Headline

• ASX 200 Futures Signal Positive Open: Futures rose 41 points (0.45%), pointing to a stronger start as Wall Street's record-breaking rally boosts investor sentiment.
• US Markets Reach Fresh Highs: The S&P 500 recorded its first all-time closing high in two months, while the Dow Jones crossed the 54,000 mark for the first time, extending its winning streak on continued strength in AI and semiconductor stocks.
• Oil Prices Retreat on Easing Geopolitical Risks: Brent crude dropped around 6% to US$78.67 per barrel after optimism emerged over a potential Strait of Hormuz agreement, reducing supply disruption concerns.
• Commodities Rally Supports Miners: Copper climbed 1.2% to trade within 0.4% of its all-time high, while rare earths, uranium, silver and nickel-related stocks advanced between 3% and 5%, supporting the outlook for mining shares.

Global Markets Overview

Global equity markets delivered a broadly positive performance, led by strong gains across major US indices. The S&P 500 climbed 1.79% to 7,737.00, while the Nasdaq Composite surged 2.59% to 26,585.00, supported by continued strength in technology and AI-related stocks. The Dow Jones Industrial Average advanced 1.71% to a record 54,086.00, reflecting broad-based buying interest. In Europe, the FTSE 100 posted a modest 0.20% gain to 10,879.00. Canada's S&P/TSX Composite rose 1.63% to 35,802.00, aided by strength in commodity-linked sectors. In the Asia-Pacific region, Japan's Nikkei edged 0.32% higher to 63,958.00. In contrast, India's benchmark index slipped 0.27% to 78,429.00, making it the only major market in the group to finish lower amid regional profit-taking. New Zealand's NZX 50 increased 0.93% to 13,903.00.Commodities & Crypto

Commodity markets were broadly stronger, led by gains in precious and industrial metals, while oil prices recorded a sharp decline. Gold rose 0.56% to US$4,077.86/oz, supported by continued demand for safe-haven assets. Copper advanced 1.42% to US$6.63/lb, remaining near record highs amid expectations of robust demand. Silver climbed 3.15% to US$59.68/oz, while uranium gained 3.08% to US$5,549.07, reflecting sustained strength across the broader metals complex. In contrast, WTI crude oil tumbled 6.47% to US$75.14/bbl as easing geopolitical tensions weighed on energy prices. Meanwhile, Bitcoin extended its gains, rising 0.95% to US$64,159.00, supported by improving risk sentiment across global financial markets.Bond Yields

Global sovereign bond markets reflected a modest shift toward defensive positioning, with benchmark yields easing in Australia and the United States as investors reassessed the interest rate outlook amid improving risk sentiment and evolving macroeconomic expectations. Australia's 10-year government bond yield declined 0.051 bps to 4.926%, while the US 10-year Treasury yield edged lower 0.011 bps to 4.616%, suggesting stable demand for high-quality fixed-income assets. The US 30-year Treasury yield also softened 0.017 bps to 5.172%, indicating a slight moderation in long-term inflation and growth expectations. Meanwhile, Japan's 10-year government bond yield remained elevated at 2.853%, reflecting the ongoing normalization of the Bank of Japan's policy settings. Overall, the decline in US and Australian yields points to a measured recalibration of bond markets rather than a broad risk-off move, as investors continue balancing resilient economic data with expectations for future monetary policy.Key Drivers

• US equities rallied strongly, with the S&P 500 and Dow Jones closing at fresh record highs.
• Technology stocks led gains, driven by robust buying in AI and semiconductor names.
• Market breadth remained healthy, with the Equal-weight S&P 500 also reaching a record high.
• Fed rate hike expectations eased, reducing concerns over tighter monetary policy.
• Strong earnings season continued, with around 84% of S&P 500 companies beating estimates.
• Palantir surged after delivering strong revenue growth and raising FY26 guidance.
• Caterpillar lifted FY26 sales outlook, supported by robust data centre-related demand.
• AMD and SpaceX declined after hours, despite solid quarterly revenue growth.
• Progress toward a Strait of Hormuz agreement improved geopolitical sentiment and eased energy concerns.
• US job openings softened, reinforcing expectations of a less aggressive Fed policy path.
• Australian household spending exceeded expectations, signalling resilient domestic consumer demand.
• Amazon slipped after Jeff Bezos disclosed plans to sell approximately 15 million shares.

ASX Company News

• Argo Investments Limited (ASX: ARG) reported FY26 profit of AU$260.2 million, broadly stable from AU$259.8 million a year earlier. The company declared record fully franked annual dividends of 38.5 cents per share, including a final dividend of 20.0 cents. Argo delivered an 8.7% NTA return, outperforming the S&P/ASX 200 Accumulation Index return of 6.1%, while year-end NTA reached a record AU$10.84 per share. The board plans four quarterly dividends of 10.0 cents each in CY27.
• Light & Wonder, Inc. (ASX: LNW) reported Q2 2026 revenue of US$828 million, up 2%, while net income increased 26% to US$120 million. Consolidated AEBITDA rose 9% to US$383 million, adjusted NPATA increased 16% to US$156 million, and adjusted free cash flow grew 50% to US$156 million. The company repurchased approximately 1.6 million CDIs for US$134 million during the quarter and maintained its FY26 outlook for mid-to-high-single-digit AEBITDA growth.
• Monadelphous Group Limited (ASX: MND) secured a major construction contract with BHP for the Port Debottlenecking Project 2 at the Nelson Point Port Facility in Port Hedland. The contract is valued at approximately AU$200 million and covers structural, mechanical, piping, electrical and instrumentation works for the new Car Dumper 6 and supporting materials-handling infrastructure. Work will begin immediately and is expected to be completed in 2028.
• Westgold Resources Limited (ASX: WGX) committed to a capital-light expansion of its Cue processing hub from 1.4Mtpa to 1.7Mtpa by FY28. The project is expected to lift processing capacity by around 21% and add approximately 15koz of annual gold production. Indicative capital expenditure is AU$22 million, with a forecast payback period of around 10 months. At a gold price of AU$5,500/oz, the project is estimated to generate an NPV of approximately AU$1.1 billion.

Stocks trading ex-dividend today

• Djerriwarrh Investments Limited (ASX: DJW) – AU$0.043 per share.

Key Economic Drivers (What to Watch Today)

• 9:00 am (AEST): Australia Ai Group Industry Index – Investors will monitor manufacturing and industrial activity for indications of domestic economic momentum.
• 12:00 am (AEST): US ISM Services PMI – A key indicator of US services sector health and broader economic resilience.
• The US services data could shape expectations for Federal Reserve policy, influencing sentiment across global financial markets.
• Commodity-linked stocks are likely to remain in focus, with strength in gold, copper and uranium expected to drive trading across the resources sector.

Summary 

• ASX 200 futures indicate a firmer open, rising 41 points (0.45%) as record highs on Wall Street lift market sentiment.
• The S&P 500 and Dow Jones closed at fresh all-time highs, driven by continued strength in AI and semiconductor stocks.
• Global equities advanced broadly, with gains across the US, Canada, Europe, Japan and New Zealand, while India was the only major market to finish lower.
• Commodity markets strengthened, led by gains in gold, copper, silver and uranium, while WTI crude oil declined sharply.
• Copper traded near record highs, supporting a constructive outlook for ASX-listed mining and resource stocks.
• Global bond yields eased modestly, reflecting a cautious reassessment of interest rate expectations.
• Around 84% of S&P 500 companies exceeded earnings expectations, reinforcing confidence in corporate profitability.
• Improving prospects for a Strait of Hormuz agreement eased geopolitical concerns and weighed on crude oil prices.
• US job openings softened, while Australian household spending exceeded expectations, highlighting resilient domestic demand.

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