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.