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The key takeaways from the last 24 hours

ASX retreats from record amid Israel-Iran strikes, Woodside, oil prices surge, Cettire struggles continue

The local market fell 0.2 per cent on Friday, with eight of the 11 sectors declining, the standout once again being energy and materials. Israel’s strike against Iran’s nuclear program sent the price of oil surging more than 10 per cent, which pushed the price of Woodside (ASX:WDS) up by more than 7 per cent, while Santos (ASX:STO) also added 3.7 per cent on concerns about the impact on supply. It was a similar story for gold miners, as investors flocked back towards the safe haven, with the price once again nearing a record high, as Newmont (ASX:NEM) adding close to 6 per cent for the session. Cettire (ASX:CTT) continues its struggled, tanking another 20 per cent on Friday, taking losses to 50 per cent of an already depressed share price, on the back of another profit downgrade. It was a similar story for Accent (ASX:AX1) which fell close to 25 per cent as the owner of the Hype and Platypus retail chains flagged weak sales since Christmas. Over the week, the ASX finished slightly higher as investors reposition for a busy second half of the year.

Iranian retaliation spooks markets, S&P, Nasdaq sink, as airlines hit by closures

An escalation between Iran and Israel over the weekend has sent concerns through global markets, with the Dow Jones falling 1.8 per cent, the Nasdaq 1.3 and the S&P500 1.1 per cent. The weakness was broad-based, with oil and gold mining companies benefitting but airline and travel companies tumbling on the back of closures of air space around the Middle East. The likes of American Airlines (NYSE:AA) and United Airlines (NYSE:UAl) both fell more than 4 per cent in after-market trading as hundreds missiles were fired by Iran into Israel. Shares in Adobe (NYSE:ADBE) fell by more than 5 per cent as the company gave a weaker than expected outlook for sales in 2025, as the company faces competition from the likes of Canva amid the surge of interest in AI tools and support. Despite this, sales remained relatively strong, with its core creative segment showing 11 per cent growth. Across the week, losses were broad with the Nasdaq and S&P500 falling by around 0.5 per cent.

Market movements

The key takeaways from the last 24 hours

Energy holds up ASX, Santos (ASX:STO) rallies, Newmont (ASX:NEW) leads gold miners higher on US-Iran worries

The local market posted a 0.3 per cent loss on Thursday, despite seven of the 11 sectors rallying, led by energy. The banking sector was the biggest detractor, with the likes of the Commonwealth Bank (ASX:CBA) and Westpac (ASX:WBC) falling slightly. The energy sector was boosted by Santos (ASX:STO) which rallied 0.2 per cent as the oil price moved back above US$70 per barrel. The gold price also rallied, supporting Northern Star (ASXNST) which gained 1.2 per cent, on media reports that President Trump was growing increasingly concerned that Iran would cease enriching uranium amid a threa of strikes between the nations. Monash IVF (ASX:MVF) remains in the news, with CEO Michael Knaap stepping down following a second embryo bungle by the company amid an environment where investors are demanding significantly greater transparency from boards. Long suffering shareholders in packaging group Pact (ASX:PGH) will have just four weeks to get rid of their shares before the company formally delists from the ASX.

Cettire (ASX:CTT) tanks on further downgrade, Cochlear maintains despite earnings reduction

Luxury online retailer Cettire (ASX:CTT) felt the brunt of the market and falling expectations with shares tanking by more than 30 per cent during the session. CEO Dean Mintz warned of weaker demand from the US, with the company reporting just 1.7 per cent growth in sales for the full year well below expectations. The company remains fixated on further expansion despite growing global challenges for luxury retailers. AGL Energy (ASX:AGL) confirmed that it is considering the sale of its 29 per cent investment in Tilt Renewables, amid a cleaning up of its balance sheet, shares were 0.9 per cent lower. In a sign of growing demand for higher quality earnings, shares in Cochlear (ASX:COH), which producing ear implants, rallied 0.7 per cent despite the company downgrading earnings guidance. The market was clearly expecting worse, with the company suggesting a new range of $390 to $400 million, down from $410 to $430 million as sales slowed.

Rally gathers steam, as inflation, bond yields surprise on the positive, Oracle surge continues

The Nasdaq and Dow Jones both posted 0.2 per cent gains overnight, as another round of positive inflation data supported hopes of a rate cut. Yields fell to 4.8 per cent after a massive US government bond auction, allaying fears of growing debt issues, and also boosting the S&P500. Inflation for companies, being the producer price index rose 0.1 per cent, weaker than expected and Cathie Wood of ARK Invest flagged an improving outlook for capital expenditure from the world’s largest companies, particularly around AI and computing power. US auto tariffs may be raised next, with both Ford (NYSE:F) and Stellantis faling briefly. Shares in Oracle (NYSE:ORCL) posted a massive double digit gain after the company flagged hopes that cloud infrastructure sales with jump by more than 70 per cent this financial year.

Market movements

The key takeaways from the last 24 hours

ASX reaches all-time high, CBA flat, energy, property gain on US-China deal, Woodside (ASX: WDS) gains

The local market reached a fresh intra-day high during the session on Wednesday, albeit only closing a meagre 0.1 per cent higher. The result was driven by a further easing in trade tensions between the US and China, with expectations a fresh agreement will be hammered out in the coming days and weeks. The energy and property sectors gains 0.8 and 0.9 per cent, with Woodside Energy (ASX:WDS) a standout, rallying 1.9 per cent, and BHP (ASX:BHP) also gaining more than 1.5 per cent as iron ore prices improved in Singapore. The Commonwealth Bank (ASX:CBA) underperformed, while both ANZ Bank (ASX:ANZ) and Westpac (ASX:WBC) posted small gains to buoy the market. Shares in property services provider Johns Lyng Group (ASX:JLG) posted a massive 17.7 per cent gain after the company confirmed a $3 offer from Pacific Equity Partners to take the company private.

Zip pops 16 per cent, Fletcher Building rallies on possible sales, Qantas (ASX: QAN) cuts Asia experiment

Buy now pay later group Zip (ASX:ZIP) topped the market, posting a 15 per cent gain on Wednesday, as the company upgraded earnings guidance for the financial year. It now expects earnings of $160 million, up from $153 million, driven primarily by solid transaction growth in the profitable US market. Shares in Fletcher Building (ASX:FBU) were also among the leaders, finishing 10 per cent higher, after the company revealed it had received inbound enquiries about potentially selling parts of its business, including construction, in an effort to release value from the business. Shares in Qantas (ASX:QAN) were more than 1 per cent lower after the company announced an immediate exit from Jetstar Asia, a 20 year experience, with 13 planes to be returned to service in Australia. Monash IVF (ASX:MVF) posted a dead cat bounce, with shares gaining 11 per cent as the embattled provider seeks to move forward after a number of massive issues. 

S&P500 pulls back from highs, big tech falls on Apple weakness, Oracle jumps on upgrade

The Dow Jones finished flat, outperforming both the S&P500 and Nasdaq which fell 0.3 and 0.5 per cent respectively on weakness in Big Tech. Apple (NYSE:AAPL) fell by more than 2 per cent, while Tesla (NYSE:TSLA) reversed a 3 per cent gain to finish flat. The broader sentiment continues to improve, as Donald Trump all but confirmed a deal had been made between the US and China, which would include rare earth imports, while inflation data came in weaker than expected suggesting companies were not passing on tariff-related increased just yet. Bond yields fell, buoying bond prices on hopes that weaker inflation would support another round of rate cuts. Shares in Oracle (NYSE:ORCL) were stronger in after market trade as the company flagged surging growth in cloud sales, while Nintendo (TYO:7974) reported strong sales of it’s first new console in 15 years, the Switch 2, which sold 3.5 million in just four days.

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