AUS
NZ
UK
CA
USA
IND
Highlights
The Australian stock market saw early momentum but pared back gains by midday, as a downturn in Commonwealth Bank (ASX:CBA) weighed on financials. Despite an initial rise of up to 0.8%, the ASX 200 held a more modest 0.3% increase, reaching 8567 points by 12:01 PM. The broader All Ordinaries Index also gained 0.4%, reflecting cautious optimism across sectors.
Nine out of eleven sectors remained in positive territory, with consumer staples and utilities leading the charge. However, Commonwealth Bank (ASX:CBA) dragged financials lower, as investors secured profits following its recent peak of $166.72. By midday, shares dipped 0.9%, while NAB (ASX:NAB) also slipped 0.7%.
Global Trade Concerns and Gold Surge
Market sentiment was influenced by the latest trade policy updates from the U.S., where new reciprocal tariffs targeting value-added taxes raised concerns about potential impacts on Australian exports. Despite this uncertainty, gold prices soared, hitting a record high of $2,932.05 per ounce, as demand for safe-haven assets surged.
Stock Movements and Sector Trends
Defensive stocks outperformed, with Origin Energy (ASX:ORG) climbing 2.4%, Treasury Wine Estates (ASX:TWE) adding 3%, and Woolworths (ASX:WOW) advancing 1.2%. However, notable declines were seen in Cochlear (ASX:COH) and AMP (ASX:AMP). Cochlear (ASX:COH) faced a sharp 13.2% decline after revising its full-year profit expectations downward, while AMP (ASX:AMP) saw a 14.2% drop following a near-halving of its half-year profit to $150 million.
Corporate Updates and Market Reactions
Avita Medical (ASX:AVH) recorded an impressive 11.6% jump after reporting a 29% rise in commercial revenues and issuing an optimistic 2025 revenue guidance of $158.16 million to $167.65 million. Mirvac (ASX:MGR) gained 4.3% despite a 6% dip in half-year profit to $236 million, while WAM Capital (ASX:WAM) advanced 1.6% on a 45% surge in half-year profit to $148.9 million.
GQG Partners (ASX:GQG) saw a 5.9% rise after doubling its net flows and increasing funds under management by over 25% to $153 billion. Meanwhile, elevated gold prices contributed to strong half-year revenue growth for Westgold Resources (ASX:WGX), though cost pressures kept share gains at 0.4%.
On the downside, Unibail-Rodamco-Westfield (ASX:URW) declined 4.2% despite boosting its distribution payout by 40% and surpassing full-year earnings guidance at €9.85 ($16.30) per share.
Outlook
The ASX remains in a dynamic phase, with sector rotations and macroeconomic developments shaping investor sentiment. Defensive plays and gold-linked assets continue to attract interest, while financials experience pressure from profit-taking and broader economic concerns.
