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First Up

UPDATED 12/08/2025 14:42

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The ASX 200 slipped 0.1% on a quiet Thursday, with the index remaining around all-time highs as the exchange where its shares are traded goes from one mess-up to the next. The ASX shares are down more than 30% from their 2021 high, while the local market has rallied ~20% over the same period. If they hadn’t enjoyed an effective monopoly since the days of open outcry and chalkboards, they would have gone the way of Nokia and Kodak! For a market craving fresh overseas investment, the chain of events is embarrassing, with the stock (ASX) remaining too hard at best. Moving on to nicer matters, it was another solid session by the local bourse, with over 60% of stocks closing higher, with only a soft day for heavyweights CBA and CSL leading to a lower close.

On the sector level, concerns/uncertainty around US tariffs weighed on the healthcare sector, sending it down 1.2%. In comparison, rate-sensitive names continued to outperform ahead of next week’s widely expected 0.25% cut by the RBA – futures markets are currently pricing more chance of a 0.5% cut than no cut, albeit just. The market feels extended and tired as we enter the seasonally weak August and September, but for now, the bullish trend is unwavering, regardless of the news that has crossed our screens.

From a technical perspective, the bull market remains intact while we stay above 8750.

Overseas markets were mixed overnight. In the US, the Dow slipped 0.5% following weakness in the financials, while the NASDAQ advanced +0.3% driven by another strong session by Apple Inc. In Europe, despite another 0.25% rate cut by the Bank of England (BOE), the UK FTSE dropped 0.7% while the German DAX advanced +1.1%.