Author Archives: Atchison

Australian market

The Australian sharemarket edged higher on Wednesday as the S&P/ASX 200 Index (ASX: XJO) rose 24.90 points, or 0.3 per cent. This comes after the trimmed mean inflation figure hit 2.7 per cent in the year to July, the reading exceeded expectations and dampened the likelihood of a September rate cut, with odds shrinking to 22 per cent from 37 per cent, while a November reduction remains fully priced in. The S&P/ASX 200 Index (ASX: XJO) rally was broad‑based, led by lithium miners on UBS’s upgraded forecasts, with Liontown Resources Limited (ASX: LTR) surging 9.5 per cent to 92 cents, Pilbara Minerals Limited (ASX: PLS)up 8.8 per cent to $2.34, and Mineral Resources Limited (ASX: MIN) rising 6.8 per cent to $37.45. BHP Group Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) also climbed about 1 per cent. Consumer staples dragged, with Woolworths Group Limited (ASX: WOW) tumbling 14.7 per cent to $28.51 after a profit downgrade and dividend cut, while WiseTech Global Limited (ASX: WTC) dropped 11.9 per cent on softer-than-expected results. Meanwhile, Domino’s Pizza Enterprises Limited (ASX: DMP) plunged 22 per cent on concerns over weak cash flows.

Australian corporate highlights

Among standout movers, Tabcorp Holdings Limited (ASX: TAH) soared 23.9 per cent to 88 cents after returning to net profit and unveiling over A$40 million in cost reductions alongside new product launches. Lovisa Holdings Limited (ASX: LOV) rose 13.2 per cent to $41.23 with stronger-than-expected sales and cost performance. Worley Limited (ASX: WOR) gained 11 per cent to $14 on better margins and a moderately optimistic outlook. Sigma Healthcare Limited (ASX: SIG) advanced 7.8 per cent to $3.04 after announcing management changes and posting a 41 per cent jump in profits. Meanwhile, Nine Entertainment Co. Holdings Limited (ASX: NEC) rose 7.9 per cent to $1.84 after declaring a A$0.49‑per‑share special dividend totaling about A$780 million from the sale of its stake in Domain Holdings Australia Limited (ASX: DHG). Additionally, SiteMinder Limited (ASX: SDR) rocketed 21.1 per cent to $6.60, buoyed by early traction from new products and strong adoption of its Smart Platform.

All eyes on Nvidia earnings

Nvidia Corporation (NASDAQ: NVDA) reported better‑than‑expected second‑quarter earnings and revenue on Wednesday, with adjusted earnings per share of $1.05 and revenue of US $46.74 billion beating forecasts, though data center revenue fell slightly short of Wall Street estimates, causing its stock to slip in after‑hours trading despite launching a US $60 billion stock buyback and projecting strong third‑quarter guidance. Meanwhile, the restoration of Cracker Barrel’s original logo following criticism from President Donald Trump, who publicly urged the company to ditch its rebrand drew political attention and reaffirmed the power of cultural influence in business decisions the president has on companies.

ASX slips amid broad-based losses

The Australian share market retreated on Tuesday, with the S&P/ASX 200 Index falling 36.80 points to close at 8935.60, marking a 0.4 per cent decline. Eight out of eleven sectors ended in the red, driven by negative global sentiment after US President Donald Trump announced his intent to remove Federal Reserve Governor Lisa Cook. The political interference in central bank operations contributed to increased market uncertainty, which spilled over into local equities. This added unease weighed on overall equity sentiment across the ASX.

Coles and Nuix rally amid sector weakness

Materials and utilities were the primary drags, as Fortescue Metals Group Limited (ASX: FMG)reported a 41 per cent profit slump and cut dividends, sending its shares down 3.9 per cent. BHP Group Limited (ASX: BHP)fell 1.1 per cent, and Mineral Resources Limited (ASX: MIN)lost 5 per cent. In utilities, AGL Energy Limited (ASX: AGL)dropped 4 per cent. However, Coles Group Limited (ASX: COL)jumped 8.6 per cent after outperforming earnings expectations and reporting robust supermarket sales. Nuix Limited (ASX: NXL)surged 17 per cent following broker upgrades, while Imdex Limited (ASX: IMD)tumbled 14 per cent after analyst downgrades. Other notable moves included Reece Limited (ASX: REH), which fell 7.4 per cent, andAUB Group Limited (ASX: AUB), which rose 1.8 per cent on strong earnings.

Wall Street gains despite political tension

In the US, the S&P 500 Index rose 0.4 per cent, supported by gains in NVIDIA Corporation (NASDAQ: NVDA), which advanced 1.1 per cent ahead of its earnings release. The Dow Jones Industrial Average added 135 points, and the NASDAQ Composite also climbed 0.4 per cent. Optimism around corporate earnings, particularly from Eli Lilly and Company (NYSE: LLY), which rose 5.8 per cent after announcing promising diabetes drug results, helped offset broader concerns. However, President Trump’s effort to dismiss Lisa Cook over alleged misconduct has raised fears about the Federal Reserve’s independence, prompting legal action from Cook and heightened scrutiny from investors.

Asx wins on iron ore gains, China growth surprise, healthcare sold on Trump risk

The local market managed another positive day, as yesterday’s losers became today’s winners. The healthcare and tech sectors were the weakest, falling 0.5 and 0.4 per cent respectively, while materials gained strongly, adding 1.2 per cent. The biggest driver was a stronger-than-expected result from the Chinese manufacturing sector, which supported iron ore prices and boosted the likes of BHP Group Limited (ASX: BHP) to solid gains, adding more than 1 per cent. The banking sector also resumed its positive trend, with both Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Limited (ASX: NAB) rallying strongly despite the Reserve Bank of Australia (RBA)’s decision to hold rates. Gold miners also supported the materials sector, with prices hitting US$3,330 per ounce once again, and Evolution Mining Limited (ASX: EVN) gaining close to 4 per cent. Lifestyle Communities Limited (ASX: LIC)posted a rebound, gaining over 9 per cent after a difficult week for the retirement living group.

Telix to avoid tariff hit, CSL under pressure, Imricor smashed on FDA delays

Healthcare technology company Pro Medicus Limited (ASX: PME) has continued its recent charge, adding more than 1 per cent and moving beyond 320 dollars per share once again. This comes amid growing concern of US tariffs and their potential impact on Australian healthcare leaders. CSL Limited (ASX: CSL) was weaker, falling 0.8 per cent, as concerns about the impact of a 200 per cent tariff by the US continue to linger. Shares in cardiac catheter group Imricor Medical Systems Inc (ASX: IMR) were among the weakest performers, with the shares dropping 15 per cent after the company announced a delay in expected US FDA approvals. Telix Pharmaceuticals Limited (ASX: TLC), on the other hand, stands out as a company likely to be exempt from the changes and has been a short-term beneficiary.

S&P 500 rallies to record, Apple, Tesla gain, NVIDIA chief meets Trump

The S&P 500 Index (NYSE: SPX) rallied to another all-time high overnight, gaining 0.3 per cent as the surge in mega-cap tech continued. Tesla Inc (NASDAQ: TSLA) posted a 4 per cent gain after the company flagged plans to expand its Robotaxi service to two more cities. Apple Inc (NASDAQ: AAPL) moved higher, boosting the NASDAQ Composite Index (NASDAQ: IXIC) to a 0.1 per cent gain, after the company disclosed it was planning on a massive rollout of new iPhones, iPads, and Macs. NVIDIA Corporation (NASDAQ: NVDA) remained above US$4 trillion, with CEO Jensen Huang meeting with President Donald Trump ahead of a planned visit to China in the coming days, while JPMorgan Chase & Co. (NYSE: JPM) CEO Jamie Dimon warned that markets appear to be ‘complacent’ with tariffs and that a deal between the US and Europe ‘needs to get done’.

The Australian share market ended the week on a low on Friday, with the benchmark S&P/ASX 200 Index (ASX: XJO) losing 51.7 points, or 0.6 per cent, to 8,967.4, while the broader All Ordinaries Index (ASX: XAO) receded 49.9 points, or 0.5 per cent, to 9,234.3. For the week, however, the S&P/ASX 200 Index (ASX: XJO) added 0.3 per cent, locking-in three straight weeks of gains, while the All Ordinaries Index (ASX: XAO) appreciated by 0.2 per cent.

Seven of 11 local sectors finished Friday lower, led by slumps in consumer staples, health care and real estate stocks. Consumer staples was the weakest sector, dragged lower by poultry producer Inghams Group Limited (ASX: ING), which plunged 72 cents, or 20.3 per cent, to $2.83 after reporting a 10.2 per cent drop in full-year net profit to $90 million. Supermarket giant Coles Group Limited (ASX: COL) also fell 72 cents, in its case 3.3 per cent, to $20.85 ahead of its results on Tuesday.

Commonwealth Bank of Australia (ASX: CBA) slid 96 cents, or 0.6 per cent, to $172.84, but Westpac Banking Corporation (ASX: WBC) advanced 25 cents, or 0.7 per cent, to $38.98. National Australia Bank Limited (ASX: NAB) put on 8 cents, or 0.2 per cent, to $42.47, while ANZ Group Holdings Limited (ASX: ANZ) surrendered 5 cents, to $33.87.

Biotech giant CSL Limited (ASX: CSL) completed a horror week with a slide of $9.40, or 4.2 per cent, to $216.60, taking its losses for the week to 20.4 per cent, after its earnings fell well short of expectations.

But buy-now, pay-later provider Zip Co Limited (ASX: ZIP) had a big day on Friday, jumping 63 cents, or 20.2 per cent, to $3.75 after beating earnings expectations and flagging a potential dual listing on the Nasdaq Stock Market (NASDAQ: NDAQ).

Fast food chain Guzman y Gomez Limited (ASX: GYG) plunged $5.27 on Friday, down 18.2 per cent to $23.70 after reporting an operating loss in its US division and weak Australian sales growth. Footwear retail group Accent Group Limited (ASX: AX1) slumped 29.5 cents, or 17.8 per cent, to $1.37, despite a decent result, because the company said trading for 2026 was tracking below market expectations. Fertility services provider Monash IVF Group Limited (ASX: MVF) dived 11 cents, or 13.7 per cent, to 69.5 cents after reporting an 8.1 per cent fall in net profit in FY25.

In the US, a dovish speech on US interest rates from Federal Reserve chief Jerome Powell unleashed share buyers on Friday. Powell indicated that US rate cuts could restart at the September meeting, but that the Federal Reserve will move on rates in a restrained manner. That helped both the blue-chip Dow Jones Industrial Average (INDEXDJX: DJI) and the broader S&P 500 Index (INDEXSP: SPX) hit record highs on Friday.

The Dow Jones Industrial Average (INDEXDJX: DJI) climbed 846.24 points, or 1.9 per cent, reaching a fresh high and closing at a record level of 45,631.74. The S&P 500 Index (INDEXSP: SPX) surged 96.74 points, or 1.5 per cent, to end at 6,466.91, while the tech-heavy Nasdaq Composite Index (INDEXNASDAQ: IXIC) gained 396.22 points, or 1.9 per cent, to settle at 21,496.53. For the week, the Dow Jones Industrial Average (INDEXDJX: DJI) advanced 1.5 per cent and the S&P 500 Index (INDEXSP: SPX) firmed 0.3 per cent, but the Nasdaq Composite Index (INDEXNASDAQ: IXIC) slid 0.6 per cent.

The broader All Ordinaries Index (ASX: XAO) advanced 106.8 points, or 1.2 per cent, to 9,284.

The index was helped by biotech giant CSL Limited (ASX: CSL) starting the rebuilding process after crashing earlier in the week: the stock gained $5.26, or 2.4 per cent, to $226.00. Among the big banks, ANZ Group Holdings Limited (ASX: ANZ) firmed 51 cents, or 1.5 per cent, to $33.92; Westpac Banking Corporation (ASX: WBC) put on 50 cents, or 1.3 per cent, to $38.73; National Australia Bank Limited (ASX: NAB) gained 36 cents, or 0.9 per cent, to $42.39; and Commonwealth Bank of Australia (ASX: CBA) rose $1.40, or 0.8 per cent, to $173.80.

Global pallets giant Brambles Limited (ASX: BXB) surged $3.07, or 13.2 per cent, to $26.30, after lifting its full-year net profit by 10 per cent and announcing a US$400 million share buyback. Electronics manufacturer Codan Limited (ASX: CDA) jumped $2.53, or 10.7 per cent, to $26.20 after reporting a 22 per cent rise in full-year revenue and a 27 per cent lift in net profit.

There was broad buying of mining stocks, with gold producer Vault Minerals Limited (ASX: VMC) the standout, up 5 cents, or 11.9 per cent, to 47 cents. Ramelius Resources Limited (ASX: RMS) gained 13 cents, or 4.7 per cent, to $2.90; West African Resources Limited (ASX: WAF) added 7 cents, or 2.7 per cent, to $2.70; Westgold Resources Limited (ASX: WGX) put on 7 cents, or 2.2 per cent, to $3.23; Newmont Corporation (NYSE: NEM) rose $1.79, or 1.7 per cent, to $107.07; and Perseus Mining Limited (ASX: PRU) lifted 6 cents, also 1.7 per cent, to $3.59.

Of the bulk miners, BHP Group Limited (ASX: BHP) gained 31 cents, or 0.7 per cent, to $42.06; Rio Tinto Limited (ASX: RIO) put on $1.11, or 1 per cent, to $114.01; and Fortescue Ltd (ASX: FMG) rose 33 cents, or 1.7 per cent, to $19.71.

In the US, the broad S&P 500 Index (NYSEARCA: SPY) slid for a fifth straight day, as traders and investors look to Federal Reserve Chair Jerome Powell’s speech on Friday. The S&P 500 Index (NYSEARCA: SPY) lost 25.61 points, or 0.4 per cent, to 6,370.17, while the 30-stock Dow Jones Industrial Average (INDEXDJX: DJI) softened by 152.81 points, or 0.3 per cent, to 44,785.5, and the tech-laden Nasdaq Composite Index (NASDAQ: IXIC) shed 72.54 points, or 0.3 per cent, to 21,100.31.

Markets eagerly await Federal Reserve Chair Powell’s remarks at the central bank’s annual symposium at the Wyoming ski resort of Jackson Hole, tonight our time, at which he is expected to offer insights into the path of interest rates, and hopefully – from the markets’ point of view – some respite from persistent inflation concerns. Fed funds futures are pricing in a nearly 75 per cent likelihood of the central bank cutting rates at its next policy meeting in September, according to CME’s FedWatch tool.

European and Asian equities retreated on the jitters around the Jackson Hole symposium, as gold prices eased under pressure from a stronger greenback.

The S&P/ASX 200 Index (ASX: XJO) added 21.8 points, or 0.3 per cent, to 8,918.0 on Wednesday, while the broader All Ordinaries Index (ASX: XAO) rose 3.6 points, barely noticeable on a percentage scale, to 9,177.4. Seven of 11 sectors on the Australian Securities Exchange (ASX) finished in the green, with real estate and financials leading, but materials and healthcare weighed on the gains.

The heavyweight financials sector gained 1.4 per cent as the four major banks all gained. National Australia Bank Limited (ASX: NAB) elevated $1.49, or 3.7 per cent, to $42.03; Westpac Banking Corporation (ASX: WBC) put on 92 cents, or 2.5 per cent, to $38.23; Australia and New Zealand Banking Group Limited (ASX: ANZ) advanced 64 cents, or 1.9 per cent, to $33.41; and Commonwealth Bank of Australia (ASX: CBA) gained $1.35, or 0.8 per cent, to $172.40.

In big mining, BHP Group Limited (ASX: BHP) slid 37 cents, or 0.9 per cent, to $41.75; Rio Tinto Limited (ASX: RIO) receded 15 cents, to $112.90; and Fortescue Ltd (ASX: FMG) gave up 31 cents, or 1.6 per cent, to $19.38. In oil and gas, Woodside Energy Group Ltd (ASX: WDS) eked out a 2-cent gain, to $26.16; while Santos Limited (ASX: STO) slipped 19 cents, or 2.5 per cent, to $7.56, on news that its results had to be delayed because a United Arab Emirates (UAE) takeover bid was pushed back.

In gold, Evolution Mining Limited (ASX: EVN) rose 9 cents, or 1.1 per cent, to $7.98; Genesis Minerals Limited (ASX: GMD) helped itself to 4 cents, up 0.9 per cent to $4.39; Gold Road Resources Limited (ASX: GOR) moved 3 cents higher to $3.33; and Capricorn Metals Ltd (ASX: CMM) added 1 cent to $9.69; but there was little joy elsewhere in the sector. West African Resources Limited (ASX: WAF) was down 5 cents, or 1.9 per cent, to $2.63; Perseus Mining Limited (ASX: PRU) lost 4 cents, or 1.1 per cent, to $3.53; and Ramelius Resources Limited (ASX: RMS) eased 3 cents, or 1.1 per cent, to $2.77.

Coal miners also had a bad day, with Yancoal Australia Ltd (ASX: YAL) particularly grisly, sinking 71 cents, or 11.4 per cent, to $5.51, after reporting that first-half net profit had slipped 61 per cent on last year, amid weak coal prices. Whitehaven Coal Limited (ASX: WHC) was down 21 cents, or 3.2 per cent, to $6.43.

The real estate index was up 1.8 per cent, helped by asset manager HMC Capital Limited (ASX: HMC), which rocketed 58 cents, or 17.7 per cent, to $3.85, after a 6.6 per cent loss on Tuesday; and developer Stockland Corporation Ltd (ASX: SGP), which gained 40 cents, or 7 per cent, to $6.12.

In the United States (US), a broad tech decline pulled the S&P 500 Index (NYSE: INX) and Nasdaq Composite Index (NASDAQ: IXIC) lower, with the S&P 500 Index (NYSE: INX) posting its fourth straight loss, down 15.59 points, or 0.2 per cent, to 6,395.78; and the Nasdaq Composite Index (NASDAQ: IXIC) off 142.09 points, or 0.7 per cent, to 21,172.86. The blue-chip Dow Jones Industrial Average (NYSE: DJI) managed an advance of 16.04 points, to 44,938.31.

Investors continued to take profits from several heavyweight technology and semiconductor names, fanning concerns about their high valuations and the longer-term strength of the ‘buy AI’ trade. Intel Corporation (NASDAQ: INTC)dropped about 7 per cent, while NVIDIA Corporation (NASDAQ: NVDA), Advanced Micro Devices Inc. (NASDAQ: AMD), Broadcom Inc. (NASDAQ: AVGO), Palantir Technologies Inc. (NYSE: PLTR), Apple Inc. (NASDAQ: AAPL), Amazon.com Inc. (NASDAQ: AMZN), Alphabet Inc. (NASDAQ: GOOGL) and Meta Platforms Inc. (NASDAQ: META) were also lower.

Minutes from the Federal Reserve’s July meeting released Wednesday showed that the central bank continued to be preoccupied with the state of the jobs market and inflation, although most policymakers agreed that it was too soon to lower interest rates. The bank held rates steady in July, but Fed governors Christopher Waller and Michelle Bowman dissented, marking the first time two voting Fed officials have done so since 1993.

The Australian share market lost ground on Tuesday, weakened by a fall in health stocks. The benchmark S&P/ASX 200 Index (ASX: XJO) fell 63.1 points, or 0.7 per cent, to 8,896.2, while the broader All Ordinaries Index (ASX: XAO) shed 59.7 points, also 0.7 per cent, to 9,173.8. Four of 11 local sectors weakened over the day, led by healthcare, while telecommunications was the best-performing sector.

The healthcare index plunged 8.4 per cent, battered by biotech giant CSL Limited (ASX: CSL)’s 16.9 per cent slide to $227.79, in the wake of the company’s announcement that it will cut up to 3,000 jobs and spin-off its influenza vaccine arms, CSL Seqirus (Private), in a strategy to shave up to $550 million off its total costs. It was CSL Limited (ASX: CSL)’s biggest one-day fall since the company listed on the ASX in 1994, and it wiped about $20 billion off its market capitalisation. CSL Limited (ASX: CSL) said it could potentially raise $17 billion through the spin-off of CSL Seqirus (Private), one of its three business units.

Mining heavyweight BHP Group Limited (ASX: BHP) reported a 26 per cent slide in full-year earnings, to a five-year low, forcing it to reduce dividends to the lowest level in eight years. The US$9 billion (A$13.9 billion) full-year net profit was weighed down by weak commodity prices. BHP Group Limited (ASX: BHP) said it would delay a multi-billion-dollar expansion of its South Australian copper division and warned that Queensland coal jobs could be cut. BHP Group Limited (ASX: BHP) announced it has agreed to sell its Brazilian gold and copper assets in a transaction valued at US$465 million (A$715.4 million). BHP Group Limited (ASX: BHP)’s share price took the bad news well, rising 65 cents, or 1.6 per cent, to $42.12. Elsewhere in the big miners, Rio Tinto Limited (ASX: RIO) softened 25 cents, or 0.2 per cent, to $113.05; and Fortescue Ltd (ASX: FMG) eased 3 cents, or 0.2 per cent, to $19.69.

Canadian uranium project developer NexGen Energy Ltd (TSX: NXE) gained 25 cents, or 2.4 per cent, to $10.83; gold producer Greatland Resources Limited (LSE: GGP) added 12 cents, or 2.2 per cent, to $5.47; rare earths star Lynas Rare Earths Limited (ASX: LYC) put on 32 cents, or 2.2 per cent, to $15.09; mineral sands heavyweight Iluka Resources Limited (ASX: ILU) advanced 12 cents, or 1.9 per cent, to $6.59; and gold miner Westgold Resources Limited (ASX: WGX) lifted 4 cents, or 1.3 per cent, to $3.18.

Energy was the second-biggest loser among the sectors, falling 2.2 per cent, with Woodside Energy Group Ltd (ASX: WDS) down 75 cents, or 2.8 per cent, to $26.14; Santos Limited (ASX: STO) off 21 cents, or 2.6 per cent, to $7.75; and Whitehaven Coal Limited (ASX: WHC) declining 15 cents, or 2.2 per cent, to $6.64.

The big banks were all higher, with National Australia Bank Limited (ASX: NAB) up 31 cents, or 0.8 per cent, to $40.54; ANZ Group Holdings Limited (ASX: ANZ) gaining 20 cents, or 0.6 per cent, to $32.77; Westpac Banking Corporation (ASX: WBC) 24 cents to the good, or 0.7 per cent, to $37.31; and Commonwealth Bank of Australia (ASX: CBA) rising 86 cents, or 0.5 per cent, to $171.05.

The best-performed sector on the day was telecommunications services, which posted a 0.7 per cent increase, powered by job-finding website operator Seek Limited (ASX: SEK), which surged $2.05, or 8 per cent, to $27.72 after reporting its result.

In the US, the broad S&P 500 Index (NYSE: SPX) lost 37.78 points, or 0.6 per cent, to 6,411.37; but the 30-stock Dow Jones Industrial Average (NYSE: DJI) managed a 10.45-point rise, to 44,922.27. The Dow Jones Industrial Average (NYSE: DJI) touched a fresh record high during the session, helped by a surge in Home Depot Inc (NYSE: HD), which rose 3.2 per cent.

The tech-heavy Nasdaq Composite Index (NASDAQ: IXIC) was down 314.82 points, or 1.5 per cent, to 21,314.95. Some of the mega-cap tech stocks struggled, with NVIDIA Corporation (NASDAQ: NVDA) down 3.5 per cent, Advanced Micro Devices Inc (NASDAQ: AMD) off 5.4 per cent and high-flying software stock Palantir Technologies Inc (NYSE: PLTR) retreating more than 9 per cent, making it the S&P 500 Index (NYSE: SPX)’s worst performer.

ASX200 hits another record high

The S&P/ASX 200 notched higher marking its fifth consecutive record high, driven by renewed optimism following the Reserve Bank of Australia’s rate cut and firm July employment data, which together bolstered expectations for further easing. Financials outperformed, with Westpac Banking Corporation (ASX: WBC) rallying strongly, while Australia and New Zealand Banking Group Limited (ASX: ANZ) and National Australia Bank Limited (ASX: NAB) also posted gains. In materials, miners like Newmont Corporation (ASX: NEM), Northern Star Resources Ltd (ASX: NST), Rio Tinto Limited (ASX: RIO), Fortescue Metals Group Ltd (ASX: FMG), and BHP Group Limited (ASX: BHP) benefited from rising forecasts for gold and iron ore.

Gold Road Resources Limited (ASX: GOR) had its scheme booklet registered with the Australian Securities and Investments Commission, outlining the proposed acquisition by a subsidiary of Gold Fields Limited: shareholders will receive A $2.52 fixed cash component, plus a variable cash consideration tied to their stake in Northern Star, as well as a potential fully franked special dividend. The Independent Expert valued Gold Road between A $2.80 and A $3.28 per share and concluded the scheme is fair and reasonable.

Australian corporate spotlight

Baby Bunting Group Limited (ASX: BBN) jumped after raising profit guidance for FY 2026 beyond forecasts. Ampol Limited (ASX: ALD) surged following its agreement to acquire EG Australia for A $1.1 billion. Amcor plc (ASX: AMC) fell sharply as weak North American volumes weighed on performance. Mirvac Limited (ASX: MGR) posted a modest profit shift to A $68 million for the year to June, though revenue slipped 10 per cent to A $2.74 billion. Cochlear Limited (ASX: COH) rose subtly after its annual profit landed at the lower end of its revised guidance.

U.S. markets slipped, though remain perched at near record highs

Overseas, U.S. equities pulled back: the S&P 500 slid 0.3 per cent, Nasdaq Composite declined 0.4 per cent, and the Russell 2000 contracted 0.6 per cent. Applied Materials, Inc. (NASDAQ: AMAT) slumped roughly 14.1 per cent after issuing weak fiscal fourth-quarter guidance, dragging down peers like KLA Corporation (NASDAQ: KLAC). Opendoor Technologies Inc. (NASDAQ: OPEN) rose about 4.3 per cent amid leadership changes and weak Q2 results. In biotech, Arcutis Biotherapeutics, Inc. (NASDAQ: ARQT) led gains with a 5.7 per cent jump on technical buying interest.

ASX boosted by banking sector recovery

The Australian share market continued its upward momentum, setting a fresh intraday high for a fourth consecutive session, supported strongly by the banking sector. Westpac Banking Corporation (ASX: WBC) surged to its highest level in over a decade after posting a 14 per cent rise in quarterly net profit to $1.9 billion, marking its best trading session since the COVID-19 pandemic. This lifted the broader financial sector, with Australia and New Zealand Banking Group Limited (ASX: ANZ) gaining 2 per cent, National Australia Bank Limited (ASX: NAB) up 1.9 per cent, while Commonwealth Bank of Australia (ASX: CBA) continued to slide, falling 1.1 per cent amid valuation concerns. The S&P/ASX 200 Index (ASX: XJO) climbed 0.5 per cent to close at 8873.80, while the All Ordinaries Index (ASX: XAO) also rose 0.5 per cent, with eight of the 11 industry sectors finishing higher.

Corporate earnings drive gains across sectors

Strong earnings reports underpinned broader market gains, with notable performances from multiple companies. Origin Energy Limited (ASX: ORG) led the utilities sector, rallying 6.3 per cent following a 26 per cent increase in full-year core net profit. In the insurance space, Suncorp Group Limited (ASX: SUN) jumped 3.6 per cent after a 52 per cent surge in profit, bolstered by the sale of its banking division. Pro Medicus Limited (ASX: PME) climbed 6.2 per cent on the back of a 40 per cent profit increase, while Temple & Webster Group Limited (ASX: TPW) jumped 8.8 per cent after reporting a 21 per cent lift in revenue. Conversely, Telstra Group Limited (ASX: TLS) dropped 2.6 per cent despite announcing a $1 billion share buyback, and South32 Limited (ASX: S32) sank 5.2 per cent following an impairment charge and operational risks at its Mozal aluminium smelter.

Global markets react to inflation and crypto momentum

Globally, markets closed mixed as higher-than-expected US wholesale inflation data dampened hopes for an aggressive interest rate cut in September. The S&P 500 Index (NYSE: SPX) recorded a modest gain, while the Dow Jones Industrial Average (NYSE: DJI) and Nasdaq Composite Index (NASDAQ: IXIC) were relatively flat. July’s Producer Price Index rose 0.9 per cent month-on-month and 3.3 per cent year-on-year, its largest increase in three years. Despite the inflation surprise, markets still project a high likelihood of a rate cut. In the corporate space, Intel Corporation (NASDAQ: INTC) jumped 7.4 per cent amid speculation over a potential US government investment, while Cisco Systems Inc. (NASDAQ: CSCO)and Deere & Company (NYSE: DE) declined on cautious outlooks. Meanwhile, Bitcoin briefly topped $US124,000 following a landmark US policy shift that allows retirement savings to invest in digital assets, boosting its global legitimacy.

CBA sell-off weighs on local market

The Australian sharemarket posted its sharpest one-day decline in two weeks, dragged lower primarily by a sell-off in Commonwealth Bank of Australia (ASX: CBA). The S&P/ASX 200 Index (ASX: XJO) fell 53.70 points to close at 8827.10, a drop of 0.6 per cent after touching a record high at the open. The decline followed a rate cut by the Reserve Bank of Australia and softer US inflation data, which bolstered global rate cut expectations. CBA shares dropped 5.4 per cent to $169.12 despite reporting a $10.25 billion cash profit, as investors balked at its valuation near 30 times forward earnings. The weakness spread across the banking sector, with National Australia Bank Limited (ASX: NAB) down 2.6 per cent, Westpac Banking Corporation (ASX: WBC) off 2.1 per cent, and Australia and New Zealand Banking Group Limited (ASX: ANZ) finishing 0.2 per cent lower.

Rotation to healthcare and miners cushions broader losses

Investors shifted into defensives, with healthcare and mining sectors providing some support to the broader index. CSL Limited (ASX: CSL) climbed 2 per cent and Clarity Pharmaceuticals Limited (ASX: CU6) rose 5.3 per cent. Miners gained on the back of strong iron ore prices, with Fortescue Metals Group Limited (ASX: FMG) up 1.4 per cent, BHP Group Limited (ASX: BHP) rising 1.1 per cent, and Rio Tinto Limited (ASX: RIO) gaining 1 per cent. Meanwhile, AGL Energy Limited (ASX: AGL) slumped 13.1 per cent following a 21.2 per cent drop in core profit. Treasury Wine Estates Limited (ASX: TWE) added 1.2 per cent after lifting its dividend and announcing a share buyback. Insurance Australia Group Limited (ASX: IAG)slipped 0.1 per cent despite strong profit growth, while Tyro Payments Limited (ASX: TYR) surged 11.5 per cent on takeover interest.

Global rally sustained by rate cut hopes and Chinese momentum

Globally, equity markets extended gains as expectations grew for a September rate cut by the Federal Reserve, following soft US inflation data. The S&P 500 Index (NYSE: SPX) rose 0.3 per cent, the Nasdaq Composite Index (NASDAQ: IXIC) added 0.1 per cent, and the Dow Jones Industrial Average (NYSE: DJI) climbed 463 points. Gains were led by materials, healthcare, and consumer cyclicals, with Advanced Micro Devices Inc. (NASDAQ: AMD) jumping 5.4 per cent and Paramount Skydance surging 36.7 per cent. Meanwhile, China’s stock market continued its steady rebound, with the CSI 300 Index (SHA: 000300) up 16 per cent from April lows amid high liquidity and retail investor optimism, despite no major economic stimulus announcements from Beijing.