248.99.

Telstra Group Limited (ASX: TLS) accrued 2 cents, to $4.75.

Farm chemical supplier Nufarm Limited (ASX: NUF) slid a further 14 cents, or 5.6 per cent, to $2.36, retouching an all-time low, having plunged more than 30 per cent in one session last week after downgrading its earnings guidance. The stock is down almost 35 per cent in 2025 and has nearly halved in the last 12 months.

Mixed bag for miners

On the resources front, the big bulk miners pushed higher, with BHP Group Limited (ASX: BHP) advancing 7 cents, or 0.2 per cent, to $38.64; Rio Tinto Limited (ASX: RIO) putting on 4 cents, to $115.25; and Fortescue Limited (ASX: FMG) also up 4 cents, or 0.3 per cent, to $15.58.

Canada-based Capstone Copper Corp. (TSX: CS) spiked 54 cents, or 6.8 per cent, to $8.43, and local copper producer Sandfire Resources Limited (ASX: SFR) added 34 cents, or 3.1 per cent, to $11.36.

Coal miners largely had a good day, with Yancoal Australia Ltd (ASX: YAL) gaining 8 cents, or 1.6 per cent, to $5.24; New Hope Corporation Limited (ASX: NHC) strengthening 5 cents, or 1.3 per cent, to $3.77; and Whitehaven Coal Limited (ASX: WHC) lifting 6 cents, or 1.1 per cent, to $5.53.

But at the other end of proceedings, lithium producer Pilbara Minerals Limited (ASX: PLS) eased 5 cents, or 3.6 per cent, to $1.34; gold miner Evolution Mining Limited (ASX: EVN) shed 28 cents, or 3.1 per cent, to $8.79; rare earths producer Lynas Rare Earths Ltd (ASX: LYC) gave up 20 cents, or 2.5 per cent, to $7.95; and gold producer Ramelius Resources Limited (ASX: RMS) dropped 6 cents, or 2.1 per cent, to $4.91.

US markets rise as trade tempers cool

Returning after the Memorial Day long weekend, the major United States market indices snapped a four-session losing streak, as United States-European Union trade tensions eased on the back of President Trump agreeing to delay tariffs of 50 per cent on the European Union.

The blue-chip Dow Jones Industrial Average (INDEXDJX: DJI) gained 740.58 points, or 1.8 per cent, to 42,343.65, while the broader S&P 500 Index (INDEXSP: INX) climbed 118.72 points, or 2.1 per cent, to 5,921.54.

The tech-heavy Nasdaq Composite Index (INDEXNASDAQ: IXIC) surged 461.96 points, or 2.5 per cent, to 19,199.16, as tech heavyweights such as Tesla Inc. (NASDAQ: TSLA) pushed higher. The electric vehicle maker jumped almost 7 per cent, while NVIDIA Corporation (NASDAQ: NVDA) was up 3.2 per cent ahead of its earnings release, Apple Inc. (NASDAQ: AAPL) gained 2.5 per cent and Microsoft Corporation (NASDAQ: MSFT) rose 2.3 per cent.

European stocks were also higher on better trade news, with Germany’s DAX Index (XETRA: DAX) reaching a new record, up 0.8 per cent to take its gain for 2025 to 21 per cent.

Market movements

The key takeaways from the last 24 hours

ASX posts weekly drop

The Australian share market closed higher on Friday but logged its first weekly decline since early April, as a late rebound in financial stocks failed to offset the broader sell-off earlier in the week. The S&P/ASX 200 Index gained 0.5 per cent, or 39.5 points, to finish at 8231.2. However, it slipped 0.1 per cent over the five-day period, weighed down by lacklustre earnings reports from Westpac Banking Corporation (ASX: WBC) and Australia and New Zealand Banking Group Limited (ASX: ANZ). On Friday, nine of the 11 sectors closed in positive territory, with banks and technology stocks leading the gains.

Global sentiment was lifted by a new US-UK trade framework aimed at reducing or eliminating tariffs on exports such as steel, aluminium, and automobiles. Optimism around potential progress in US-China trade relations, ahead of planned talks in Switzerland between United States Treasury Secretary Scott Bessent and Chinese officials, also supported commodity markets. Iron ore and oil prices advanced, and Bitcoin hovered above $US103,000—a three-month high. In Australia, Macquarie Group Limited (ASX: MQG) surged 3.8 per cent to $203.31 after reporting a near 6 per cent lift in full-year profit. Commonwealth Bank of Australia (ASX: CBA) rose 0.9 per cent to $167.04, while Australia and New Zealand Banking Group Limited (ASX: ANZ) declined.

Stocks in focus

Several individual stocks made notable moves in Friday’s session. In corporate news, CoStar Group Inc. (NASDAQ: CSGP) finalised a $3 billion acquisition of Domain Holdings Australia Limited (ASX: DHG), boosting Domain’s share price 3.1 per cent to $4.38. Its majority owner, Nine Entertainment Co. Holdings Limited (ASX: NEC), jumped 6 per cent to $1.58.

Healthcare firm Healius Limited (ASX: HLS) posted the day’s largest loss, falling 25 per cent to $1.16 after trading ex-dividend. REA Group Limited (ASX: REA) dipped 2 per cent to $244.97 despite an 18 per cent increase in commercial revenue over the nine months to March. Meanwhile, Chrysos Corporation Limited (ASX: C79) soared 17.9 per cent to $4.87 after signing a deal with Newmont Corporation (NYSE: NEM) to roll out its minerals analysis technology across Newmont’s global operations.

Us stocks end mixed as trade talks loom

U.S. equity markets closed with mixed results on Friday, as investors remained cautious ahead of high-level trade negotiations between the United States and China. The S&P 500 Index dipped 0.1 per cent to 5,659.91, while the Dow Jones Industrial Average fell 0.3 per cent to 41,249.38. The Nasdaq Composite Index was nearly unchanged, edging up 0.78 points to 17,928.92. For the week, all three major indices posted modest gains, with the S&P 500 up 0.1 per cent, the Dow Jones down 0.2 per cent, and the Nasdaq Composite up 0.6 per cent.

Among key movers, Tesla Inc. (NASDAQ: TSLA) surged 4.3 per cent to $297.19 after climbing above its 200-day moving average, marking a potential buying opportunity for aggressive investors. Apple Inc. (NASDAQ: AAPL) rose 0.53 per cent to $198.53, with analysts maintaining a positive outlook on its AI initiatives. Amazon.com Inc. (NASDAQ: AMZN) gained 0.51 per cent to $192.50, supported by growth in its advertising business. In semiconductors, Texas Instruments Inc. (NASDAQ: TXN) climbed 4.0 per cent to $172.27, outperforming peers.

Market movements