Will S&P/ASX 200 and ASX All Ordinaries Rise as Bond Yields Ease?

3 min read | May 23, 2025 06:26 PM AEST | By Team Kalkine Media

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Will S&P/ASX 200 and ASX All Ordinaries Rise as Bond Yields Ease? — Image source: Shutterstock

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Highlights

Futures point to a higher open for the S&P/ASX 200 and ASX All Ordinaries on easing bond yields

Trading updates from Myer Ltd (MYR) and Bendigo Bank Ltd (BEN) underpinned sector focus

Major US benchmarks finished around breakeven before stabilisation in long-dated yields

Operating in the equity market sector under the S&P/ASX 200 and ASX All Ordinaries, Australian futures signalled modest gains amid stabilising long-term government borrowing costs and mixed trading in major US indices. Early activity centred on trading statements from Myer Ltd (ASX:MYR) in the consumer discretionary space and Bendigo Bank Ltd (ASX:BEN) within the financials subgroup.

Global Yield Stabilisation

A weaker outcome at a US twenty-year note auction led to a pullback in offshore long-bond yields, feeding through to local interest-rate expectations. This shift created a backdrop supportive of yield-sensitive sectors on the S&P/ASX 200 and ASX All Ordinaries, with investors repositioning ahead of domestic rate-setting meetings.

Myer Trading Update

Myer Ltd (ASX:MYR) provided interim sales metrics for its retail network, highlighting changes in comparable-store performance and inventory turnover. Quotation in the consumer discretionary segment responded to the disclosure, with intraday turnover trending above recent session levels. Commentary on new merchandise rollouts and customer engagement initiatives informed quotation patterns under the broad-market benchmarks.

Bendigo Bank Statement

Bendigo Bank Ltd (ASX:BEN) released an update on home-loan and deposit growth for its regional branches. The banking issuer’s trading notice detailed net fund flows and margin movements, influencing quotation among domestic lenders. Volume in the financials subgroup under the S&P/ASX 200 and ASX All Ordinaries registered above-average levels as participants digested lending-book developments and deposit-funding dynamics.

Sector Rotation Dynamics

Energy and real-estate investment trust lines saw mixed outcomes as market participants diverted attention between defensive yield plays and cyclical segments. Technology providers recorded modest advances on licence and subscription renewals, while materials names were weighed by currency-linked commodity references. The combined effect of sector rotation contributed to the modest futures-driven uptick for Australia’s primary benchmarks.

Trading Patterns Ahead

Block-trade activity emerged in both consumer discretionary and banking names during early sessions, signalling institutional recalibration ahead of the opening bell. Intraday auctions in the afternoon reflected narrower bid-ask spreads for leading issuers. Offshore cues on debt issuance and fiscal policy proposals continued to shape local futures pricing, setting the stage for the trading day under the S&P/ASX 200 and ASX All Ordinaries.

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