ASX Set for Soft Start Amid Energy Updates and Global Market Jitters

3 min read | July 25, 2025 01:13 AM EDT | By Team Kalkine Media

ASX Set for Soft Start Amid Energy Updates and Global Market Jitters — Image source: Shutterstock

Global Markets Stir Mixed Sentiment

Overnight action on Wall Street painted a mixed picture. While the Dow Jones declined, weighed by tech earnings, the S&P 500 reached a fresh closing high. The Nasdaq managed modest gains, supported by strength in major tech names. Meanwhile, international markets like the UK’s FTSE and Germany’s DAX also posted marginal movements, reflecting ongoing investor caution amid geopolitical and earnings-related news.

Technology stocks showed divergent trends, with firms like Tesla grappling with weaker earnings and rising cost pressures. Market momentum, however, remained driven by a handful of large-cap tech names that have buoyed broader indices through recent sessions.

BP Withdraws from Pilbara Hydrogen Hub

In domestic energy news, BP has exited the Australian Renewable Energy Hub (AREH), marking a significant retreat from one of the country's largest green hydrogen projects. The initiative, based in Western Australia’s Pilbara, was designed to integrate large-scale solar and wind facilities to produce renewable hydrogen for industrial and export use.

The decision reflects shifting strategies among global energy producers. BP’s exit adds to a growing list of withdrawals in the green hydrogen space, with other companies such as Fortescue Metals Group (ASX:FMG) and Woodside Energy (ASX:WDS) also reassessing their exposure to clean energy developments.

Oil Market Reacts to Global Output Moves

Oil prices experienced fluctuations in the global markets after initial reports that Chevron may resume limited production in Venezuela. Later announcements from Russia regarding restrictions on gasoline exports brought renewed focus to supply dynamics, which buoyed oil sentiment.

ASX-listed oil producers could be in focus following this news. Companies like Ampol (ASX:ALD), Karoon Energy (ASX:KAR), and Beach Energy (ASX:BPT) may attract attention after recent movements in global crude benchmarks. Market watchers will be monitoring the energy sector closely during today’s session.

Earnings Awaited from Key Miners

Back in the local market, quarterly earnings from coal-focused Whitehaven Coal (ASX:WHC) and gold producer Newmont Corporation (ASX:NEM) are anticipated. Investors and market participants will likely examine any insights into coal pricing trends and China-linked demand cues, especially in the current commodity environment.

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