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The key takeaways from the last 24 hours

ASX hits three-month high amid energy rally

The S&P/ASX 200 Index climbed 0.2 per cent to 8409.8, marking its highest close since 20 February. Energy stocks led the charge with Santos (STO.AX) up 1.6 per cent to $6.65 and Woodside Energy (WDS.AX) advancing 2.8 per cent to $22.73, buoyed by the Albanese government’s decision to extend the life of the North West Shelf gas project. However, mining stocks weighed on the index, as iron ore names like BHP Group (BHP.AX) and Rio Tinto (RIO.AX) fell 0.8 per cent and 0.7 per cent, respectively. Gold stocks also pulled back amid profit-taking, contributing to the drag on the materials sector. Investors remained cautious, awaiting further clarity on trade policy developments following a recent US court ruling on tariffs imposed under former President Donald Trump.

ASX tech and copper lifted by Nvidia’s momentum

Australian tech and copper-exposed stocks responded positively to Nvidia’s upbeat results. Megaport (MP1.AX) rallied 3.0 per cent to $13.95, while DigiCo Infrastructure REIT (DCG.AX) gained 2.1 per cent to $3.35. Copper miner Capstone Copper (CS.TO) surged 4.7 per cent to $8.69 following Chile’s upward revision of copper price forecasts, reinforcing optimism around demand. In the agribusiness space, Elders (ELD.AX) added 1.1 per cent, despite the ACCC raising concerns over its proposed $475 million acquisition of Delta Agribusiness. Meanwhile, Resolute Mining (RSG.AX) dropped 2.4 per cent to $0.61 after seeking clarification from the Guinean government over reports suggesting its local mining permits could be at risk.

US markets rise, but tariff uncertainty persists 

In the US, equities posted modest gains as the S&P 500 and Nasdaq both advanced 0.4 per cent, while the Dow Jones Industrial Average climbed 117 points. Nvidia (NVDA) jumped 3.2 per cent after exceeding quarterly sales estimates, driven by robust AI chip demand. However, the company warned that ongoing US restrictions on semiconductor exports to China could shave up to $8 billion off next-quarter revenue. Meanwhile, Best Buy (BBY) cut its full-year guidance, citing tariff-related headwinds, which pressured its stock. Tariff concerns re-emerged after a US appeals court reinstated key measures initially blocked by a lower court, heightening trade policy uncertainty. Despite this, corporate optimism — including from Boeing (BA) — helped temper market concerns. On the macro front, US GDP contracted by 0.2 per cent in Q1, a slightly softer downturn than previously reported.

Market movements

The key takeaways from the last 24 hours

What turmoil, says Commonwealth Bank of Australia?

The local market headed lower as investors weighed concerns about the escalating conflict in the Middle East, but the negative sentiment was not able to put a dent in the rise of Commonwealth Bank of Australia (ASX: CBA). The benchmark S&P/ASX 200 Index (ASX: XJO) gave up 30.6 points, or 0.4 per cent, to 8,474.90 points on Monday; and the broader All Ordinaries Index (ASX: XAO) lost 35.5 points, also 0.4 per cent, to 8,688; but Commonwealth Bank of Australia (ASX: CBA) gained another $1.82, or 1 per cent, to $184.35 – after setting a new intra-day record at $184.41. Offshore investors can’t seem to get enough of the nation’s biggest bank. Not all of the other big banks rode on Commonwealth Bank of Australia (ASX: CBA)’s coat-tails: Westpac Banking Corporation (ASX: WBC) put on 21 cents, or 0.6 per cent, to $33.42; but Australia and New Zealand Banking Group Limited (ASX: ANZ) eased 18 cents, or 0.6 per cent, to $28.21; and National Australia Bank Limited (ASX: NAB) softened 3 cents, to $38.88. Elsewhere in the industrial world, Qantas Airways Limited (ASX: QAN) slipped 19 cents, or 1.9 per cent, and global logistics giant Brambles Limited (ASX: BXB) gave up $1.23, or 5 per cent, to $23.33. Adairs Limited (ASX: ADH) sank 53 cents, or 20.5 per cent, to $2.05 after warning that full-year earnings would come in below last year’s. It said that while stronger promotional activity had boosted sales, it would dent margins. The news spooked investors in rival retailer Temple & Webster Group Limited (ASX: TPW), which shed 48 cents, or 2.3 per cent, to $20.87; JB Hi-Fi Limited (ASX: JBH)fell 30 cents, or 0.3 per cent, to $108.40; but furniture heavyweight Nick Scali Limited (ASX: NCK) advanced 19 cents, or 1 per cent, to $18.33.

Resources mostly lower

In the energy sector, Santos (ASX: STO)  added one per cent, while Woodside (ASX: WDS) was flat as Brent crude rose $US2 over the Australian session to over $US78 a barrel, near its highest level since late January. In big mining, BHP Group Limited (ASX: BHP) retreated 57 cents, or 1.6 per cent, to $35.64; Rio Tinto Limited (ASX: RIO) slipped 34 cents, or 0.3 per cent, to $101.83; and Fortescue Ltd (ASX: FMG) walked back 15 cents, or 1 per cent, to $14.54. Elsewhere in resources, gold miner West African Resources Limited (ASX: WAF) gained 4 cents, or 1.8 per cent, to $2.21; fellow gold producer Newmont Corporation (NYSE: NEM) lifted $1.07, or 1.2 per cent, to $90.37; North American-based Capstone Copper Corp. (TSE: CS) gained 12 cents, or 1.4 per cent, to $8.57; and Namibia-based uranium producer Paladin Energy Limited (ASX: PDN) advanced 6 cents, or 0.8 per cent, to $7.42. But at the other end of the spectrum, gold miner Genesis Minerals Limited (ASX: GMD) dropped 18 cents, or 3.9 per cent, to $4.43; coal producer Whitehaven Coal Limited (ASX: WHC) lost 20 cents, or 3.5 per cent, to $5.57; gold miner Northern Star Resources Limited (ASX: NST) fell 64 cents, or 3.1 per cent, to $19.88; fellow goldie Capricorn Metals Ltd (ASX: CMM) shed 32 cents, or 3 per cent, to $10.20; Ramelius Resources Limited (ASX: RMS), also a gold miner, leaked 8 cents, or 3 per cent, to $2.58; Canadian-based Champion Iron Limited (ASX: CIA) slid 12 cents, or 3 per cent, to $3.95; and Indonesia-based nickel producer Nickel Industries Limited (ASX: NIC) lost 2 cents, or 2.8 per cent, to 70 cents.

US markets rally, but big news comes after close

Overnight, US markets rallied as Iran did not close the Strait of Hormuz, a crucial oil shipping route; also, prospects of the United States Federal Reserve cutting interest rates as early as July contributed to the upbeat mood. The market also shrugged off Iranian missile attacks on US bases in Qatar and Iraq, which did not cause any reported casualties, mainly because Iran gave the US advance notice of the missile strikes. Despite the attack, the US markets moved higher, with the broad S&P 500 Index (NYSEARCA: SPY) gaining 57.33 points, or 1 per cent, to 6,025.17; the blue-chip Dow Jones Industrial Average (INDEXDJX: DJI) adding 374.96 points, or 0.9 per cent, to 42,581.78; and the tech-heavy Nasdaq Composite Index (NASDAQ: IXIC) rising 183.57 points, also up 0.9 per cent, to 19,630.98. Bonds also rallied, with the US 10-year treasury trading 4 basis points lower at 4.34 per cent and at the short end, the two-year yielding 3.85 per cent, down 6 basis points. The major impact of Middle East events was felt in the oil price, which fell 7 per cent after Iran’s subdued response, and restraint on the Strait of Hormuz. After trading closed, US President Donald Trump announced an imminent ceasefire between Israel and Iran sent stock futures climbing, with Dow Jones Industrial Average (INDEXDJX: DJI) and S&P 500 Index (NYSEARCA: SPY) futures up about 0.4 per cent, and Nasdaq Composite Index (NASDAQ: IXIC) futures up about 0.6 per cent.

Market movements

The key takeaways from the last 24 hours

Australian market edges lower amid banking sector drag

The Australian share market declined for a fourth consecutive session, with the S&P/ASX 200 Index (ASX: XJO) falling 18.2 points, or 0.2 per cent, to close at 8505.5 — its lowest level since early June. The retreat came as investors adopted a cautious stance amid escalating geopolitical concerns, particularly regarding potential US involvement in the conflict between Israel and Iran. Six of the 11 market sectors closed in negative territory, leading to a modest weekly drop of 0.5 per cent for the benchmark index. The financial sector weighed heavily, with Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Limited (ASX: NAB), Westpac Banking Corporation (ASX: WBC), and Australia and New Zealand Banking Group Limited (ASX: ANZ) all recording losses.

Healthcare gains and mining divergence

In contrast, defensive sectors saw renewed investor interest. Healthcare stocks performed strongly, with Pro Medicus Limited (ASX: PME), ResMed Inc. (ASX: RMD), and Cochlear Limited (ASX: COH) all posting gains, the latter climbing 2.5 per cent to $295.64. The mining sector delivered mixed results following a Citi downgrade of lithium price forecasts. Liontown Resources Limited (ASX: LTR) rebounded slightly despite initial losses, while Pilbara Minerals Limited (ASX: PLS) and Mineral Resources Limited (ASX: MIN) fell sharply. In corporate developments, Betr rose 5.3 per cent after submitting an all-share bid to acquire PointsBet Holdings Limited (ASX: PBH), while Bowen Coking Coal Limited (ASX: BCB) plunged 48.6 per cent after warning of potential mine suspensions due to market conditions and state royalties.

US markets decline amid war fears

On the global front, the US500 Index (CBOE: SPX), the primary benchmark for US equities, fell to 5948 points on June 22, marking a 0.32 per cent decline from the previous session. The downturn was driven by rising geopolitical instability following reports that the United States carried out airstrikes on Iranian nuclear facilities, stoking investor concerns over a broader regional conflict. Despite the short-term dip, the index has climbed 2.21 per cent over the past month.

Market movements

The key takeaways from the last 24 hours

ASX steadies despite mining drag

The Australian sharemarket ended marginally lower on Wednesday, with the S&P/ASX 200 Index (ASX: XJO) down 0.1 per cent to close at 8531.2. The modest dip came despite eight of the eleven industry sectors posting gains, as a sharp retreat in the materials sector weighed heavily on the broader market. The key driver of this decline was renewed pressure on iron ore prices, which slipped below $US93 a tonne in Singapore.

Iron ore slump hits major miners

Iron ore-exposed stocks bore the brunt of the market’s retreat, with BHP Group Limited (ASX: BHP) falling 1.2 per cent to $36.86, Fortescue Metals Group Limited (ASX: FMG) sliding 4 per cent to $15.03, and Mineral Resources Limited (ASX: MIN) tumbling 4.6 per cent to $22.59. Citi downgraded its 12-month forecast for iron ore prices to $US90 per tonne, adding further pressure. Gold miners also declined despite global tensions, with Northern Star Resources Limited (ASX: NST) dropping 2 per cent to $20.58 and Evolution Mining Limited (ASX: EVN)falling 3.6 per cent to $8.15. In contrast, uranium stocks rallied, with Boss Energy Limited (ASX: BOE) gaining 4.3 per cent after strong production results, and Deep Yellow Limited (ASX: DYL) advancing 3.9 per cent on speculation of higher uranium prices.

Global jitters amid Fed hold and Middle East unrest

On Wall Street, markets were mixed following the US Federal Reserve’s decision to leave interest rates unchanged. The S&P 500 Index (NYSE: SPX) dipped slightly, the Dow Jones Industrial Average (NYSE: DJI) fell 44 points, while the Nasdaq Composite Index (NASDAQ: IXIC) inched up 0.1 per cent. Fed Chair Jerome Powell maintained a cautious tone, highlighting uncertainty around inflation and growth, while signaling two potential rate cuts in 2025. Rising geopolitical risks, particularly from escalating tensions between Israel and Iran, added to investor unease and pushed oil prices higher. Meanwhile, payment stocks Visa Inc (NYSE: V), Mastercard Inc (NYSE: MA), and PayPal Holdings Inc (NASDAQ: PYPL) each dropped over 4 per cent following the passage of the US Congress’s stablecoins act.

Market movements

The key takeaways from the last 24 hours

ASX retreats as geopolitical tensions stir investor caution

The Australian share market closed marginally lower on Tuesday as geopolitical risks overshadowed an initial positive start. The S&P/ASX 200 Index (ASX: XJO) dipped by 7.1 points to finish at 8541.3, despite tracking earlier gains from Wall Street. The volatility was sparked by former US President Donald Trump’s unexpected social media call for the evacuation of Tehran, raising market jitters across Asia. Investor sentiment remained cautious as seven of the 11 sectors on the ASX ended in the red, with Commonwealth Bank of Australia (ASX: CBA) and BHP Group Limited (ASX: BHP) both edging lower by 0.2 per cent and 0.4 per cent, respectively.

Gold, uranium stocks lift as safe haven demand rises

Gold-related equities saw strong performances amid growing market uncertainty. Newmont Corporation (ASX: NEM) gained 2.5 per cent and Northern Star Resources Limited (ASX: NST) climbed 1.5 per cent, mirroring a spike in global gold prices to $US3394.68 per ounce. Uranium stocks also surged as hedge funds scrambled to cover short positions, following news of a $US100 million capital raise by the Sprott Physical Uranium Trust. Gains included Deep Yellow Limited (ASX: DYL) up 5.7 per cent, Boss Energy Limited (ASX: BOE) up 3.2 per cent, Silex Systems Limited (ASX: SLX) up 3 per cent, and Paladin Energy Limited (ASX: PDN) up 4.4 per cent. Santos Limited (ASX: STO) added 0.5 per cent following ongoing speculation over a potential $30 billion takeover bid.

Wall Street slips amid Middle East tensions and weak data

Global markets were pressured by rising Middle East tensions and disappointing economic indicators. The S&P 500 Index (NYSE: SPX) dropped 0.8 per cent, the Dow Jones Industrial Average (NYSE: DJI) fell 299 points, and the Nasdaq Composite Index (NASDAQ: IXIC)declined 0.9 per cent. Investor anxiety grew following Trump’s threats of potential strikes on Iran and calls for its “unconditional surrender”. Adding to the negative sentiment, US retail sales fell 0.9 per cent in May, suggesting weakening consumer demand. Among stocks, JetBlue Airways Corporation (NASDAQ: JBLU) plummeted 7.9 per cent on weak travel demand outlook, while ExxonMobil Corporation (NYSE: XOM) and Chevron Corporation (NYSE: CVX) rose 1.3 per cent and 3.2 per cent respectively, driven by a surge in oil prices.

The key takeaways from the last 24 hours

Energy surge lifts ASX amid geopolitical tension

The Australian share market remained resilient on Monday, navigating geopolitical uncertainty and a sell-off in the United States by edging slightly higher. The benchmark S&P/ASX 200 Index (ASX: XJO) ended the day up just 1 point at 8548.4 points, supported by a strong rally in energy shares following a sharp spike in oil prices and confirmation of a $30 billion takeover of Santos Limited (ASX: STO). Other oil stocks rose in tandem, with Woodside Energy Group Limited (ASX: WDS) up 3 per cent to $26, Beach Energy Limited (ASX: BPT) gaining 1.9 per cent to $1.33, and Karoon Energy Limited (ASX: KAR) climbing 2.3 per cent to $2.03. Meanwhile, uranium shares also spiked after news that the Sprott Physical Uranium Trust (TSX: U.UN) would raise $US100 million to purchase uranium. Shares in Deep Yellow Limited (ASX: DYL) surged 21.2 per cent to $1.60, Paladin Energy Limited (ASX: PDN) rose 15.6 per cent to $7.30, Boss Energy Limited (ASX: BOE) gained 17.7 per cent to $4.30, and Silex Systems Limited (ASX: SLX) soared 23.9 per cent to $4.

Financials and gold weigh on broader market

Despite energy’s strong performance, broader gains were capped by weakness in financials and gold stocks. Commonwealth Bank of Australia (ASX: CBA) slipped 0.03 per cent to $179.40, while National Australia Bank Limited (ASX: NAB), Westpac Banking Corporation (ASX: WBC) and Australia and New Zealand Banking Group Limited (ASX: ANZ) also declined. Among gold miners, Evolution Mining Limited (ASX: EVN) dropped 8 per cent to $8.45 after UBS Group AG (SWX: UBSG) downgraded it to a “sell”, and Northern Star Resources Limited (ASX: NST) fell 8.2 per cent to $20.68 following a downgrade to “neutral”. ASX Limited (ASX: ASX) declined 6.7 per cent to $67.90 after Australian Securities and Investments Commission (ASIC) launched an inquiry into its governance practices. In contrast, Bubs Australia Limited (ASX: BUB) rose 6.3 per cent to 17 cents on US regulatory progress, while Tourism Holdings Limited (ASX: THL) soared 56 per cent to $2.10 after receiving a $471 million buyout offer from BGH Capital and the Trouchet brothers.

Wall Street rises despite Middle East tensions

United States markets rebounded on Monday ahead of the United States Federal Reserve’s policy decision. The S&P 500 Index (NYSE: SPX) rose 0.9 per cent, the Dow Jones Industrial Average (NYSE: DJI) gained 0.7 per cent, and the Nasdaq Composite Index (NASDAQ: IXIC) jumped 1.4 per cent. Hopes of de-escalation between Iran and Israel supported gains, particularly in tech and consumer stocks, with Meta Platforms Inc. (NASDAQ: META), Palantir Technologies Inc. (NYSE: PLTR), and Tesla Inc. (NASDAQ: TSLA) all advancing. Energy shares lagged as oil prices fell. Meanwhile, United States Steel Corporation (NYSE: X)climbed 5.1 per cent after approval of its sale to Nippon Steel Corporation (TYO: 5401), and Roku Inc. (NASDAQ: ROKU) soared 10.4 per cent on a new advertising deal with Amazon Ads, part of Amazon.com Inc. (NASDAQ: AMZN).

Market movements

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.

Market movements

The key takeaways from the last 24 hours

ASX rallies after King’s Birthday, up 0.8 per cent, retail, tech jumps, as CBA hits new high

The local market posted another strong session as negotiations between the US and China on a renewed trade pact continued to support more positive sentiment in markets; the All Ords gained 0.8 per cent. The industrials sector was the only real detractor, falling 0.1 per cent, while both the retail and technology sectors gained more than 1.5 per cent, energy also performed well, latter boosted by hopes that global trade will return to normal. Shares in the Commonwealth Bank (ASX:CBA) continued to power high, gaining 1.2 per cent, a new all-time high as the business retains its $300 billion valuation despite a growing chorus of those suggesting the company is overvalued. The likes of Next DC (ASX:NXT) which reversed a recent trend, and WiseTech (ASX:WTC) both rallied by 5 and 2 per cent respectively, as attention turns back to a risk on market focus on earnings growth as opposed to defensive protection. 

Johns Lyng in trading halt, Korean firm looks to up Austal stake, Monash IVF sinks on errors, government investigation

Shares in Monash IVF (ASX:MVF) plummeted during the session after the group reported a second instance of transferring an embryo into the wrong patient, falling 24 per cent. The state government has launched a full investigation into the issues, at the same time the business is undertaking an internal review. Ship builder Austal (ASX:AST) managed a near 7 per cent gain after the companies large shareholder, South Koren Hanwha Group was seemingly given the greenlight by the US foreign review board to buyout the local company. It will still need to be reviewed by the local regulator given the defence contract the business retains. Property services provider Johns Lyng Group (ASX:JLG) started the day in a trading halt following news that Pacific Equity Partners was considering a takeover bid for the company. Similarly, Metcash (ASX:MTS) gained slightly after management confirm its intention to merge its Mitre 10 and Home Hardware brands.

US markets near all-time highs as trade deals emerge, Mexico, China near agreements, Tesla rallies on automated Taxi

The S&P500 and Nasdaq led the way overnight, both gaining 0.6 per cent, with the former just 2 per cent away from a prior record high. Shares in GameStop (NYSE:GME) continued to struggle in after-hours trading as quarterly sales fell and a pivot to crypto wasn’t enough to offset the decline. The Dow also added 0.3 per cent after positive news emerged from both China and Mexico, that could be set to see punitive tariffs levels reduced on key imports including steel, in the coming months. Markets are paused ahead of new inflation data which comes after bond yields around the world increased on debt and inflation concerns. Shares in Tesla (NYSE:TSLA) gained more than 5 per cent after Elon Musk released a video showing a Tesla driving through Austin, Texas without a driver, suggesting that autonomous taxi’s may be set to launch sooner than expected. Boeing (NYSE:BA) has seen the highest monthly intake of orders in more than a year, triggered by Donald Trump’s trip to the middle east last month. 

Market movements