The ASX is poised to open higher this morning, tracking another strong Wall Street session where major indices closed at new record highs amid growing confidence that US-led trade negotiations will avoid the worst-case tariff scenarios.
ASX 200 futures were up 23 points (+0.26%) at 8:30 am AEST, setting the stage for a possible run at the index’s all-time closing high of 8,757. That follows a 0.7% gain on Wednesday, which saw the benchmark end at 8,734.20 — its second-best close on record and near the 8,757 all-time high from Friday — as iron ore and gold prices climbed and major miners surged.
Overnight, the S&P 500 rose 0.78%, the Nasdaq Composite gained 0.61% and the Dow Jones Industrial Average jumped 1.14%, all buoyed by news that the US had struck a trade deal with Japan featuring a 15% tariff — lower than the 25% rate floated in US President Trump’s tariff letter to the country in early July — with similar agreements announced with Indonesia and the Philippines and talks reportedly progressing on a deal with the EU. Optimism spread across markets, lifting global equities, risk currencies and commodity prices.
Miners drive gains as ASX closes in on record
Thursday’s local session saw broad-based gains across 10 of 11 sectors, led by the materials index, which jumped 1.22% as iron ore and copper rallied. Energy stocks also advanced, and the major banks snapped a three-day losing streak.
Miners were among the big gainers, with standout performers including Alkane Resources (ASX:ALK), up 6.1%, and Whitehaven Coal (ASX:WHC), up 6.45%.
The S&P/ASX Small Ordinaries Index also closed higher, gaining 0.52% to 3,381.30.
In ASX corporate news today, Australian Ethical portfolio manager Andy Gracey stepped down after a two-decade run at the investment manager, while Regis Healthcare announced a deal to acquire four premium aged care homes in Southeast Queensland for a net cash outlay of $135 million. Quarterly reporting continued, with Lynas reporting $170.2 million in fourth-quarter gross sales revenue and plans to pursue development of a rare earth permanent magnet value chain in Malaysia.
In early small caps action today:
- Lightning Minerals Ltd (ASX:L1M) completed a site visit to the Mt Turner Gold Project in Queensland ahead of its planned 1,000-metre phase one drill program. Soil sampling is underway, targeting gold beneath historic pits and along the 14-kilometre Drummer Fault.
- FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) has identified 325 new geophysical targets at its Green Bay copper-gold project in Canada. A second surface rig has mobilised, and upcoming drilling will test anomalies that resemble known deposits at the site.
- Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) appointed Rachel Kogiopoulos as Chief Financial Officer. She brings over 25 years’ mining finance experience, including a leadership role at De Grey Mining prior to its acquisition by Northern Star.
- D3 Energy Ltd (ASX:D3E, OTCQB:DNRGF) reported maiden independently certified reserves at its ER315 project in South Africa: 2P reserves of 10.91 bcf methane and 0.706 bcf helium, covering only a small portion of the company’s total acreage.
Wall Street hits record highs as trade deals ease tariff fears
US markets continued their upward march overnight as investor sentiment improved on the back of the fresh trade announcements from President Trump.
The S&P 500 and Nasdaq both closed at new all-time highs, supported by strong earnings reports and expectations that a global tariff regime could settle around 15% — well below the levels previously feared.
Industrials (+1.75%), healthcare (+2.03%) and energy (+1.54%) led the charge, while meme stocks delivered a volatile session, with Reddit-fuelled favourites like GoPro and Krispy Kreme spiking sharply intraday before paring gains. J
In corporate news, Alphabet shares climbed 3% after the Google parent reported increases of 14% in revenue and 32% in cloud sales, while Tesla edged up 0.15% despite a 9% year-on-year revenue decline.
Commodities and currencies
Commodities were mixed but mostly firm:
- Copper gained 1.39% to US$11,624/t;
- Iron ore rose 0.28% to US$98.11/t;
- Nickel and zinc each added 0.29%;
- Gold slipped 1.3% to US$3,386.86/oz as safe-haven demand eased on trade optimism; and
- Brent crude was broadly flat at US$68.64/bbl.
The US dollar fell against risk currencies, with the Aussie dollar strengthening to US$0.6599, its highest level since November 2024. Bitcoin fell 1.65% to US$118,030.
What’s on today
Today’s key events include a speech by RBA Governor Michele Bullock at 1:05 pm AEST, in which she will elaborate on the central bank’s dual mandate and inflation outlook.
Also on the radar:
- July PMIs for Australia, the UK and eurozone
- ECB interest rate decision tonight (hold at 2.2% expected)
- US jobless claims and housing data due overnight
Locally, Macquarie Group (ASX:MQG) will hold its AGM this morning, and companies including Fortescue, Coronado, Karoon Energy, Syrah Resources and Northern Star report quarterly results.