AUS
NZ
UK
CA
USA
IND
Highlights
- ASX 200 futures point to modest recovery
- Myer and Bendigo report positive updates
- Rio Tinto CEO to step down
The Australian sharemarket looks set for a cautious recovery on Friday, with ASX 200 futures rising 22 points (0.26%) at 8:30 am AEST. This follows a 0.5% dip on Thursday, as global investor sentiment remains fragile due to fiscal uncertainty in the US and fluctuating bond yields. The recent passage of President Trump’s expansive tax-and-spending bill through the House of Representatives is stirring concerns around rising debt levels, with further revisions anticipated as it moves to the Senate.
The ASX200 index closed at 8,349 on Thursday, breaking a three-day upward streak. Tech and healthcare sectors saw weakness, while late gains in energy and consumer staples helped cushion the day’s losses.
Among notable updates, Myer Holdings Ltd (ASX:MYR) reported a 1.5% increase in total third-quarter sales, driven largely by strong performance in its online channels. However, the company flagged reduced foot traffic in physical stores as a continuing headwind.
In the banking sector, Bendigo and Adelaide Bank Ltd (ASX:BEN) announced a net profit after tax of $500 million for the first half of the fiscal year, reflecting a 3% year-on-year improvement. The bank credited its cost management strategy and improved net interest margins for the result—factors that may appeal to those following ASX dividend stocks.
Post-market on Thursday, Rio Tinto Ltd (ASX:RIO) revealed that CEO Jakob Stausholm will step down later this year. The board has begun the process of identifying a successor, a move that could shape the company's strategic direction.
In the small-cap space, Future Battery Minerals Ltd (ASX:FBM) secured full ownership of all remaining mineral rights at its Miriam Project in Western Australia. The $350,000 deal with Corazon Mining grants FBM access to gold, base metals, and lithium resources, broadening its exploration potential.
International markets remain mixed, with US indices wavering after a late-session fade. The S&P 500 edged down 0.04%, the Dow remained flat, and the Nasdaq rose 0.28%, bolstered by tech stocks. Bond yields retreated slightly, but concerns linger about economic risks tied to expanded government spending.
Commodities were also in motion. Gold dropped 0.6% to US$3,295 an ounce, while oil prices slid on speculation of increased OPEC+ production. The Australian dollar traded at 0.6412 against the US dollar.
Looking ahead, investor attention turns to the progression of the US tax bill in the Senate, as well as upcoming economic data releases from Japan and the US. Locally, Metro Mining Ltd (ASX:MMI) and Syrah Resources Ltd (ASX:SYR) are holding their annual general meetings today, which may provide further market insights.
