AUS
NZ
UK
CA
USA
IND
Highlights
The ASX 200 advanced in the morning session, supported by gains in the energy, banking, and mining sectors. Indexes for notable stocks moved significantly, with IDP Education (ASX:IEL) sliding, Eclipse Metals (ASX:EPM) doubling in value, and Woodside Energy Group (ASX:WDS) lifting on global oil news. Global markets showed resilience following renewed trade tension between the US and China. The S&P 500 and Nasdaq ended higher overnight, offering a steady backdrop to local trading.
Oil Surge Lifts Energy Stocks
Energy stocks were among the early leaders on the ASX, supported by a rally in crude oil prices. A large production halt caused by wildfires in Canada sparked the surge, impacting global supply expectations. Woodside Energy Group (ASX:WDS) gained ground on the back of this development, echoing the strength in broader commodities.
IDP Education (ASX:IEL) Faces Pressure
IDP Education (ASX:IEL) was the most affected large-cap stock during the morning session. The company issued a warning regarding a significant drop in global student placement numbers. Language testing volumes are also expected to be lower. These forecasts placed pressure on the stock, which now trades near levels last seen several years ago.
Eclipse Metals (ASX:EPM) Jumps on Rare Earth Update
Eclipse Metals (ASX:EPM) saw a sharp spike after an update concerning its rare earths project. The announcement led to strong market interest, with the stock's index climbing by midday. The rare earth sector remains a focal point due to ongoing supply and geopolitical.
Other Large-Cap Movements
Treasury Wine Estates (ASX:TWE) edged lower after revising its full-year earnings expectations. The company pointed to lower-than-expected product shipments and challenges in a key distribution channel in the US. Meanwhile, Domino’s Pizza Enterprises (ASX:DMP) declined following leadership changes in its Japan business segment. The company is working to address operational issues in the region.
Wages Rise Ahead of Inflation
The Fair Work Commission announced an increase to both minimum and award wages, effective from early July. This adjustment marks a shift, as the wage growth now outpaces inflation. While beneficial to workers, there are concerns that the rise could stimulate spending and complicate efforts to manage inflation.
RBA Maintains a Cautious Approach
The Reserve Bank of Australia released its meeting minutes, revealing a preference for maintaining moderate policy adjustments. The central bank opted for a measured rate change, citing the balance between economic stability and inflation management. The board acknowledged external pressures but indicated that domestic impacts remain limited for now.
