Source: Kapitales ResearchHeadline

• ASX 200 futures indicate a stronger opening as the S&P 500 and Nasdaq Composite climbed to fresh record highs overnight, driven by renewed momentum across AI and technology stocks.
• Reports suggesting that the United States and Iran had reached a proposed 60-day ceasefire-extension framework, pending final approval from President Donald Trump, weighed on crude oil prices and pulled energy markets away from earlier session highs.
• Snowflake’s strong guidance and its US$6 billion AWS deal boosted AI sector sentiment, with shares jumping around 36%, while Dell Technologies reported an 88% rise in revenue on strong AI infrastructure demand.
• S&P 500, Dow Jones, and Nasdaq Composite closed at fresh record highs overnight as renewed momentum across AI-driven technology and semiconductor stocks lifted overall market sentiment.
• Softer US Treasury yields and improving risk appetite supported broader equity sentiment, although investors remain cautious regarding geopolitical developments and inflation trends.

Global Markets Overview

Global equity markets traded mixed overnight as investors balanced strong momentum across US technology stocks against ongoing geopolitical and macroeconomic uncertainties. Wall Street indices continued their upward trajectory, with the S&P 500, Dow Jones, and Nasdaq Composite all closing at fresh record highs, supported by renewed optimism surrounding AI-related earnings growth and improving investor risk appetite. Technology and growth-oriented sectors outperformed following stronger-than-expected earnings updates from major US software and infrastructure companies, which reinforced confidence in ongoing enterprise AI spending trends. Softer US Treasury yields also provided additional support to equity valuations and broader market sentiment.Across international markets, the United Kingdom market closed lower amid weakness in energy and defensive sectors following softer crude oil prices. Canada’s S&P/TSX Composite Index advanced modestly, supported by gains across materials and technology-linked counters.Within the Asia-Pacific region, market sentiment remained cautious. Japan’s Nikkei Index declined modestly as investors booked profits across export and technology-related stocks, while India’s market remain closed on Thursday. Meanwhile, New Zealand’s NZX 50 Index traded slightly weaker as investors maintained a defensive stance. Overall, global financial markets continue to remain highly sensitive to movements in bond yields, geopolitical developments, inflation expectations.

Commodities & Crypto

Commodity and cryptocurrency markets experienced significant overnight fluctuations as investors reacted to geopolitical developments, movements in energy prices, and evolving global macroeconomic conditions. Crude oil prices eased during the session following reports indicating progress toward a potential US-Iran ceasefire framework, which temporarily reduced concerns surrounding supply disruptions across key global shipping routes and energy markets.Precious metals traded firmer, with both gold and silver advancing as lower US Treasury yields and persistent geopolitical uncertainty continued to support safe-haven demand. Copper prices strengthened amid improving sentiment across industrial metals, supported by resilient long-term demand expectations linked to artificial intelligence infrastructure, electrification trends, and global data centre expansion initiatives.Uranium extended its positive momentum and remained one of the stronger-performing commodity segments, underpinned by constructive long-term nuclear energy demand fundamentals, tightening supply conditions, and growing global focus on energy security and decarbonisation strategies.Meanwhile, Bitcoin traded modestly lower as investors adopted a cautious stance across broader risk assets following recent gains and continued macroeconomic uncertainty.Overall, commodity and digital asset markets are expected to remain highly sensitive to geopolitical developments, inflation trends, central bank policy expectations, and movements across global bond and energy markets.Bond Yields

Global sovereign bond yields traded marginally lower as investors continued assessing moderating inflation expectations, softer energy prices, and evolving central bank policy outlooks. Declining Treasury yields reflected improving market confidence that inflationary pressures may gradually stabilise, despite ongoing geopolitical uncertainty.Australian government bond yields eased following softer inflation expectations and improving sentiment surrounding the domestic interest rate outlook. In the United States, both the 10-year and 30-year Treasury yields edged lower as investors balanced weaker economic growth signals against continued caution from Federal Reserve officials regarding inflation risks.Meanwhile, Japan’s 10-year government bond yield remained elevated near multi-year highs, reflecting persistent expectations surrounding gradual monetary policy normalisation by the Bank of Japan and ongoing domestic inflationary pressures. Overall, global fixed-income markets remain highly sensitive to macroeconomic data releases, inflation trends, energy price movements, and evolving commentary from major central banks.Key Drivers

• S&P 500, Dow Jones, and Nasdaq Composite closed at fresh record highs overnight, supported by renewed strength across technology and AI-linked sectors.
• Gold and copper prices recovered from intraday weakness as softer US Treasury yields improved sentiment across commodity markets.
• The US 10-year Treasury yield declined to its lowest level since mid-May, providing additional support for broader equity valuations.
• Markets continued monitoring slowing US economic momentum following softer GDP data and relatively stable core inflation readings.
• Under the proposed US-Iran framework, the United States may ease restrictions on Iranian ports and allow broader Iranian oil exports, while the Strait of Hormuz could reopen for unrestricted commercial shipping during a proposed 60-day window.
• Geopolitical tensions initially escalated after reports suggested US forces conducted strikes on an Iranian military facility near Bandar Abbas, while Iran’s Revolutionary Guard reportedly responded by targeting a US airbase before subsequent de-escalation developments emerged.

ASX Company News

• Chorus Limited (ASX: CNU) submitted its 2025 fibre regulatory Information Disclosure report to the Commerce Commission, reporting that its regulated asset base increased to approximately NZ$6.0 billion at the end of 2025 from NZ$5.9 billion in 2024. The company also disclosed a NZ$76.3 million wash-up balance to be carried forward into the next regulatory period following lower-than-allowed revenue generation during the year.
• Judo Capital Holdings Limited (ASX: JDO) announced the successful pricing of a AU$750 million capital-relief securitisation transaction backed by SME business loans. The transaction was upsized from an initial AU$500 million due to strong investor demand and is expected to improve the bank’s pro-forma CET1 ratio to 13.2% from 12.6%, while also supporting future lending growth and return on equity expansion.
• Elsight Limited (ASX: ELS) secured a follow-on order valued at approximately US$2 million from a US-based public safety customer for its Halo connectivity platform. The repeat order, which is more than four times larger than the customer’s initial January 2026 order, highlights growing commercial adoption and increasing demand for BVLOS-enabled drone technologies across the United States public safety sector.
• Almonty Industries Inc. (ASX: AII) announced that the company is expected to join the Russell 1000® Index and Russell 3000® Index following the 2026 Russell reconstitution. Management stated that the inclusion reflects Almonty’s growing strategic importance within the global tungsten supply chain, supported by the ramp-up of its Sangdong Mine in South Korea and expanding exposure to Western defence and advanced technology markets.
• Cuscal Limited (ASX: CCL) completed the acquisition of New Zealand payments provider Paymark from Worldline, with management expecting the transaction to be earnings accretive in FY27 and supportive of long-term returns on invested capital.

Stocks Trading Ex-Dividend

• Pengana International Equities Limited (ASX: PIA) – Dividend of AU$0.014 per share.

Key Economic Drivers (What to Watch Today)

• Germany’s inflation data will remain a key focus for investors assessing the future interest rate trajectory of the European Central Bank.
• Canada’s Q1 GDP figures are expected to provide further insight into the strength of North American economic activity and consumer demand conditions.
• Financial markets will continue monitoring developments surrounding US-Iran negotiations and shipping conditions across the Strait of Hormuz.
• Movements in US Treasury yields will remain critical for broader equity market valuations and investor sentiment.
• Commodity-linked sectors, including gold, copper, and uranium producers, are expected to remain sensitive to fluctuations in global macroeconomic conditions.
• Commentary from Federal Reserve officials regarding inflation and future interest rate policy will continue influencing global risk appetite.

Summary

• ASX 200 futures indicate a positive opening as the S&P 500 and Nasdaq Composite closed at fresh record highs overnight.
• Uranium prices remained firm, supported by improving long-term nuclear energy demand expectations and continued investor interest in energy security and decarbonisation themes.
• Global equity sentiment remains constructive as declining bond yields and improving AI-related earnings momentum continue supporting risk assets.
• Commodity markets may continue experiencing elevated volatility due to geopolitical developments and fluctuating energy prices.
• Gold and copper prices could remain supported over the medium term as investors balance economic uncertainty with long-term structural demand themes.
• Investors are expected to remain highly focused on inflation data, central bank commentary, and geopolitical risks in the near term.

Customer Notice:Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.Disclosure: The information mentioned above has been sourced from the company reports and a third-party database, i.e. Koyfin. Investors are advised to use strict stop-loss to protect their investments in case of any unfavorable/uncertain market events. Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au