Source: Kapitales ResearchHeadline

• ASX 200 futures point to a flat open, slipping 5 points (-0.04%), despite another positive session on Wall Street led by gains across technology stocks.
• US markets closed higher, with the S&P 500 rising 0.72%, the Nasdaq gaining 1.12%, and the Dow Jones advancing 0.29% as semiconductor shares extended their recent rally.
• Commodity markets delivered a mixed performance, with copper rising 0.45% to US$6.20/lb, while gold eased 0.13% to US$4,164.82/oz and WTI crude oil slipped 0.26% to US$68.69/bbl.
• Microsoft remained in focus after announcing plans to cut around 4,800 jobs, while A2 Milk upgraded its FY26 earnings guidance ahead of Neu Horizon Uranium's scheduled ASX debut at 12:00 pm.

Global Markets Overview

Global equity markets delivered a broadly positive performance, supported by strong gains across major US equity indices. The Nasdaq Composite led the advances, rising 1.12% to 26,121.00, while the S&P 500 gained 0.72% to 7,537.00 and the Dow Jones added 0.29% to 53,056.00. European markets weakened, with the FTSE 100 declining 0.26%. Canada's S&P/TSX Composite also eased 0.18%. In the Asia-Pacific region, Japan's Nikkei 225 was broadly flat, slipping 0.01%. Meanwhile, India's benchmark index advanced 0.67%, reflecting resilient domestic market sentiment, while New Zealand's NZX 50 gained 0.20%, extending gains amid steady investor confidence.Commodities & Crypto

Commodity markets delivered a mixed performance overnight. Copper gained 0.45%, reflecting steady sentiment toward industrial metals, while uranium advanced 1.14%, supported by continued strength in the nuclear fuel market. Gold remained largely unchanged, slipping 0.13%, as safe-haven demand eased marginally. WTI crude oil declined 0.26%, indicating relatively stable conditions across energy markets, while silver fell 1.26%, reflecting weaker sentiment toward precious metals. Meanwhile, Bitcoin gained 0.99% as renewed buying interest supported the cryptocurrency market.Bond Yields

Global government bond yields were mixed as investors continued to assess the outlook for interest rates and inflation. Australia's 10-year government bond yield rose 0.004 bps to 4.799%, reflecting expectations that the Reserve Bank of Australia may maintain a restrictive monetary policy stance. Japan's 10-year government bond yield was unchanged at 2.827%, remaining elevated amid expectations of continued policy normalisation by the Bank of Japan. Meanwhile, US Treasury yields eased, with the 10-year yield declining 0.009 bps to 4.470% and the 30-year yield falling 0.008 bps to 4.986%, indicating slightly lower expectations for long-term borrowing costs.Key Drivers

• US benchmark indices advanced to fresh highs, with the S&P 500 gaining 0.72%, the Nasdaq rising 1.12% and the Dow Jones adding 0.29%, although market participation remained relatively narrow as defensive sectors lagged.
• Semiconductor and AI stocks continued to lead the market after Broadcom extended its Apple chip supply agreement to 2031, TeraWulf secured a US$19 billion lease with Anthropic, and SK Hynix announced plans for a major US listing.
• Microsoft announced plans to reduce around 4,800 jobs, while A2 Milk upgraded its FY26 earnings guidance, coffee prices surged 15% overnight and Neu Horizon Uranium prepared for its ASX debut.
• NATO leaders are expected to reaffirm that Iran must not acquire nuclear weapons, while shipping activity through the Strait of Hormuz continued to recover despite ongoing geopolitical risks.
• ECB Executive Board member Isabel Schnabel said inflationary pressures remain elevated despite lower oil prices, while Federal Reserve Governor Christopher Waller reiterated that forward guidance remains an important monetary policy tool.
• US ISM Services PMI eased to 54.0 in June from 54.5, with slower business activity offset by stronger employment, while German factory orders rose 1.9% in May, exceeding market expectations.
• Morgan Stanley raised price targets on Lam Research, Applied Materials and KLA, supporting renewed investor interest in semiconductor equipment stocks despite expectations of greater market volatility.
• Treasury markets remained in focus ahead of the US Treasury's US$119 billion auction week, with investors closely monitoring demand for 3-year, 10-year and 30-year government securities.

ASX Company News

• The a2 Milk Company Limited (ASX: A2M): The a2 Milk Company reported that supply chain disruptions affecting its China-labelled infant milk formula business during the fourth quarter of FY26 have now been substantially resolved, with product availability and inventory levels returning to targeted levels across both China-labelled and English-labelled products. The company is now focused on regaining previous users through targeted sales and marketing initiatives while accelerating new customer acquisition. Based on preliminary unaudited FY26 results, a2 Milk expects revenue of approximately NZ$1.97 billion, representing growth of more than 12% on FY25, an EBITDA margin at the upper end of its 14.0%–14.5% guidance range, NPAT slightly above FY25 reported levels and cash conversion of approximately 70%, exceeding its previous guidance.
• Lynas Rare Earths Limited (ASX: LYC): Lynas Rare Earths entered into a long-term partnership with South Korea’s JS Link to develop a rare earth permanent magnet manufacturing facility in Kuantan, Malaysia, with planned production capacity of 3,000 tonnes per annum of NdFeB permanent sintered magnets. Lynas will invest approximately AU$50 million in JS Link to support construction and will exclusively supply rare earth materials to both the Malaysian and South Korean magnet facilities under a commercial supply agreement extending to January 2038. The project is expected to create up to 400 jobs in Malaysia and strengthen regional supply chains serving the automotive, wind energy and electronics industries while advancing Lynas’ strategy to expand the rare earth value chain outside China.
• Netwealth Group Limited (ASX: NWL): Netwealth expanded its strategic relationship with Morgan Stanley Wealth Management Australia by providing a platform solution for ASX-listed equities and domestic investments, marking the first major client secured through its enhanced Netwealth Private and integrated iHIN offering. The agreement broadens Netwealth’s participation in the stockbroking and private wealth market, which the company estimates represents an addressable opportunity of approximately AU$600 billion in Funds Under Administration (FUA). Netwealth also reported preliminary FY26 net FUA flows of AU$15.4 billion and upgraded its FY27 outlook, forecasting net FUA flows of AU$18 billion to AU$20 billion, an EBITDA margin of approximately 47% and reaffirming its ambition to double platform FUA over the next four years through continued investment in technology, platform capability and adviser services.

Stocks trading ex-dividend today:

• Katana Capital (ASX: KAT) – AU$0.005

Key Economic Drivers (What to Watch Today)

• Agriculture: Soft commodities rallied overnight, with coffee surging 15.2%, corn rising 4.1%, wheat gaining 2.5% and sugar advancing 2.4%, supporting sentiment toward agriculture-related stocks.
• Copper & Bond Yields: Copper remains around 7% below its record high of US$6.70/lb, while the Australian 10-year bond yield has rebounded to 4.80% after falling to a four-month low of 4.71% in late June.
• ASX IPO – Neu Horizon Uranium (12:00 pm AEST): Investors will monitor the company's ASX debut for early trading activity and sentiment toward the uranium sector.

Summary 

• ASX 200 futures indicate a flat start after another positive session on Wall Street, with technology stocks continuing to support gains across major US indices.
• Semiconductor and AI-related stocks remained in focus after Broadcom extended its Apple chip agreement, while renewed optimism across the sector lifted investor sentiment.
• Commodity markets delivered a mixed performance, with copper and uranium advancing, while gold, silver and WTI crude oil edged lower as investors assessed the outlook for global growth and energy demand.
• Bitcoin gained 0.99%, reflecting renewed buying interest in digital assets despite mixed performance across traditional commodity markets.
• Mixed global bond yields suggest investors remain focused on the outlook for inflation and interest rates, with central bank commentary continuing to shape market expectations.
• Strong gains across agricultural commodities, led by coffee (+15.2%), are expected to support sentiment toward agriculture-related stocks, while copper and Australian bond yields remain closely watched.
• Investors will also monitor Neu Horizon Uranium's ASX debut at 12:00 pm for fresh indications of investor appetite toward the uranium sector. 

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