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Highlights
US-China trade breakthrough lifts sentiment, supports gains in materials and energy
BHP Group (ASX:BHP) and Woodside Energy Group (ASX:WDS) rise on rare earth truce and firmer commodity trends
Zip Co (ASX:ZIP) and Fletcher Building (ASX:FBU) surge, while Qantas Airways (ASX:QAN) eases following Jetstar Asia closure
Australia’s equity market touched a new high on Wednesday, with the ASX 200 moving upward in response to eased trade tensions between the United States and China. The materials and energy sectors led the gains, with companies such as BHP Group (ASX:BHP) and Woodside Energy Group (ASX:WDS) reflecting the upswing in global trade sentiment.
The shift came after diplomatic meetings in London saw both nations reach a preliminary agreement on export flows, with rare earths at the center of the talks. These resources are essential in electronics, energy, and defence-related industries. The thaw in relations was marked by progress toward a draft deal, which both administrations are expected to formalize pending leadership review.
Rare Earth Talks Push Miners and Energy Stocks Higher
BHP Group (ASX:BHP) gained ground as iron ore prices showed upward momentum in offshore trading. The miner’s presence in the global iron ore supply chain positioned it to benefit from renewed interest in raw material trade and production continuity.
Similarly, Woodside Energy Group (ASX:WDS) recorded gains amid stable upward trends in global oil benchmarks. The company’s exposure to energy exports tied to East Asia supported sentiment, with market participants reacting to macroeconomic signals from the trade developments.
Zip Co and Fletcher Building Drive Large Cap Moves
Zip Co (ASX:ZIP) was among the most prominent large-cap performers. The buy now, pay later company revised its full-year earnings guidance after strong May performance, particularly from the United States market. Increased transaction volumes were key to the revised outlook, prompting a strong share response on the day.
Fletcher Building (ASX:FBU), a New Zealand-based construction firm listed in Australia, also advanced following confirmation of strategic interest from external parties. The company revealed it had received multiple expressions of interest in parts of its operations, boosting corporate interest and visibility.
Qantas Adjusts Strategy as Jetstar Asia Winds Down
Qantas Airways (ASX:QAN) declined after announcing a strategic overhaul involving the closure of Jetstar Asia. The Singapore-based arm of its low-cost division is set to cease operations, ending a decades-long presence in the region. As part of the transition, aircraft from Jetstar Asia will be redeployed to routes across Australia and New Zealand.
The move includes associated earnings impacts and the discontinuation of several international routes. However, Qantas stated that it would redirect the released capacity toward strengthening its regional footprint and upgrading its fleet.
Small Cap Movements Reflect Resource Exploration Focus
Blaze Minerals (ASX:BLZ) announced encouraging results from drilling at its Ntungamo Project in Uganda. The exploration yielded gallium and rubidium discoveries, with assays indicating noteworthy mineral content in the initial drill holes. Additional results are pending from the remainder of the campaign.
Resolution Minerals (ASX:RML) disclosed a new acquisition in the United States, acquiring the Horse Heaven Project in Idaho. Located near a large antimony resource, the project includes prospects for gold, silver, and tungsten, supported by historical sampling and drilling results.
Broader Market Watch: Mixed Trends in Small Caps
Elsewhere in the small-cap segment, names such as Antilles Gold Ltd (ASX:AAU), Apollo Minerals Ltd (ASX:AON), and Galilee Energy Ltd (ASX:GLL) posted intraday gains, while companies like Adavale Resource Ltd (ASX:ADD), Chimeric Therapeutics (ASX:CHM), and Volt Resources Ltd (ASX:VRC) were among the weaker performers.
Movements were driven by project updates, exploration milestones, and corporate restructuring news, reflecting varied investor response across resources, energy, and technology-linked names.
