The Australian sharemarket is expected to open slightly lower on Thursday, with futures pointing to a decline of 6 points, or 0.1%, for the S&P/ASX 200.
Investors will be watching another busy round of corporate results, with REA Group Ltd, AMP Ltd, Beach Energy Ltd (ASX:BPT, OTC:BEPTF) and Block Inc (NYSE:SQ) scheduled to report.
Australia’s June goods trade balance will also be released.
ASX hits record as miners and technology stocks rally
The S&P/ASX 200 closed at a record high on Wednesday, gaining 82 points, or 0.9%, to 9,227.8 and surpassing its previous peak from early March.
The index endured a volatile session, initially surging before surrendering its gains and then recovering into the close.
Mining and technology stocks led the advance, while banks and energy companies weighed on the broader market.
Mining heavyweights BHP Group Ltd (LSE:BHP, ASX:BHP) gained 3.3% and Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) rose 2.3% as copper climbed to its highest level since mid-May, trading above US$14,000 a tonne in London.
Traders continued to monitor rising copper inventories in the US ahead of an anticipated decision by US President Donald Trump on potential tariffs on refined copper imports.
Gold stocks also rallied as bullion prices advanced for a third consecutive session.
Northern Star Resources Ltd (ASX:NST) climbed 5.8% and Evolution Mining Ltd (ASX:EVN) surged 6.3%, while South32 Ltd (LSE:S32, ASX:S32, OTC:SHTLF, JSE:S32), which owns Australia’s largest silver mine, gained 4.3%.
Lynas Rare Earths Ltd (ASX:LYC, OTC:LYSCF) extended Tuesday’s gains, rising another 4.2%.
Technology stocks followed a strong lead from their US counterparts as enthusiasm surrounding artificial intelligence continued to drive demand for semiconductor and data centre companies.
WiseTech Global Ltd gained 5.4%, Xero Ltd rose 1.8%, NextDC Ltd added 1.2% and Life360 Inc climbed 3.8%.
Banks and energy stocks retreat
The major banks underperformed, with Commonwealth Bank of Australia (ASX:CBA) falling 1.4%, Westpac Banking Corp declining 0.8%, National Australia Bank Ltd slipping 0.8% and ANZ Group Holdings Ltd easing 0.4%.
NAB also announced the appointment of former Queensland premier Anna Bligh to its board. Bligh previously led the Australian Banking Association for 8 years.
Endeavour Group Ltd fell 1.4% after reporting a 14.7% decline in underlying net profit to $363 million for the financial year.
The result included $311 million in after-tax charges linked to the planned closure of a Melbourne warehouse, restructuring expenses, the offshoring of back-office functions, advisory fees and writedowns across vineyards and retail stores.
Telstra Group Ltd dropped 1.6% after the Australian Competition and Consumer Commission announced an inquiry into the concentration of mobile infrastructure ownership in regional and rural Australia.
The inquiry is expected to examine whether telecommunications companies, including Telstra, should be required to share mobile towers.
Energy was the weakest sector as lower oil prices weighed on producers and refiners.
Woodside Energy Group Ltd (ASX:WDS, LSE:WDS, OTC:WOPEF) fell 3.6%, Santos Ltd (ASX:STO) declined 2.2%, Ampol Ltd lost 1% and Viva Energy Group Ltd retreated 2.2%.
London-listed miner Glencore PLC (LSE:GLEN) said it planned to pursue a secondary listing in Australia after reporting a sharp increase in profits.
Chief executive Gary Nagle said the company had received strong demand from investors for an Australian listing, describing the market as a deep pool of capital with substantial knowledge of the resources sector.
Dow reaches record but Nasdaq slips
US sharemarkets finished mixed on Wednesday as hopes of progress towards ending the conflict with Iran supported industrial stocks, while declines among several major technology companies weighed on the Nasdaq.
The Dow Jones Industrial Average gained 0.5% to close at a record high, while the S&P 500 fell 0.2% and the Nasdaq Composite declined 0.8%.
SpaceX shares dropped 14% after executives indicated that heavy investment supporting the company’s artificial intelligence ambitions was likely to continue.
Advanced Micro Devices Inc (NASDAQ:AMD, XETRA:AMD) fell 7% despite forecasting quarterly revenue above market expectations, with investors appearing to seek a stronger outlook.
Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) gained 3.4%, supported by reports that SpaceX planned to use Nvidia hardware exclusively in the construction of its data centres.
Alphabet Inc (NASDAQ:GOOG) fell 4.1% following the departure of several senior artificial intelligence employees as part of a wider organisational overhaul.
Eli Lilly and Co (NYSE:LLY) gained 4.8% after lifting its 2026 sales guidance as demand for obesity treatments remained strong.
US government bond yields were little changed after a broadly benign quarterly refunding announcement from the US Treasury.
The yield on the benchmark 10-year Treasury note eased by 1 basis point to 4.61%, while the 2-year yield declined by 1 basis point to 4.18%.
Investors are now turning their attention to economic data, including weekly jobless claims and Friday’s July employment report.
Companies scheduled to report results include ConocoPhillips (NYSE:COP, XETRA:YCP), Datadog Inc (NASDAQ:DDOG), Airbnb Inc (NASDAQ:ABNB, XETRA:6Z1), Republic Services Inc (NYSE:RSG) and Fiserv Inc (NYSE:FI).
European markets reach fresh high
European sharemarkets edged to another record high as investors assessed corporate earnings and developments in the Middle East.
The continent-wide FTSEurofirst 300 index gained 0.04%, while the UK’s FTSE 100 rose 0.1%.
Glencore gained 4.1% after reporting an 86% increase in first-half earnings, exceeding market forecasts.
Heineken NV rose 2.2% after the Dutch brewer beat first-half profit expectations following cost reductions that included around 3,000 job cuts.
Siemens Energy AG was little changed despite reporting record third-quarter results.
Novo Nordisk (NYSE:NVO) AS fell 4.3% despite lifting its full-year profit guidance. Investors instead focused on a modest sales miss for its Wegovy weight-loss pill and a clinical trial setback for its next-generation obesity treatment, CagriSema.
Australian dollar edges higher
Major currencies were mixed against the US dollar.
- The euro gained 0.2% to US$1.1549.
- The Japanese yen weakened 0.1% to ¥157.81 per US dollar.
- The Australian dollar advanced 0.1% to US$0.7054.
Gold surges as oil steadies
Global oil prices were broadly unchanged as negotiations continued over a potential agreement to end the conflict with Iran and restore normal shipping through the Strait of Hormuz.
- Brent crude futures settled 0.1% higher at US$79.45 a barrel.
Oil prices have remained volatile, trading between around US$72 and US$102 a barrel during July as markets assessed the risk of disruptions to shipments from the Persian Gulf.
Base metal prices were mixed.
- Copper futures gained 1.3% to reach a 12-week high, supported by declining inventories outside the US as metal continued to be redirected into America ahead of possible tariffs on refined copper.
- Aluminium futures fell 0.5% as hopes of a deal involving Iran reduced concerns about supply disruptions.
- Gold futures surged 3.7% to settle at US$4,305 an ounce, their highest level in almost 7 weeks.
The precious metal was supported by lower US Treasury yields and optimism that progress towards reopening the Strait of Hormuz could ease inflationary pressures.
- Iron ore futures edged 0.2% higher to US$93.91 a tonne.