Headline

• ASX 200 Futures Signal Mild Decline as S&P 500 and Nasdaq End Winning Streak.
• Dow Jones Hits Another Record High While S&P 500 and Nasdaq End Four-Day Winning Run.
• AMD and SpaceX Tumble Despite Strong Earnings; Nvidia Climbs to Two-Month High on AI Optimism.

Global Markets Overview

Global equity markets closed mostly higher, with gains across Asia, Europe, New Zealand, Canada, and the Dow Jones outweighing declines in the S&P 500 and Nasdaq Composite. In the US, the Dow Jones advanced 0.49% to 54,349.00, extending its winning streak and reaching another record high. However, the S&P 500 slipped 0.17% to 7,724.00, while the Nasdaq Composite fell 0.83% to 26,363.00, as investors booked profits in technology stocks following a strong recent rally. In Europe, the FTSE 100 edged 0.08% higher to 10,888.00, reflecting cautious optimism. Canada's S&P/TSX Composite outperformed many global peers, rising 0.96% to 36,146.00, supported by strength in commodity-linked sectors. Across the Asia-Pacific region, market sentiment remained upbeat, with Japan's Nikkei soaring 3.66% to 66,300.00, marking the strongest performance among the major indices. India's benchmark index added 0.19% to 78,581.00, supported by resilient domestic sentiment and continued investor participation. New Zealand's NZX 50 gained 0.67% to 13,997.00.Commodities & Crypto

Commodity markets traded mostly higher, led by a sharp rally in precious metals. Gold surged 4.16% to US$4,247.40 per ounce, while silver advanced 3.41% to US$62.29 per ounce, reflecting strong safe-haven demand. Industrial metals also strengthened, with copper climbing 1.58% to US$6.72 per pound, supported by expectations of resilient demand, while uranium gained 2.08% to US$5,664.32. In contrast, energy prices weakened, with WTI crude oil declining 0.73% to US$75.22 per barrel amid easing supply concerns. In the digital asset space, Bitcoin edged 0.66% higher to US$64,643.00, extending its recent gains as investor sentiment toward cryptocurrencies remained constructive. Overall, the session reflected broad strength across commodities, particularly precious and industrial metals, while crude oil was the only major commodity to record a decline.Bond Yields

Global sovereign bond markets were broadly stable, with only modest movements in benchmark yields. Australia's 10-year government bond yield increased 2.2 basis points to 4.926%, indicating relatively firmer domestic rate expectations. Japan's 10-year government bond yield remained stable at 2.808%, supported by expectations that the Bank of Japan will continue to normalise monetary policy. In the US, Treasury yields edged lower, with the 10-year yield easing 0.2 basis points to 4.614% and the 30-year yield declining 0.6 basis points to 5.167%. The marginal decline in longer-dated US Treasury yields suggests that investors-maintained demand for government bonds while assessing the evolving macroeconomic outlook and the potential trajectory of Federal Reserve policy. Overall, the bond market reflected a cautious stance, with limited yield movements indicating that investors are awaiting further economic data and policy signals before taking stronger directional positions.Key Drivers

• US markets closed mixed, with the S&P 500 (-0.17%) and Nasdaq reversing early gains, while the Dow Jones (+0.49%) extended its winning streak to five sessions.
• Gold surged 4.1%, its strongest daily gain since 28 January, climbing above US$4,200/oz for the first time in six weeks.
• Copper rallied 1.8% to a record US$6.81/lb, surpassing its previous all-time high set on 2 June.
• Nvidia rose more than 4%, marking its fifth consecutive gain, after SpaceX reaffirmed its commitment to Nvidia GPUs.
• AMD fell 7% despite Q2 revenue rising 50% to US$11.54 billion and issuing stronger-than-expected Q3 guidance.
• SpaceX declined 13.6% as AI-related capital expenditure of US$15.8 billion overshadowed a 92% increase in Q2 revenue.
• Disney's Q3 adjusted EPS beat estimates by 11%, while increasing its share buyback programme to at least US$9 billion.
• Alphabet fell 4.0% after several senior AI researchers departed to establish a new AI venture.
• Iran and Oman advanced negotiations on reopening the Strait of Hormuz, supporting expectations of improved shipping access.
• President Trump is preparing new tariffs on polysilicon and considering restrictions on Chinese optical transceivers.
• US private payrolls increased by 44,000 in July, below the 65,000-consensus forecast, signalling a softer labour market.
• US ISM Services PMI edged up to 54.1 in July from 54.0, remaining in expansion but below the 54.5 forecast.
• The RBI held the repo rate steady at 5.25% while lifting its FY27 inflation outlook, with CPI now expected at 5.1% versus the earlier forecast of 4.6%.
• Fed's Neel Kashkari indicated it may be appropriate to begin gradually raising interest rates to avoid more aggressive tightening later.

ASX Company News

• News Corporation (ASX: NWS) reported FY26 revenue of US$9.03 billion, up 7%, while net income from continuing operations increased 15% to US$743 million. Total Segment EBITDA rose 15% to US$1.63 billion, operating cash flow increased 26% to US$1.24 billion, and free cash flow grew 42% to US$811 million. Fourth-quarter revenue advanced 11% to US$2.34 billion, supported by Digital Real Estate Services, Dow Jones and Book Publishing.
• AMP Limited (ASX: AMP) reported 1H26 underlying NPAT of AU$174 million, up 33%, while statutory NPAT increased 57% to AU$154 million. Assets under management reached AU$167.6 billion, and Platforms net cash flows rose 33% to AU$3.1 billion. AMP generated AU$236 million of surplus capital and returned AU$201 million to shareholders, while announcing a further AU$150 million buyback and a 3.0-cent, 20%-franked interim dividend.
• REA Group Limited (ASX: REA) reported FY26 core revenue of AU$1.79 billion, up 7%, while EBITDA excluding associates increased 12% to AU$1.09 billion. Core net profit rose 15% to AU$650 million, and EPS increased 15% to AU$4.93. Free cash flow grew 17%, supporting a fully franked final dividend of AU$1.73 per share, with full-year dividends increasing 20% to AU$2.97 per share.
• Integral Diagnostics Limited (ASX: IDX) announced the appointment of Jason Martinez as Managing Director and Chief Executive Officer, effective 6 August 2026. Martinez brings over 20 years of leadership experience in diagnostic imaging and healthcare, most recently serving as Executive General Manager for NSW, ACT and WA at I-MED Radiology. The leadership transition follows the retirement of Dr Ian Kadish, while IDX is scheduled to release its FY26 audited financial results on 25 August 2026.

Key Economic Drivers (What to Watch Today)

• Australia's Balance of Trade (11:30 am AEST): Markets will closely monitor the July trade balance for signs of export strength and its implications for economic growth.
• Commodity Price Momentum: Record copper prices and a sharp rally in gold are likely to remain in focus, with investors assessing their implications for Australian mining and resource stocks.
• US Earnings and AI Spending Trends: Investor sentiment may continue to be influenced by the market's reaction to corporate earnings, particularly AI-related capital expenditure following mixed performances from major technology companies.

Summary 

• ASX 200 Futures Signal a Soft Open Following Divergent US Market Performance.
• The Dow Jones gained 0.49% to another record high, while the S&P 500 (-0.17%) and Nasdaq (-0.83%) ended their four-session winning streaks.
• Gold surged 4.16% to US$4,247.40/oz, while copper rose 1.58% and remained near record levels, supporting the outlook for mining stocks.
• WTI crude oil declined 0.73% to US$75.22/bbl, while Bitcoin advanced 0.66% to US$64,643.
• US technology shares came under pressure, with AMD (-7.0%), SpaceX (-13.6%) and Alphabet (-4.0%) declining, while Nvidia gained more than 4%.
• Iran and Oman progressed negotiations on reopening the Strait of Hormuz, improving sentiment around global energy supply.
• The Trump administration is preparing new trade measures, including tariffs on polysilicon and restrictions on selected Chinese technology imports.
• The Reserve Bank of India maintained the repo rate at 5.25% and raised its FY27 inflation forecast to 5.1%, while Fed official Neel Kashkari signalled support for a gradual increase in interest rates.

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