ASX 200 futures were up 2pts (+0.02%) at 8:30 am AEDT.
The S&P/ASX 200 rose 25.9 points (+0.3%) to 8,827.9 on Thursday, breaking a run of six declines in seven sessions as buyers returned after Wall Street’s brief tech pullback. Six of 11 sectors finished higher, led by materials after bullion hovered around US$3,980/oz following a 1.2% rise the prior day.
Newmont and Northern Star climbed 2.8% to $125.78 and $24.47, respectively, with ETF Shares’ David Tuckwell noting the rally “still has legs.”
Majors gained despite a sixth straight iron ore slide: BHP +1.6% to $43.00, Rio Tinto +2.3% to $130.76, Fortescue +2.1% to $20.38. Banks were mixed: NAB -3.3% to $43.10 on an FY cash profit miss ($7.09b), Westpac -1.2% to $39.71, while CBA +1.3% to $178.57.
Tech-led sell-off on valuation worries in the US; chips, delivery and EVs under pressure
US equities retreated as renewed concerns over stretched tech valuations, tariff risks and growth jitters weighed.
Mega-caps softened—Microsoft -2.0%, Nvidia -3.7%—dragging the information technology sector -2.0%. Qualcomm fell 3.6% after flagging a possible 2025 Samsung loss despite an upbeat outlook; the Philly Semiconductor Index shed 2.4%.
Earnings moves were stark: DoorDash -17.5% on a Q3 profit miss; Tapestry -9.6% on soft holiday guidance. Tesla -3.5% ahead of a shareholder vote on CEO compensation. Robinhood -10.8% after lifting FY opex guidance. At the close: Dow -399 pts (-0.8%), S&P 500 -76 pts (-1.1%), Nasdaq -446 pts (-1.9%).
Tech weakness and soft data pressure bourses in Europe
European markets slipped as tech led declines (-1.9%) and data disappointed.
Eurozone retail trade fell 0.1% in September (survey +0.2%). The FTSEurofirst 300 eased 0.6%.
In the UK, the FTSE 100 dipped 0.4% as the pound strengthened after the Bank of England kept Bank Rate steady at 4% ahead of the government’s budget.
Mixed corporate results and macro uncertainty kept risk appetite muted across major continental exchanges.
Currencies
The US dollar was uneven across majors.
- The euro rose from US$1.1503 to US$1.1552, near US$1.1545 at the US close.
- The Australian dollar eased from US$0.6517 to US$0.6463, stabilising near US$0.6475 late US trade.
- The Japanese yen firmed as dollar/yen fell from ¥154.11 to around ¥153.05 into the close. Cross-asset volatility and shifting rate expectations kept FX ranges active into the session end.
Commodities
Crude slipped as supply overhang and US demand worries resurfaced.
- Brent -US$0.14 (-0.2%) to US$63.38/bbl.
- WTI -US$0.17 (-0.3%) to US$59.43/bbl.
Base metals were mixed.
- COMEX copper -0.4%, aluminium +0.3%.
- Gold futures were marginally lower (-US$1.90, -0.05%) to US$3,991/oz, with spot near US$3,980/oz as traders weighed Fed commentary and weaker US labour signals that bolster rate-cut prospects.
- Iron ore futures gained US$0.35 (+0.3%) to US$105.08/t on reduced global shipments, though lingering oversupply concerns capped upside.