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Highlights
- ASX 200 futures hint at a soft open amid global macro caution
- Fed maintains interest rates; inflation outlook revised upward
- Small-cap actions drive interest with regulatory approvals, trial updates
The Australian share market is expected to open on a softer note, with ASX 200 futures down by 20 points or 0.23% early Thursday, reflecting a cautious mood among investors following mixed signals from the US Federal Reserve and continued geopolitical tensions in the Middle East.
The Fed has opted to hold interest rates steady for the fourth consecutive meeting, retaining its target range of 4.25–4.50%. While the pause was largely anticipated, the central bank has now lowered its GDP forecasts and lifted its inflation outlook due to persistent trade-related uncertainties and tariffs. This recalibration has stirred mixed reactions across Wall Street, with the S&P 500 ending virtually unchanged, the Dow Jones slipping 0.10%, and the Nasdaq edging up 0.13%.
Amid this global backdrop, commodities have remained volatile. Iron ore extended its slide for the fifth consecutive session, down 0.16% to US$94.71 per tonne. Brent crude retreated to US$76.21 per barrel, while copper advanced 1.19% to US$9,693.60 per tonne. Meanwhile, the Australian dollar appreciated to US$0.6510.
In the local context, the ASX200 stocks have displayed modest declines, with the index down 0.7% from its record high last week. On Wednesday, the index closed 0.12% lower at 8,531, pressured by underperformance in iron ore and gold segments, though uranium and silver miners showed strength.
Small-cap companies continued to generate notable interest:
- Alkane Resources (ASX:ALK) received Swedish regulatory clearance for its proposed merger with Mandalay Resources, with a shareholder vote scheduled for July.
- Race Oncology (ASX:RAC) commenced its Phase 1 RC220+doxorubicin trial, successfully dosing the first patient with no severe side effects and further site expansion planned in Asia.
- Sprintex (ASX:SIX) announced a new A$377,000 order and doubled its Türkiye distribution deal to A$10 million, expanding into large-scale industrial applications.
- Orthocell (ASX:OCC) revealed study results that highlight the superior performance of its Remplir™ nerve repair device versus standard methods, aiding its US market progress.
- International Graphite (ASX:IG6) is advancing its Collie facility and exploring potential expansions in the US and Europe, with US$7.5 million in Department of Defense funding under consideration.
- Cyprium Metals (ASX:CYM) plans a virtual site tour of its Nifty Copper Complex to showcase its sulphide resources and brownfield assets.
On the corporate front, HomeCo Daily Needs REIT (ASX:HDN) reported a A$142 million portfolio uplift and reaffirmed its FY25 guidance, while KMD Brands (ASX:KMD) flagged weaker retail trends with a 1.9% drop in second-half sales.
Investors are also awaiting Australia's May employment figures, expected to show a 21,200 job gain with unemployment steady at 4.1%. Internationally, attention shifts to the Bank of England’s interest rate decision, while US markets remain closed for Juneteenth and resume on Friday.
