The ASX is set to dip today. ASX 200 futures were 53 points lower, down 0.59%, at 8:30 am AEST.
The S&P/ASX 200 gained 131 points or 1.49% last week to close at 8,938.6, marking five consecutive record highs. Support came from strong Wall Street leads, the Reserve Bank of Australia’s (RBA) interest rate cut, and July’s in-line labour force report, which reinforced the RBA’s measured approach to monetary easing. Robust corporate earnings from Westpac, Pro Medicus, Suncorp, Temple & Webster and Origin Energy further lifted sentiment.
This week, earnings updates from The A2 Milk Company, BlueScope Steel, Ampol, CSL, BHP, Stockland, Santos, Xero, Domain, Brambles, Super Retail Group, Bega, Telix Pharmaceuticals and Zip are due. Sector gains were led by Materials (+3.65%), Consumer Staples (+2.45%), Health Care (+2.41%) and Utilities (+1.48%), while Information Technology (-1.44%) and Energy (+0.69%) lagged. Among standout performers were Baby Bunting (+53.39%) and Tyro Payments (+20%), while AGL Energy (-13.85%) and Block (-7.81%) fell sharply. Markets now price in further RBA rate cuts by November and early 2026.
Dow soars into record territory
In the United States, the Dow Jones Industrial Average reached record territory, closing the week 1.74% higher, supported by gains in UnitedHealth after Berkshire Hathaway disclosed a major stake.
The S&P 500 added 0.94% while the Nasdaq 100 rose 0.43%, with investors rotating out of high-valuation tech stocks following softer AMD results and export tax news impacting chipmakers. July retail sales exceeded expectations, though consumer sentiment softened, highlighting stagflation concerns. Focus now turns to Federal Reserve Chair Jerome Powell’s upcoming remarks at the Jackson Hole Symposium, ahead of September’s policy meeting.
European markets ease
European equities eased from multi-month highs on Friday as investors monitored the US–Russia summit. Technology stocks led losses, with ASML slipping 1%.
- The FTSEurofirst 300 index dipped 0.04% but still gained 1.3% for the week.
- The UK’s FTSE 100 fell 0.4% on Friday but finished 0.5% higher over the week.
Mixed currencies
In currency markets, the euro firmed to US$1.1695, the Australian dollar edged up to US65.05 cents, while the yen weakened to JPY147.20 per US dollar.
Mixed commodities
Commodities were mixed.
- Brent crude fell 1.5% to US$65.85 a barrel and WTI dipped 1.8% to US$62.80.
- Copper rose 0.3% while aluminium fell 0.8%.
- Gold eased to US$3,382.60 an ounce, down 3.1% for the week, while iron ore slipped 0.2% to US$101.59 a tonne but gained 0.4% across the week.