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The ASX 200 rose 52 points to near record highs of 8756 (0.6%) after a benign CPI ensured we should get a rate cut in August. Familiar story, Banks firm with CBA up 1.6% and the Big Bank Basket up to $279.88 (+1.4%). MQG rose0.8 % with financials firm, as insurers rose surprisingly as yields slipped. QBE up 0.8% and SUN up 0.8%. GQG still feeling unloved. REIT boosted by lower rates with SGP up 2.2% and VCX rising 1.7%. Industrials too firm, BXB up 1.9% with JBH doing well as retail firmed, WOW and COL also better by around 2%. Tech mixed. In resources, gold miners were a mixed bag, EVN up 1.4% with PNR rising 1.9% and GMD up 0.8%. Iron ore stocks mixed, FMG better. RIO results after hours, down 1%. Lithium mixed as PLS had a good quarterly up 3.0% but IGO punished on a negative update, down 7.2%. Oil and gas stocks eased, uranium stocks mixed, BOE recovering 3.6%.

In corporate news today, plenty of quarterlies, APX crushed on AI uncertainty, MIN rose 2.3% as it met its FY guidance. PNV rose 7.8% after earnings report.

In economic news, CPI came in benign at 2.7% for core, hopes rose for a rate cut on 12th August.

Asian markets mixed, Japan down 0.1%, China up 0.4% and HK down 0.6%.

European market opening slightly higher. Waiting for Fed, tariff news and tech results.

HIGHLIGHTS

  • Winners: PNV, OBM, DRO, GGP, CYL, FCL, RSG
  • Losers: SLX, IGO, EMR, MLX, SX2, KLS, BPT
  • Positive Sectors: Banks. Financials. REITs. Supermarkets.
  • Negative Sectors: Tech. Healthcare.
  • ASX 200 Hi 8773 Lo 8688
  • Big Bank Basket: Up to $279.88(+1.4%)
  • All-Tech Index: Down 0.5%
  • Gold: Steady at $5107
  • Bitcoin: Drifts to US$117957
  • 10-year yield falls to 4.25% on CPI.
  • AUD: Slips to 65.13c.
  • Asian markets: Japan down 0.1%, China unchanged and HK down 1.1%.
  • US futures – Dow up 40 Nasdaq up 52
  • European markets set to open up 0.4%.

MARKET MOVERS

  • PNV +7.8% positive quarterly.
  • OBM +7.3% positive broker upgrades.
  • DRO +7.1% positive quarterly report.
  • GGP +6.1% bounces back.
  • PLS +3.0% good quarter.
  • DGT +3.4% finding support.
  • TOR +15.9% extension of gold mineralisation at Paris.
  • CXL +7.0% continues to find friends.
  • ALK +6.3% quarterly report.
  • SLX -9.4% not so enriched.
  • IGO -7.2% quarterly sub-optimal.
  • SX2 -4.5% selling off.
  • MFG -3.1% falls back after rally.
  • MLX -4.8% profit taking.
  • APX -12.8% heading to lower end of guidance.
  • ATR -9.0% business update.
  • MEI -3.6% placement weighs.
  • FLN -4.8% gives back Tuesday’s gain.
  • WBT -6.5% application for securities quotation.
  • Speculative Stock of the Day: BSA +55.6% Good volume. Quarterly report.  

ECONOMIC AND OTHER NEWS

  • The Consumer Price Index (CPI) rose 0.7% this quarter.
  • Over the twelve months to the June 2025 quarter, the CPI rose 2.1%.
  • The most significant price rises this quarter were Housing (+1.2%), Food and non–alcoholic beverages (+1.0%) and Health (+1.5%).
  • Hawaii and remote parts of California’s coast are bracing for tsunamis to hit within hours. The magnitude-8.8 quake struck at a depth of 21km off Russia’s Kamchatka Peninsula on Wednesday morning.
  • UBS posts net profit beat as market volatility boosts trading. It doubled its second-quarter net profit amid hikes at its investment banking and global wealth management operations. Net profitable attributable to shareholders hit $2.395 billion in the second quarter, up from $1.136bn in the same period of last year and beating a mean LSEG analyst forecast of $1.901bn.
  • HSBC announces $3bn share buyback after second-quarter profit plunges 29%, missing expectations. It reported profit before tax for the three months ended June of US$6.3bn, down 29% from a year ago.
  • Epstein co-conspirator Maxwell asks for clemency in exchange for testimony.
  • Mercedes-Benz cuts guidance on Trump tariff impact.
  • Starbucks profits plunge as turnaround costs add up.
  • L’Oreal missed second-quarter sales forecasts, posting a 2.4% increase, as growth in Europe slowed more than expected. 
  • Santander posted a record net profit in the second quarter, coming in at EUR3.4bn (US$3.9bn) and topping expectations.

And finally….

I accidentally rubbed ketchup in my eyes. Now I have Heinzsight.

Clarence

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