Source: Kapitales ResearchHeadline

• ASX 200 futures point to a weaker open, falling 39 points (-0.44%), as renewed semiconductor selling and escalating US-Iran tensions weighed on global market sentiment.
• US markets closed lower, with the S&P 500 declining 0.45%, the Nasdaq falling 1.16%, and the Dow Jones easing 0.25% as chip stocks extended their recent sell-off and bond yields moved higher.
• Commodity markets weakened across metals, with gold falling 1.42% to US$4,105.73/oz and copper declining 2.06% to US$6.05/lb, while WTI crude oil surged 5.76% to US$72.20/bbl following renewed Middle East tensions.
• Samsung remained in focus after reporting record quarterly profit, although its shares dropped 6.9%, while reports that China's DeepSeek is developing its own AI chip added further pressure to the semiconductor sector.

Global Markets Overview

Global equity markets delivered a broadly weaker performance as selling pressure weighed on major US and Asian indices. The Nasdaq Composite led the decline, falling 1.16% to 25,819.00, while the S&P 500 dropped 0.45% to 7,504.00 and the Dow Jones eased 0.25% to 52,925.00. European markets remained resilient, with the FTSE 100 gaining 0.13%. Canada's S&P/TSX Composite also advanced 0.17%. In the Asia-Pacific region, Japan's Nikkei 225 fell sharply by 2.12%, marking the weakest performance among the major indices. Meanwhile, India's benchmark index slipped 0.13%, reflecting modest weakness across regional markets, while New Zealand's NZX 50 declined 0.47%, extending losses amid softer investor sentiment.Commodities & Crypto

Commodity markets delivered a mixed performance overnight. WTI crude oil surged 5.76% amid stronger energy market sentiment. Gold declined 1.42%, indicating weaker safe-haven demand, while copper fell 2.06% on softer industrial metals sentiment. Uranium prices also weakened, declining 3.89%, reflecting continued pressure across the nuclear fuel market. Meanwhile, silver dropped 3.55% as investors reduced exposure to precious metals, while Bitcoin slipped 1.38%, reflecting mild profit-taking in the cryptocurrency market.Bond Yields

Global government bond yields moved higher as investors reassessed the outlook for interest rates amid expectations that major central banks will maintain a restrictive monetary policy stance. Australia's 10-year government bond yield rose 0.057 bps to 4.880%, recording the largest increase among the major markets. Japan's 10-year government bond yield was unchanged at 2.842%, remaining elevated amid expectations of continued policy normalisation by the Bank of Japan. US Treasury yields also advanced, with the 10-year yield rising 0.029 bps to 4.558% and the 30-year yield gaining 0.020 bps to 5.063%, indicating that investors continue to expect borrowing costs to remain elevated over the longer term.Key Drivers

• Major US equity indices declined, with the S&P 500 falling 0.45%, the Nasdaq dropping 1.16% and the Dow Jones easing 0.25% as renewed semiconductor weakness, escalating US-Iran tensions and higher bond yields weighed on investor sentiment.
• Samsung reported record quarterly operating profit, but its shares fell 6.9%, while reports that China's DeepSeek is developing its own AI inference chip intensified pressure across the global semiconductor sector.
• WTI crude oil surged 5.76% to US$72.20 per barrel after Iran struck three tankers near the Strait of Hormuz, prompting the US to launch fresh retaliatory strikes and revoke Iran's oil sale waiver.
• Federal Reserve Bank of New York President John Williams said concerns over inflation have eased following lower energy prices, while Bank of Japan board member Junko Asada reiterated that sustained demand-driven inflation is needed before further interest rate increases.
•  The US goods and services trade deficit widened sharply to US$77.6 billion in May from a revised US$54.6 billion in April as exports fell 3.2% and imports increased 3.3%.
• US Treasury yields remained in focus, with the 10-year yield rising to 4.529% as investors continued to assess the impact of geopolitical risks and inflation on the interest rate outlook.
• Mining and technology-related industry ETFs came under broad selling pressure, with Copper Miners (-4.91%), Uranium (-4.85%), Robotics & AI (-4.34%) and Electric Vehicles (-4.15%) leading sector declines.
• Investors continued to monitor developments in the Middle East after attacks on vessels near the Strait of Hormuz renewed concerns over global energy security and oil supply disruptions.

ASX Company News

• Predictive Discovery Limited (ASX: PDI): Predictive Discovery reported a strong June 2026 quarter from its West African gold operations, with the Kiniero Gold Mine in Guinea delivering average plant throughput of 1,113 tonnes per hour, equivalent to approximately 9.0 million tonnes per annum, well above its 6.0 million tonne nameplate capacity, while gold recovery improved to 90.5% through continued process optimisation. Kiniero produced 54,252 ounces of gold from 2.2 million tonnes of ore, while the Nampala Gold Mine in Mali poured 9,774 ounces, lifting combined quarterly gold production to 64,026 ounces. The company ended the quarter with cash and bullion of approximately AU$530 million (US$365 million), providing a strong financial position as it advances its multi-mine growth strategy across West Africa.
• Alkane Resources Limited (ASX: ALK): Alkane Resources delivered FY2026 gold equivalent production in the upper half of its annual guidance, producing 168,337 ounces of gold equivalent across its Tomingley, Costerfield and Björkdal operations, including 42,491 ounces during the June quarter. The company also strengthened its balance sheet, increasing cash by AU$104 million during the quarter to AU$432 million, with total cash, bullion and listed investments reaching AU$454 million and pro forma liquidity of AU$549 million, including an undrawn revolving credit facility. Alkane remained debt free excluding AU$17 million of equipment finance, highlighting its strong financial capacity to support future growth initiatives.
• Marimaca Copper Corp. (ASX: MC2): Marimaca Copper reported further high-grade drilling success at its Pampa Medina Project in Chile, extending the central bornite-rich sulphide zone by 300 metres through hole SPRD-07, which returned 20 metres grading 2.65% copper and 13.9g/t silver, including 6 metres at 6.11% copper and 24.0g/t silver, together with 104 metres grading 1.01% copper and 4.7g/t silver. The company also intersected copper mineralisation within basement metasediments for the first time through hole SPRD-08B, confirming potential for further depth extensions while reinforcing its geological model of multiple stacked high-grade copper-silver manto horizons across the broader Pampa Medina system.

Stocks trading ex-dividend today:

• A2 Milk (ASX: A2M) – AU$0.228

Key Economic Drivers (What to Watch Today)

•  Energy & Defensive Sectors: Investors will watch whether strength in Energy, Healthcare, Real Estate, Consumer Staples and Utilities continues after outperforming on Wall Street amid higher oil prices and bond yields.
• Resources & Growth Stocks: Gold miners, uranium, copper miners and lithium-related stocks may remain under pressure after most resource-focused ETFs declined between 3% and 5% overnight.
• Economic Calendar: No major domestic or global economic announcements are scheduled today, leaving markets focused on corporate developments and geopolitical events.

Summary 

• ASX 200 futures indicate a weaker start after renewed selling across global equity markets, with semiconductor stocks under pressure and escalating US-Iran tensions weighing on investor sentiment.
• WTI crude oil surged 5.76% as heightened geopolitical risks in the Strait of Hormuz raised concerns over global energy supplies, while gold, copper, silver and uranium all declined amid broad commodity market weakness.
• Rising global bond yields continued to reinforce expectations of a higher-for-longer interest rate environment, keeping central bank policy and inflation risks in focus.
• Energy and defensive sectors may continue to outperform after leading Wall Street overnight, while resource and growth stocks are expected to remain under pressure following broad weakness across mining and technology-related sectors.
• With no major economic data releases scheduled, investor attention is likely to remain centred on geopolitical developments, corporate news.

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