ASX 200 futures were down 12 points (-0.13%) at 8:30 am AEST, pointing to a slow start to the morning. This is in contrast to yesterday, when the S&P/ASX 200 surged 101.1 points, or 1.1%, to 9,019.10, setting a fresh record close and breaking through the 9,000-point level for the first time. The All Ordinaries advanced 1.2%.
All 11 sectors rose, led by industrials (+3.4%), consumer staples (+2.1%) and consumer discretionary (+2.1%). Brambles jumped 13.2% to a record $26.30 on a US$400 million buyback and stronger earnings guidance, while Super Retail gained 12.3%. Battery metals and rare earths stocks rebounded, with Pilbara Minerals up 5.2% and Lynas Rare Earths up 4.5%.
eToro’s Josh Gilbert said the run reflected “profits coming in better than expected” along with support from Reserve Bank of Australia rate cuts and expectations of a US Federal Reserve move next month.
US markets retreat
US sharemarkets retreated as investors awaited Jerome Powell’s Jackson Hole speech.
The Dow Jones lost 153 points (-0.3%), the S&P 500 slipped 0.4% for a fifth straight decline, and the Nasdaq shed 0.3%.
Consumer staples weighed, with Walmart down 4.5% after raising guidance but missing profit estimates and flagging tariff-related costs.
Europe subdued
European markets were subdued ahead of Powell’s address.
The FTSEurofirst 300 finished flat, while London’s FTSE 100 gained 0.2%. Autos slipped 0.4% despite EU-US trade progress, while energy rose 0.9% on higher oil prices.
Currencies
The euro eased to US$1.1610, the Australian dollar hovered at US64.20 cents, and the yen traded near JPY148.35 against the US dollar.
Commodities
Brent crude rose 1.2% to US$67.67 a barrel and Nymex crude added 1.3% to US$63.52. Copper gained 0.1% and aluminium rose 1%. Gold slipped 0.2% to US$3,381.60 an ounce, while iron ore was steady at US$101.57 a tonne.
Looking ahead
Locally, earnings are due from Accent Group, Guzman y Gomez, Ramelius Resources and others.
Jerome Powell speaks at Jackson Hole tonight.