AUS
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Highlights
ASX 200 tracks slightly lower after rallying to record close
Wall Street mixed ahead of key US employment and factory data
Local miners and small caps remain in focus with commodity strength
Australian shares on the ASX 200 are set to ease slightly following a strong finish in the previous session, where the benchmark index closed at a new all-time high. Futures indicated a modest dip at the open, reflecting a more cautious tone amid anticipation around upcoming US economic indicators.
Global sentiment remains finely balanced, with investors navigating a mix of positive equity moves on Wall Street and increasing macro uncertainty tied to labour market data in the United States.
Tech-Led Gains in the US Offset by Caution Ahead of Payrolls Report
US markets delivered mixed results overnight. While the S&P 500 and Nasdaq closed at fresh highs, lifted by major tech names including Tesla and Nvidia, the Dow Jones traded marginally lower. Optimism was underpinned by trade developments and resilience in retail-focused stocks, though this was tempered by soft private payroll figures.
Attention now shifts to the upcoming release of the non-farm payrolls data, expected to provide key insights into employment trends and guide the US Federal Reserve’s policy direction. Additional figures on factory orders and services activity are also slated for release, alongside trade data.
Commodities Extend Gains as Gold, Oil and Copper Climb
Commodities traded higher overnight amid favourable global trade headlines and underlying geopolitical tension. Gold prices firmed, oil extended gains, and copper surged to multi-week highs. Iron ore also advanced, supported by fresh stimulus expectations in China, with the bulk commodity hitting a three-week peak.
Currency markets remained stable, with the Australian dollar holding ground against the greenback. Bitcoin also rebounded strongly, continuing its volatile but upward trajectory.
ASX Record Close Driven by Real Estate and Materials Strength
Locally, the ASX 200 posted one of its strongest sessions in recent months during Wednesday’s trade, finishing just shy of a major round number milestone. The performance was led by strength in the real estate and materials sectors, which saw support from resource names including South32 (ASX:S32) and Fortescue (ASX:FMG).
Despite underperformance from large-cap information technology stocks, smaller tech names contributed positively, helping lift the All Tech index modestly.
Small Cap Activity: Exploration and Battery Themes Dominate
In the small cap space, Solis Minerals Ltd (ASX:SLM) announced a change in auditor as part of its TSX-V delisting process. Resolution Minerals Ltd (ASX:RML) outlined plans to begin exploration at its US-based Horse Heaven Project, targeting multi-metal prospects.
Constellation Resources Ltd (ASX:CR1) revealed large-scale hydrogen indicators at its Western Australian project, while Titan Minerals Ltd (ASX:TTM) reported extended mineralisation at its Ecuador-based Iguana prospect. Livium Ltd (ASX:LIT) confirmed a pivot towards battery recycling and ongoing discussions for a joint venture supporting its LieNA® technology.
Focus Ahead: Key Data and Major IPO Listing on Tap
Looking ahead, local markets await Australia’s May trade balance data and China’s Caixin Services PMI. Globally, traders will monitor US employment data due later tonight, in addition to factory orders, services activity, and trade statistics.
