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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

Australian market lifts for second straight month

The Australian equities market extended its positive run into a second consecutive month in May, buoyed by a favourable shift in global sentiment. Investor optimism grew after a United States court blocked key tariff measures previously pushed by former President Donald Trump, alleviating fears of escalating trade tensions. The S&P/ASX 200 Index (ASX: XJO) advanced by 0.3 per cent or 24.9 points to finish at 8434.7 on Friday, capping a 4.2 per cent gain for May – its strongest monthly performance since January.

Sector rotation and stock movement

Defensive sectors helped underpin Friday’s gains, with utilities leading the way and financials also contributing positively. Commonwealth Bank of Australia (ASX: CBA) rose 0.9 per cent to close at $175.95, while National Australia Bank Limited (ASX: NAB) climbed 1.3 per cent to $38. Technology names, however, remained under pressure – WiseTech Global Limited (ASX: WTC) fell 1.5 per cent to $107.15 and Megaport Limited (ASX: MP1) declined 3.1 per cent to $13.52. Energy stocks mirrored weaker oil prices, with Woodside Energy Group Limited (ASX: WDS) retreating 2.1 per cent and Santos Limited (ASX: STO) slipping 0.9 per cent.

Retail data added a twist, with April sales unexpectedly falling 0.1 per cent. This drove down bond yields and raised expectations that the Reserve Bank of Australia may accelerate rate cuts. Meanwhile, lithium miners including Pilbara Minerals Limited (ASX: PLS) and IGO Limited (ASX: IGO) dropped sharply after a downgrade from UBS Group AG (SWX: UBSG). Conversely, HealthCo Healthcare & Wellness REIT (ASX: HCW) surged 7.8 per cent, lifting Ramsay Health Care Limited (ASX: RHC) alongside it. Findi Limited (ASX: FND) slumped despite reporting a notable rise in underlying profits.

Global markets mixed amid trade tensions and inflation data

On Friday, 30 May 2025, global equity markets exhibited mixed performances as investors navigated renewed trade tensions and inflation data. In the United States, the S&P 500 Index (NYSEARCA: SPY) concluded the session nearly flat at 5,911.69, while the Dow Jones Industrial Average (NYSE: DJI) edged up 0.1 per cent to 42,270.07. Conversely, the NASDAQ Composite Index (NASDAQ: IXIC) declined by 0.3 per cent to 19,113.77. These movements occurred against a backdrop of reinstated tariffs by the Trump administration and a slight cooling in inflation, with April’s core Personal Consumption Expenditures (PCE) price index rising 2.5 per cent year-over-year.

Market movements

The key takeaways from the last 24 hours

Energy stocks drag ASX lower

The Australian share market started the week in the red as escalating global trade tensions weighed on investor confidence. The S&P/ASX 200 Index slipped 0.2 per cent, or 20.6 points, to close at 8414.1 on Monday, with eight of the 11 sectors ending the session lower. Sentiment was hit after US President Donald Trump doubled tariffs on steel and aluminium imports to 50 per cent, fuelling renewed concerns about the trajectory of the US-China trade relationship. Energy and materials stocks led the decline, while defensive names held firmer.

Markets were further unsettled by China’s response to the tariff increase, accusing the US of “provoking new trade frictions”. Investors were cautious following Trump’s remarks that China had violated prior agreements, despite a pledge to speak with President Xi Jinping. Brent crude rose more than 2 per cent after OPEC+ announced a smaller-than-expected output increase, but this failed to lift local energy names. Aluminium and iron ore prices also weakened amid expectations of slower demand from China, with the latter falling to a one-month low of $US95 per tonne.

Stocks in focus

A handful of companies bucked the broader weakness. Brickworks Limited (ASX: BKW) surged 27.6 per cent to $35.10 and Washington H. Soul Pattinson and Co. Limited (ASX: SOL) jumped 16.4 per cent to $43.00 after announcing a merger to form a $14 billion diversified investment and property giant. BlueScope Steel Limited (ASX: BSL) climbed 4.4 per cent to $23.75 on expectations that US tariff hikes could benefit its American operations.

Elsewhere, Perenti Limited (ASX: PRN) rose 3.5 per cent to $1.63 after securing a $1.1 billion, five-year contract with Endeavour Mining for underground gold mining in Burkina Faso. Endeavour Mining (ASX: EDV) edged up 0.7 per cent to $4.10. James Hardie Industries plc (ASX: JHX) added 1.4 per cent to $35.94 following the announcement of a $3.5 billion debt facility to support its planned acquisition of US-based Azek.

Us stocks end mixed as trade talks loom

U.S. equities posted modest gains on Monday, 2 June 2025, as investors weighed escalating trade tensions with China against resilient technology stocks and rising commodity prices. The S&P 500 Index rose 0.4 per cent to 5,935.94, the Dow Jones Industrial Average added 0.1 per cent to 42,305.48, and the Nasdaq Composite Index advanced 0.7 per cent to 19,242.61. Markets initially dipped nearly 1 per cent following disappointing U.S. manufacturing data, which showed a third consecutive month of contraction, reflecting the adverse impact of ongoing trade disputes. However, a late-session rally in major technology stocks helped indexes recover. Oil prices surged over 3 per cent amid global supply concerns, while gold prices climbed nearly 2 per cent as investors sought safe-haven assets.

Shares of U.S. steel producers rallied after President Donald Trump announced an increase in steel import tariffs from 25 per cent to 50 per cent, aiming to bolster domestic production. Cleveland-Cliffs Inc. (NYSE: CLF) soared 23.2 per cent, Steel Dynamics Inc. (NASDAQ: STLD) gained 10.3 per cent, and Nucor Corporation (NYSE: NUE) rose nearly 10 per cent. Conversely, automakers faced pressure, with General Motors Company (NYSE: GM) and Ford Motor Company (NYSE: F) each declining 3.9 per cent, amid concerns over potential retaliatory measures from China. In the biotech sector, Blueprint Medicines Corporation (NASDAQ: BPMC) jumped 27 per cent following news of a $9.5 billion acquisition deal by French pharmaceutical firm Sanofi S.A. (NASDAQ: SNY), aimed at expanding its immunology portfolio.

The key takeaways from the last 24 hours

ASX hits February high as trade hopes lift sentiment

The Australian share market recorded its strongest session in over a month on Tuesday, buoyed by renewed optimism over US-China trade relations. The S&P/ASX 200 Index rose 0.6 per cent, or 52.6 points, to close at 8466.7—its highest finish since February. Nine of the 11 sectors advanced, with financials leading the charge. The broader All Ordinaries Index also climbed 0.6 per cent. The gains followed a Wall Street rebound overnight, driven by news that US President Donald Trump and Chinese President Xi Jinpingare expected to hold talks later this week, potentially softening the tariff standoff. The extension of a US pause on select Chinese import tariffs further improved risk appetite across Asia.

Financial stocks led local gains, with Commonwealth Bank of Australia (ASX: CBA) rising 1.3 per cent to a record $178.64, Westpac Banking Corporation (ASX: WBC) gaining 1.4 per cent to $32.62, and Australia and New Zealand Banking Group Limited (ASX: ANZ) up 1.3 per cent to $29.36. However, iron ore stocks lagged as futures declined, reflecting weaker Chinese manufacturing data—BHP Group Limited (ASX: BHP) slipped 0.6 per cent to $37.56 and Rio Tinto Limited (ASX: RIO) dropped 0.7 per cent to $110.02.

Stocks in focus

Gold stocks outperformed amid sustained strength in the yellow metal, which held near $US3400 following Monday’s surge. Genesis Minerals Limited (ASX: GMD) jumped 4.6 per cent to $4.98, Newmont Corporation (ASX: NEM) rose 4.3 per cent to $85.10, and West African Resources Limited (ASX: WAF) rallied 5 per cent to $3.18.

The session’s steepest loss came from IDP Education Limited (ASX: IEL), which plunged 48.1 per cent to $3.88 after flagging enrolment weakness linked to global policy shifts and announcing a review of its cost structure. Tasmea Limited (ASX: TEA) soared 8.6 per cent to $3.15 following the declaration of a 12-cent special dividend. Meanwhile, Domino’s Pizza Enterprises Limited (ASX: DMP) declined 2.2 per cent to $21.76 as leadership changes in its Japanese division weighed on sentiment.

Us stocks end mixed as trade talks loom

U.S. equities advanced on Tuesday, 3 June 2025, as investors responded positively to robust corporate earnings and signs of resilience in the labour market. The S&P 500 Index climbed 0.6 per cent to 5,970.37, nearing its all-time high, while the Dow Jones Industrial Average added 0.5 per cent to 42,519.64. The Nasdaq Composite Index rose 0.8 per cent to 19,398.96, erasing its year-to-date losses and marking its first positive close since February. Investor sentiment was buoyed by an unexpected increase in U.S. job openings to 7.4 million in April, indicating continued strength in the labour market despite ongoing trade uncertainties. Additionally, a temporary pause in the implementation of new tariffs provided further support to risk assets.

In corporate news, Dollar General Corporation (NYSE: DG) surged 15.8 per cent after reporting better-than-expected quarterly earnings and raising its full-year guidance, outperforming competitors such as Walmart Inc. (NYSE: WMT) and Costco Wholesale Corporation (NASDAQ: COST). ON Semiconductor Corporation (NASDAQ: ON) jumped 11 per cent amid optimism over a recovery in industrial and automotive markets. Nvidia Corporation (NASDAQ: NVDA) and Broadcom Inc. (NASDAQ: AVGO)advanced 2.8 per cent and 3 per cent, respectively, contributing to the strength in the semiconductor sector. Conversely, CrowdStrike Holdings Inc. (NASDAQ: CRWD) fell 6 per cent despite strong earnings, due to slightly below-expected revenue guidance. In the energy sector, APA Corporation (NASDAQ: APA) rose 5.4 per cent as oil prices increased amid geopolitical tensions. Meanwhile, Kenvue Inc. (NYSE: KVUE) declined 6.2 per cent following weaker seasonal product demand, and FactSet Research Systems Inc. (NYSE: FDS) dropped 4.8 per cent after announcing CEO Phil Snow’s upcoming retirement.

The key takeaways from the last 24 hours

ASX nears record high as banks and energy stocks rally

The Australian share market closed just shy of its all-time high on Wednesday, buoyed by strength in financial and energy stocks and optimism around U.S. economic resilience. The S&P/ASX 200 Index rose 0.9 per cent, or 75.1 points, to finish at 8541.8, just 14 points below its record close set in February. Nine of the 11 sectors advanced, with the broader All Ordinaries Index also gaining 0.9 per cent. The rally followed a strong session on Wall Street, where job openings unexpectedly rose to 7.4 million in April, reinforcing investor confidence in labour market stability and heightening expectations for a soft landing and potential rate cuts.

Commonwealth Bank of Australia (ASX: CBA) led financials higher, gaining 0.9 per cent to a record $181.10 and surpassing $300 billion in market capitalisation. Other major banks joined the advance, with Westpac Banking Corporation (ASX: WBC) up 1.5 per cent despite ASIC filing legal action against its RAMS unit. Mining names also rallied, as iron ore held near $US95 per tonne—BHP Group Limited (ASX: BHP) rose 1 per cent to $37.95, while Fortescue Limited (ASX: FMG) added 1.6 per cent to $15.26. The energy sector was the top performer, driven by Woodside Energy Group Ltd (ASX: WDS), which climbed 2.9 per cent to $22.80 as Brent crude extended its gains above $US65.

Stocks in focus

Zip Co Limited (ASX: ZIP) was the day’s best performer, soaring 13.6 per cent to $2.21 amid a broader recovery in beaten-down tech names. Uranium stocks surged after Meta Platforms Inc. (NASDAQ: META) highlighted nuclear energy as key to powering AI—Paladin Energy Limited (ASX: PDN) rose 9.8 per cent to $6.49, and Deep Yellow Limited (ASX: DYL) gained 5.9 per cent to $1.35.

On the downside, Mayne Pharma Group Limited (ASX: MYX) fell 5.3 per cent to $4.48 after U.S.-based Cosette Pharmaceuticals Inc. withdrew its $672 million takeover bid. IDP Education Limited (ASX: IEL) extended losses, down another 2.6 per cent to $3.78 following Tuesday’s sharp selloff. PointsBet Holdings Limited (ASX: PBH) jumped 10.6 per cent to $1.20 after a fresh takeover bid from Mixi Inc., countering an earlier offer from Betr, which slid 1.4 per cent to 35 cents.

Wall Street stalls as weak economic data fuels rate cut hopes

U.S. equities ended mixed on Wednesday, 4 June 2025, as disappointing economic data tempered recent optimism. The S&P 500 Index (INDEXSP: .INX) was nearly unchanged, edging up 0.01 per cent to 5,970.81, while the Dow Jones Industrial Average (INDEXDJX: .DJI) declined 0.2 per cent to 42,427.74. Conversely, the Nasdaq Composite Index (INDEXNASDAQ: .IXIC) gained 0.3 per cent to 19,460.49, supported by strength in technology stocks. The market’s subdued performance followed weaker-than-expected reports on private-sector hiring and services activity, raising concerns about the economy’s momentum and increasing speculation about potential interest rate cuts by the Federal Reserve.

In corporate news, Hewlett Packard Enterprise Company (NYSE: HPE) surged 6 per cent after reporting strong quarterly earnings, while CrowdStrike Holdings, Inc. (NASDAQ: CRWD) fell 5.8 per cent due to a weaker-than-expected revenue forecast. Tesla, Inc. (NASDAQ: TSLA) declined 3.5 per cent amid concerns over sales in China and Germany. Broadcom Inc. (NASDAQ: AVGO) gained 1.7 per cent ahead of its earnings report, and ON Semiconductor Corporation (NASDAQ: ON) rose 6.1 per cent on signs of market recovery. Chipotle Mexican Grill, Inc. (NYSE: CMG) advanced 4.2 per cent, outperforming competitors. Meanwhile, Dollar Tree, Inc. (NASDAQ: DLTR) dropped 8.4 per cent despite beating earnings forecasts, as it faces margin pressures from tariffs.

Market movements

The key takeaways from the last 24 hours

ASX holds near record as investors await next catalyst

The Australian share market traded in a tight range on Thursday, closing slightly lower as investors paused following recent gains and looked ahead to potential macro catalysts. The S&P/ASX 200 Index dipped just 2.9 points to 8538.9, holding within 20 points of its all-time record close. Seven of the 11 sectors advanced, with healthcare in the lead, though index heavyweight CSL Limited (ASX: CSL) fell 1.3 per cent to $242.96.

Bank stocks finished mixed. Commonwealth Bank of Australia (ASX: CBA) edged up 0.1 per cent to a fresh record of $181.34, while National Australia Bank Limited (ASX: NAB) and Australia and New Zealand Banking Group Limited (ASX: ANZ) closed marginally lower. In the mining sector, iron ore names gained despite a 1 per cent drop in Singapore futures to $US94.55—Fortescue Limited (ASX: FMG) rose 1.5 per cent to $15.49 and Rio Tinto Limited (ASX: RIO) added 0.3 per cent to $110.01. A surge in lithium and rare earth stocks lifted resources, driven by U.S. government support for domestic critical minerals production. Mineral Resources Limited (ASX: MIN) jumped 14.8 per cent to $23.19, Liontown Resources Limited (ASX: LTR) climbed 5.7 per cent to 64.5 cents, and Lynas Rare Earths Limited (ASX: LYC) soared 12.5 per cent to $9.26 following reports that European carmakers were facing supply disruptions due to China’s export restrictions.

Stocks in focus

IperionX Limited (ASX: IPX) was the day’s standout performer, surging 28.8 per cent to $4.78 after securing a contract worth up to $US99 million with the U.S. Department of Defence to supply titanium components, part of a broader U.S. strategy to secure critical mineral supply chains.

On the downside, Tyro Payments Limited (ASX: TYR) dropped 10.4 per cent to 82 cents after announcing the resignation of Chief Executive Jon Davey, who is leaving to head a private-equity backed company. Pacific Current Group Limited (ASX: PAC) fell 4.9 per cent to $10.80 following a media report alleging that U.S.-listed Abacus Global Management had “systematically overvalued” its assets. Meanwhile, Catapult Group International Limited (ASX: CAT) slipped 1 per cent to $6.16 after acquiring U.S. sports technology company Perch for $US18 million.

Wall Street dips as rate cut hopes rise

U.S. equity markets retreated on Thursday, as softer-than-expected economic data prompted a reassessment of the Federal Reserve’s interest rate path. The S&P 500 Index fell 0.5 per cent to 5939.30, the Dow Jones Industrial Average declined 0.3 per cent to 42,319.74, and the Nasdaq Composite Index lost 0.8 per cent to 19,298.45. Jobless claims unexpectedly rose, and a key services activity gauge dipped into contraction territory, adding weight to market expectations for at least two rate cuts before year-end. Despite the pullback, traders remained focused on Friday’s non-farm payrolls report for further clues on labour market health.

Tesla Inc. (NASDAQ: TSLA) sank 14.3 per cent amid a high-profile clash between CEO Elon Musk and President Donald Trump, who threatened to revoke government subsidies for Musk’s companies. Procter & Gamble Company (NYSE: PG) fell 1.9 per cent after announcing plans to cut 7,000 jobs globally over the next two years. In contrast, Circle Internet Financial Limited (NYSE: CRCL) soared 168 per cent on its first trading day, underscoring strong investor demand for crypto-adjacent listings. MongoDB Inc. (NASDAQ: MDB) rallied nearly 13 per cent after lifting its full-year revenue guidance, citing continued momentum in cloud database adoption.

Market movements

The key takeaways from the last 24 hours

ASX closed on Monday, and finished modestly lower on Friday the 6 of June

The Australian share market extended its rally for a fourth consecutive week, buoyed by optimism surrounding renewed trade negotiations between the United States and China. Market sentiment improved following comments from US President Donald Trump, who indicated trade talks with Chinese President Xi Jinping would resume after a “very good” phone call focusing on critical mineral exports. Despite the positive backdrop, the S&P/ASX 200 Index (ASX: XJO) ended Friday down 0.3 per cent, or 23 points, to 8515.7 points, with eight out of 11 sectors closing in negative territory. However, the index still posted a 1 per cent weekly gain. The broader All Ordinaries Index (ASX: XAO) also dipped 0.3 per cent.

Mixed results for material stocks on Friday

The recommencement of trade discussions helped alleviate fears of weakened Chinese commodity demand, resulting in gains for resource-linked stocks. Iron ore futures in Singapore advanced 0.8 per cent to USD95.65 per tonne, supporting miners such as BHP Group Limited (ASX: BHP), which rose 0.7 per cent to AUD38.23, and Fortescue Metals Group Limited (ASX: FMG), up 1 per cent to AUD15.65. In contrast, critical minerals stocks faced headwinds amid speculation that China may relax export restrictions on rare earths. Pilbara Minerals Limited (ASX: PLS) dropped 5.2 per cent to AUD1.28, while IGO Limited (ASX: IGO) fell 3.5 per cent to AUD4.19. Broader weakness swept through the index ahead of key US employment data, prompting profit-taking across bank and tech names, with Commonwealth Bank of Australia (ASX: CBA) retreating 0.8 per cent to AUD179.90.

Softening US labour and US dollar

Currency markets reacted to softening US labour market signals, with the US dollar weakening and the Australian dollar climbing to a six-month high of USD0.6537. In corporate news, Ora Banda Mining Limited (ASX: OBM) plunged 14.1 per cent to AUD1.10 after flagging that full-year gold production would fall short of guidance due to downtime at its Davyhurst project. Meanwhile, Qantas Airways Limited (ASX: QAN) gained 3.5 per cent to AUD10.76 following news that competitor Virgin Australia Holdings Limited had secured strong demand for its AUD685 million IPO, albeit with some investor allocations being scaled back.