The local market broke a four-day losing streak today, with the ASX 200 grinding higher as investors weighed a mixed May inflation print. Headline CPI cooled to 4% — softer than the 4.3% expected, largely on falling fuel prices — but the RBA's preferred trimmed mean measure accelerated to 3.6%, above forecasts, keeping underlying inflation pressures alive. The Aussie dollar slumped to an 11-week low before paring losses, as markets turn to Thursday's jobs report and an evening speech from RBA deputy governor Andrew Hauser for the next steer on policy.
The ASX 200 finished lower today, with choppy trade through, in positive territory briefly before selling in technology, resources and small caps outweighed strength in the major banks and defensive sectors. Resilience in the Big Four provided some cushion, but market breadth was notably weak with around two-thirds of stocks finishing in the red. Investors continued to digest developments around US-Iran peace negotiations, while positioning ahead of tomorrow's Australian inflation data and ongoing scrutiny of the AI trade.
The ASX 200 finished mildly lower, recovering from early weakness to close near breakeven as strength in the banks and consumer discretionary stocks offset a sharp selloff in technology. Markets spent much of the session digesting conflicting headlines surrounding US-Iran negotiations, with oil prices reversing an early rally as hopes for further diplomatic progress emerged out of the Lake Lucerne Summit this morning.
The ASX endured its weakest session in a fortnight today, with a sharp selloff across the resources complex. The market opened lower and never really looked like bouncing, drifting steadily lower through the day as investors responded to a stronger US dollar, a more hawkish Federal Reserve and renewed pressure across commodity markets.
The ASX 200 fell away throughout the session as Federal Reserve policymakers under new chair Kevin Warsh signalled the chance of a rate hike later this year, hitting tech, financials and rate-sensitive growth names. Defensives held up best, with Consumer Staples and Healthcare the only sectors to post a meaningful gain, while Energy, Materials and IT led the market lower. Oil extended its slide as the US-Iran deal on reopening the Strait of Hormuz raised hopes for a quick return of Gulf supply, while gold and iron ore stayed under pressure from firmer US rate expectations underpinning a rise in the $US.
The ASX200 put on a fighting performance today, gapping down ~80pts on the open but recovering every last point of the deficit to finish mildly higher. The key news for the day was the Reserve Bank leaving the cash rate unchanged at 4.35%, pausing after three consecutive hikes this year.
The ASX built on Friday's strength and rallied again today, with the local bourse embracing news of a US-Iran agreement to reopen the Strait of Hormuz and removing the biggest macro risk hanging over markets in recent months. The rally was broad, but Materials did the heavy lifting.
The ASX finished the week with its strongest session since April, surging almost 2% on the day after US President Donald Trump suggested a deal with Iran could be signed as soon as this weekend. The move wasn't confined to a handful of stocks with around 85% of ASX 200 companies closing higher on the session.
The ASX spent much of today proving a point that has become increasingly apparent over recent weeks – investors are prepared to look through the headlines. Fresh US strikes on Iranian targets overnight initially sparked another risk-off move across global markets, sending oil higher, pushing the Aussie dollar to a two-month low and weighing on growth stocks.
The ASX pushed higher today despite another round of US-Iran hostilities overnight, with investors continuing to look through the latest developments in the Middle East and instead focusing on the broader trajectory of negotiations.
The ASX 200 finished lower today, with choppy trade through, in positive territory briefly before selling in technology, resources and small caps outweighed strength in the major banks and defensive sectors. Resilience in the Big Four provided some cushion, but market breadth was notably weak with around two-thirds of stocks finishing in the red. Investors continued to digest developments around US-Iran peace negotiations, while positioning ahead of tomorrow's Australian inflation data and ongoing scrutiny of the AI trade.
The ASX 200 finished mildly lower, recovering from early weakness to close near breakeven as strength in the banks and consumer discretionary stocks offset a sharp selloff in technology. Markets spent much of the session digesting conflicting headlines surrounding US-Iran negotiations, with oil prices reversing an early rally as hopes for further diplomatic progress emerged out of the Lake Lucerne Summit this morning.
The ASX endured its weakest session in a fortnight today, with a sharp selloff across the resources complex. The market opened lower and never really looked like bouncing, drifting steadily lower through the day as investors responded to a stronger US dollar, a more hawkish Federal Reserve and renewed pressure across commodity markets.
The ASX 200 fell away throughout the session as Federal Reserve policymakers under new chair Kevin Warsh signalled the chance of a rate hike later this year, hitting tech, financials and rate-sensitive growth names. Defensives held up best, with Consumer Staples and Healthcare the only sectors to post a meaningful gain, while Energy, Materials and IT led the market lower. Oil extended its slide as the US-Iran deal on reopening the Strait of Hormuz raised hopes for a quick return of Gulf supply, while gold and iron ore stayed under pressure from firmer US rate expectations underpinning a rise in the $US.
The ASX200 put on a fighting performance today, gapping down ~80pts on the open but recovering every last point of the deficit to finish mildly higher. The key news for the day was the Reserve Bank leaving the cash rate unchanged at 4.35%, pausing after three consecutive hikes this year.
The ASX built on Friday's strength and rallied again today, with the local bourse embracing news of a US-Iran agreement to reopen the Strait of Hormuz and removing the biggest macro risk hanging over markets in recent months. The rally was broad, but Materials did the heavy lifting.
The ASX finished the week with its strongest session since April, surging almost 2% on the day after US President Donald Trump suggested a deal with Iran could be signed as soon as this weekend. The move wasn't confined to a handful of stocks with around 85% of ASX 200 companies closing higher on the session.
The ASX spent much of today proving a point that has become increasingly apparent over recent weeks – investors are prepared to look through the headlines. Fresh US strikes on Iranian targets overnight initially sparked another risk-off move across global markets, sending oil higher, pushing the Aussie dollar to a two-month low and weighing on growth stocks.
The ASX pushed higher today despite another round of US-Iran hostilities overnight, with investors continuing to look through the latest developments in the Middle East and instead focusing on the broader trajectory of negotiations.
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