Australian shares are poised to open slightly higher on Wednesday, with futures up around 0.2% at 8:30 am AEDT as global markets found firmer footing overnight. A rebound in US tech stocks and a steadier tone in broader risk assets set the backdrop, though attention locally is squarely on the September quarter GDP release at 11:30 am.
The modest optimism follows a mixed local session on Tuesday, when the ASX 200 added 0.17% to 8,579.7. That small gain masked meaningful moves across key sectors as iron ore and base metals producers benefited from firmer commodity prices, while tech names sagged and small caps gave back some of Monday’s strength.
ASX recap: Materials firm, tech weighs
The ASX 200 edged up 0.17% on Tuesday to 8,579.7, a restrained headline move that belied some decisive shifts beneath the surface. Strength in energy and materials helped offset softer trade across much of the growth complex, while the major banks were largely stalled.
Energy led with a gain of just over 1%, followed by materials, which rose 0.7% as iron ore and copper prices continued to hold recent strength. Rio Tinto, BHP and Sandfire Resources were among the more active names. Consumer staples also climbed, while healthcare and industrials drifted.
Technology and communication services were the day’s clear underperformers, with the All Tech index sliding more than 1% as investors rotated out of some higher-multiple names. The Small Ords slipped 0.2%, though the broader All Ords held slightly in the green.
Wall Street: Tech steadies, bonds calm
US equities posted modest gains on Tuesday, with the S&P 500 up 0.3%, the Dow rising 0.4% and the Nasdaq adding 0.6%. After Monday’s wobble, the tech cohort stabilised as semiconductor and infrastructure names regained momentum. Intel, Dell and a handful of AI-adjacent plays led the move, supported by stronger demand indications across hardware and data-centre supply chains.
Chipmakers broadly fared well, and a strong earnings update from enterprise software group MongoDB helped buoy sentiment across parts of the growth complex. Boeing also jumped after signalling firmer delivery expectations for 2026.
Bond markets were more settled, with US 10-year yields easing a touch and the short end retracing Monday’s spike.
European trade was similarly constructive. The STOXX 50 added about 0.3%, supported by a rebound in banks and pockets of strength across industrial names. Sentiment stayed cautious in the wake of fresh geopolitical tensions but benefited from a firmer lead out of US futures during the session.
Commodities: Mixed session, iron ore holds firm
Commodities were mixed overnight. Oil prices eased around 1% as traders weighed geopolitical risks against the prospect of near-term oversupply. Gold pulled back after Monday’s jump, while copper drifted but remained near multi-month highs.
Iron ore futures were slightly firmer, supported by steady Chinese steel demand and ongoing expectations of infrastructure-related policy support.
Crypto markets were volatile, with Bitcoin bouncing back above US$91,000 after its sharp decline earlier in the week. Funding conditions remain choppy, but broader risk appetite helped lift sentiment across digital assets.
Macro focus: All eyes on GDP
GDP remains the day’s marquee event, offering the clearest read yet on whether Australia’s recovery is strengthening into year-end. Economists expect quarterly growth somewhere in the 0.7–0.8% range, underpinned by firm services activity and solid private-sector demand.
Corporate newsflow may also steer pockets of trade, with Vulcan Energy locking in more than €1.1 billion in debt funding to build the first phase of its Lionheart lithium project in Germany, while Perpetual remains in the spotlight as investors await confirmation of a proposed sale of its wealth arm to Bain. Corporate Travel Management said it will participate in an independent review of its Australian government work, following scrutiny stemming from a UK contract issue.
Aside from GDP, Australia’s calendar is light. Offshore, US services data and employment indicators are due later tonight, along with China’s latest PMI read. Markets will also monitor bond market flows closely ahead of next week’s US CPI and Fed meeting.