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Highlights
- ASX200 rises as US trade sentiment lifts global markets
- Consumer confidence diverges between US and Australia
- Juniors like (ASX:PVT), (ASX:RGL) post significant early gains
The ASX200 kicked off trading on a positive note this morning (28 May), reflecting global momentum driven by optimistic trade signals between the US and Europe, along with a notable rebound in US consumer sentiment. By 10:30am (AEST), the S&P/ASX200 rose 43.3 points, or 0.52%, to 8,450.9. This follows a five-day gain of 0.76%, although the index remains 1.91% below its 12-month high.
In the US, the Consumer Confidence Index recorded a strong increase, jumping 12.3 points to 98 in May. The Expectations Index also rose, climbing 17.4 points to reach 72.8. These figures helped bolster investor sentiment globally.
Meanwhile, Australian consumer confidence weakened slightly, slipping by 1.8 points to 87. Inflation expectations increased marginally to 4.7%, both on the weekly measure and four-week moving average. Confidence in the domestic economic outlook for the next 12 months and five years declined 4.9 and 2.7 points respectively, highlighting some local caution despite broader optimism.
Although the Reserve Bank of Australia recently made a 25-basis-point rate cut, it appears the more dovish tone in its post-meeting outlook, coupled with a subdued global trade forecast, weighed on sentiment. Economists anticipate another rate cut by August and one more in early 2026, with expectations that the Australian labour market will remain a key stabilising factor.
Among sectors, seven out of 11 were trading in the green. Materials led early gains, up 0.15% at open and showing a 0.34% lift over the past week. In contrast, industrials fell 0.28%, utilities declined 0.26%, and energy dipped 0.03%.
Several notable company moves occurred across the board. Uranium producer Boss Energy (ASX:BOE) dipped 1.91% to $4.12, while gold-focused West African Resources (ASX:WAF) declined 1.68% to $2.64.
On the junior end, Pivotal Metals (ASX:PVT) surged 50% to $0.009 after identifying new gold targets in Québec's Belleterre-Angliers Greenstone Belt. Riversgold (ASX:RGL) climbed 25% to $0.005, and Locksley Resources (ASX:LKY) rose 28.57% to $0.063 following a heavily subscribed $1.47 million capital raise.
As attention continues on economic indicators and global trade developments, interest remains high in resilient sectors, particularly ASX dividend stocks that may provide stability amid fluctuating sentiment.
