Headline

• ASX 200 futures point to a positive start, up 25 points (+0.27%).
• S&P 500 and Nasdaq rally as Fed rate-hike expectations ease.
• Wall Street posts its strongest session since early August.
• Treasury yields retreat but remain near the upper end of recent ranges.
• September Fed hike odds fall toward 50-50 ahead of US payrolls.
• Gold and copper rebound as softer yields support commodities.
• Brent crude holds elevated near US$95.91 amid geopolitical tensions.
• Nvidia gains after agreeing to acquire AI platform Hugging Face for approximately US$13.0 billion.
• Snowflake surges after strong earnings and upgraded outlook lift software stocks.

Global Markets Overview

Global equity markets delivered a mixed performance, with Wall Street emerging as the clear outperformer. US equities rallied strongly as easing Treasury yields and reduced concerns over an imminent Federal Reserve rate increase improved risk appetite. The technology-heavy Nasdaq led gains, while the S&P 500 and Dow Jones also advanced firmly, with large-cap technology and communication services stocks providing significant support.European sentiment was constructive, with the UK market advancing as softer global bond yields reduced valuation pressure and encouraged broader equity participation. Canadian equities also recorded a strong session, indicating healthy risk appetite across North American markets.In contrast, New Zealand equities finished lower, reflecting comparatively weaker domestic market momentum. Asian markets were softer, with Japanese equities edging lower amid weakness in technology stocks. Indian equities also declined as higher crude oil prices and cautious investor sentiment weighed on the market. Overall, global equity sentiment improved, led by strong gains on Wall Street, although performance remained mixed across regions.Commodities & Crypto

Commodity markets were broadly stronger, supported by softer bond yields, improved risk sentiment and continued geopolitical uncertainty. Gold rebounded firmly as investors responded to easing expectations for further Federal Reserve tightening, while silver also advanced strongly alongside the broader precious-metals recovery. Copper moved higher, reflecting improved sentiment toward industrial metals.Energy markets remained supported, with WTI crude edging higher as geopolitical tensions and concerns around global supply continued to underpin oil prices. Uranium recorded a particularly strong advance, extending positive momentum across the nuclear-energy complex.Bitcoin was the standout performer across the major assets, rebounding sharply as stronger equity markets and improving investor risk appetite encouraged renewed demand for cryptocurrencies. Overall, the session reflected a broad improvement in market sentiment, with precious metals, industrial commodities and digital assets all moving higher, while crude oil remained elevated amid persistent supply-side uncertainty.Bond Yields

Global bond markets were relatively steady, although yields remained elevated and continued to reflect tight financial conditions. Australian government bond yields were broadly unchanged as investors remained cautious about the domestic inflation and interest-rate outlook.In Japan, the 10-year government bond yield eased back below the 3% level after recently crossing that threshold for the first time since 1996. In the United States, Treasury yields edged slightly higher, with the increase more noticeable at the longer end of the curve. Despite the modest movement, yields remained near the upper end of recent ranges as investors continued to assess the Federal Reserve’s policy outlook. Attention remains focused on upcoming US employment and inflation data, which could influence expectations for the Fed’s next policy decision. Overall, bond markets remained cautious, balancing softer near-term rate-hike expectations against persistent inflation and fiscal concerns.Key Drivers

• US benchmarks finished near session highs, with the S&P 500, Dow and Nasdaq posting their best sessions since 4 August.
• The S&P 500 gained 1.56% over two sessions, recovering its prior three-day decline and moving within 0.7% of its 13 August record close.
• The US 10-year Treasury yield eased to around 4.77% from 4.81%, retreating from its highest level since November 2023.
• Gold gained 1.9% to around US$4,477/oz, marking a second straight advance as the dollar and Treasury yields weakened.
• The yen strengthened more than 1% to around 156.15 per US dollar amid intervention risks and Bank of Japan rate-hike expectations.
• Nvidia agreed to acquire Hugging Face for US$12.9 billion, adding a platform with around 18 million developers and 3 million AI models.
• Snowflake surged more than 16% after Q2 FY27 revenue reached US$1.55 billion and adjusted EPS of US$0.62 beat expectations.
• Robinhood jumped 16.5% as Deutsche Bank highlighted prediction markets as a potentially significant structural growth opportunity.
• Tesla advanced 5.4% ahead of its Cybercab event, extending its one-month gain to around 18%.
• Meta Platforms rose 3% following the rollout of its Muse Spark 1.3 artificial intelligence model.
• Dell Technologies climbed 4.9% as strong AI-server demand supported its upgraded fiscal 2027 outlook.
• Geopolitical risks remained elevated as 40 commercial vessels carrying 18 million barrels of oil were escorted through the Strait of Hormuz.
• September Fed hike odds fell to around 50% from 63.2% after Christopher Waller signalled support for holding rates if inflation cools.
• Japan’s two-year government bond yield climbed to 1.830%, its highest since 1995, as markets priced a possible September BoJ hike.
• US ISM services rose to 55.4 in August versus 54.1 expected, although the prices index climbed to 72.6 and employment remained weak at 47.8.

ASX Company News

• Nine Entertainment Co. Holdings Limited (ASX: NEC) disclosed that the WIN Group acquired approximately 47.0 million Nine shares on market between 27 August and 3 September 2026. The purchases lifted WIN Group’s voting power in Nine from 22.98% to 25.94%, while its aggregate economic interest increased from 28.22% to 31.18%. The group’s economic exposure held through existing cash-settled equity swaps remained unchanged.
• Po Valley Energy Limited (ASX: PVE) reported progress at its Selva Malvezzi gas project in Italy, with the environmental assessment for a four-well drilling program entering a 60-day public observation period. August gross production reached about 2.50 million standard cubic metres, generating approximately €1.67 million in gross revenue at an average realised gas price of €0.67 per standard cubic metre. PVE also signed a new 12-month gas sales agreement with Hera Trading from 1 October 2026, covering estimated supply volumes of approximately 28.19 million standard cubic metres.

Stocks trading ex-dividend today

• Ampol Limited (ASX: ALD) – AU$1.85
• Aussie Broadband Limited (ASX: ABB) – AU$0.036
• Big River Industries Limited (ASX: BRI) – AU$0.02
• Comms Group Limited (ASX: CCG) – AU$0.001
• Eagers Automotive Limited (ASX: APE) – AU$0.25
• Embark Early Education Limited (ASX: EVO) – AU$0.015
• Generation Development Group Limited (ASX: GDG) – AU$0.01
• Hitech Group Australia Limited (ASX: HIT) – AU$0.04
• Viva Energy Group Limited (ASX: VEA) – AU$0.077
• Whitefield Industrials Limited (ASX: WHF) – AU$0.052

Key Economic Drivers (What to Watch Today)

• 10:30 pm AEST – US Non-Farm Payrolls: A key labour-market indicator that could influence Federal Reserve rate expectations and broader market sentiment.
• 10:30 pm AEST – US Unemployment Rate: Could provide further insight into labour-market conditions and the outlook for US monetary policy.
• 10:30 pm AEST – Canadian Unemployment Rate: Will offer an update on Canada’s labour market and could influence expectations for the Bank of Canada’s policy outlook.

Summary 

• ASX 200 futures point to a positive start, up 25 points (+0.27%), supported by a strong overnight rally across US benchmarks.
• US equities rallied strongly, with the S&P 500, Dow and Nasdaq posting their best sessions since 4 August.
• The US 10-year Treasury yield eased to around 4.77% from 4.81%, retreating from its highest level since November 2023.
• Gold gained 1.9% to around US$4,477/oz as weaker yields and a softer US dollar supported precious metals.
• Bitcoin rallied 5.84%, while uranium, silver and copper also recorded solid gains as risk appetite improved.
• Nvidia agreed to acquire Hugging Face for US$12.9 billion, adding around 18 million developers and 3 million AI models to its ecosystem.
• September Fed hike odds fell to around 50% from 63.2% after Christopher Waller indicated support for holding rates if inflation cools.
• Japan’s 10-year government bond yield eased below 3% after recently crossing the threshold for the first time since 1996.
• US non-farm payrolls and unemployment data due at 10:30 pm AEST will be closely watched for their potential impact on Federal Reserve rate expectations.

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