AUS
NZ
UK
CA
USA
IND
Highlights
- ASX futures point to renewed weakness.
- Strong gains in tech, mining, and banks.
- Global volatility drives gold, oil, and currency shifts.
The Australian share market is expected to slide today, retracing strong gains seen in the previous session as volatility continues to grip global markets. Futures for the S&P/ASX 200 were down 116 points or 1.52% early this morning, indicating a potentially weak open despite yesterday’s impressive surge.
On Thursday, the benchmark S&P/ASX 200 Index jumped 4.54% to close at 7,709 points, led by strength in Information Technology, Materials, and Energy sectors. The market soared as much as 6.3% during the day, hitting an intraday high of 7,842.9 before easing on profit-taking.
Technology stocks were among the session's top performers, mirroring a sharp rebound in the US Nasdaq. Zip Co (ASX:ZIP) surged 20.66% to A$1.46, Block Inc (ASX:SQ2) gained 13.3% to A$89.48, Megaport (ASX:MP1) advanced 11.6% to A$10.00, and Life360 (ASX:360) rose 10.85% to A$19.11.
Miners also posted strong gains, driven by optimism around potential stimulus measures in China aimed at supporting economic growth amid ongoing trade tensions. Mineral Resources (ASX:MIN) soared 18.13% to A$17.01, Rio Tinto (ASX:RIO) rose 6.35% to A$110.59, BHP Group (ASX:BHP) climbed 5.39% to A$36.00, and Fortescue Metals Group (ASX:FMG) added 6.2% to A$115.08.
Financials played a pivotal role in the index's rally. Macquarie Group (ASX:MQG) led the sector with a 5.48% gain to A$180.34, followed by strong advances from Westpac (ASX:WBC), National Australia Bank (ASX:NAB), ANZ Group (ASX:ANZ), and Commonwealth Bank (ASX:CBA).
Globally, trade-related headlines drove much of the market action. A temporary delay in US tariffs on Chinese goods boosted equities midweek, but renewed concerns about recession and additional trade barriers later weighed on sentiment. Wall Street pulled back slightly overnight, and European markets, including the FTSE 100 and Eurofirst 300, posted their strongest gains in years.
Meanwhile, gold prices surged to a record US$3,177.50 per ounce as investors moved into safe-haven assets. Oil prices declined sharply on revised demand forecasts, with Brent crude falling to US$63.33 per barrel.
In the small-cap space, the S&P/ASX Small Ordinaries (XSO) Index gained 6.38%. Notable developments included Cobalt Blue Holdings (ASX:COB) advancing its Kwinana Cobalt Refinery project, Riversgold (ASX:RGL) reporting new assay results, and Lindian Resources (ASX:LIN) progressing early works at its rare earths project.
As markets continue to digest global uncertainties, volatility remains front and center across asset classes.
