ASX climbs for fourth straight month despite materials drag

The Australian share market marked its fourth consecutive monthly gain, with the S&P/ASX 200 Index rising 2.4 per cent in July, despite a modest 0.2 per cent decline on Thursday. The materials and energy sectors weighed on the index, driven by a sharp sell-off in major miners after a steep fall in copper prices and disappointing earnings from Rio Tinto Limited (ASX: RIO). The index remains near record highs, reflecting resilience in the face of global uncertainty. The slump in copper from $5.60 to $4.40 per pound was triggered by the White House clarifying that new tariffs would apply only to semifinished copper products, deflating hopes of a broader price rally.

Miners fall while tech and banks rally

The mining sector faced significant pressure, with Rio Tinto Limited (ASX: RIO) falling 3.6 per cent following a 16 per cent drop in half-year earnings. BHP Group Limited (ASX: BHP) slid 2.4 per cent and Fortescue Metals Group Limited (ASX: FMG) declined 2.3 per cent amid falling iron ore prices. Mineral Resources Limited (ASX: MIN) dropped 7.1 per cent following recent broker downgrades. In contrast, the tech sector outperformed, buoyed by strong earnings from US giants, with WiseTech Global Limited (ASX: WTC) and Life360 Inc. (ASX: 360) both posting gains. Consumer discretionary stocks also rallied on stronger-than-expected retail sales, with Wesfarmers Limited (ASX: WES) and JB Hi-Fi Limited (ASX: JBH) both advancing. Banks recovered from early losses, led by National Australia Bank Limited (ASX: NAB), which rose 1.1 per cent.

US indices fall amid trade and economic concerns

US equity markets fell on Thursday, with the S&P 500 Index slipping 0.5 per cent, the Nasdaq 100 Index down 0.4 per cent, and the Dow Jones Industrial Average losing 330 points. Gains in Microsoft Corporation (NASDAQ: MSFT) and Meta Platforms Inc. (NASDAQ: META), up 3.9 per cent and 11.2 per cent respectively, were not enough to offset broader weakness. Sentiment was hit by extended tariffs on Mexican imports and uncertainty around upcoming trade decisions. The US core PCE inflation rose 0.3 per cent in June, fuelling debate over the timing of potential rate cuts. Investors are now awaiting earnings from Apple Inc. (NASDAQ: AAPL) and Amazon.com Inc. (NASDAQ: AMZN), along with key employment data.