Headline

• ASX 200 futures point to a weaker start, down 14 points (-0.15%), as the S&P 500 slips on AI slowdown concerns.
• US equities recover from session lows despite a sharp semiconductor selloff.
• US 10-year Treasury yield briefly crosses 5%, adding pressure to equity valuations.
• Brent crude rises around 2% to US$106 following Saudi Arabia’s East-West pipeline shutdown.
• Copper falls around 2.3% to US$6.40/lb, reaching a two-week low.

Global Markets Overview

Global equity markets delivered a mixed performance, with Wall Street closing lower as weakness in technology and semiconductor shares weighed on investor sentiment. The S&P 500 and Nasdaq Composite declined, while the Dow Jones also finished in negative territory but showed comparatively greater resilience. In Europe, the FTSE 100 advanced, outperforming US benchmarks as buying interest supported UK equities. Canada’s S&P/TSX Composite ended broadly flat, reflecting a relatively balanced session between gainers and decliners. In New Zealand, the NZX 50 closed modestly lower, indicating subdued investor sentiment. Japanese equities also weakened, with the Nikkei recording a notable decline amid cautious risk appetite. India’s equity market remained closed for Ganesh Chaturthi. Overall, global market sentiment remained uneven, with US and Japanese equities under pressure while UK shares provided a positive counterbalance. Persistent concerns surrounding elevated bond yields and higher energy prices continued to weigh on broader investor risk appetite.Commodities & Crypto

Commodities traded predominantly lower, with weakness evident across precious and industrial metals. Gold declined as elevated bond yields continued to reduce the relative appeal of non-yielding assets, while silver also finished lower. Copper recorded a sharper fall, extending recent pressure across industrial metals, while uranium posted the largest decline among the listed commodities. In contrast, WTI crude oil advanced and remained above US$100 per barrel, with ongoing supply-side concerns continuing to support energy prices. Crypto markets strengthened during the session, with Bitcoin gaining 2.70% to US$78,750. The advance highlighted renewed buying interest in digital assets and represented a notable divergence from the weakness observed across most major commodities.Bond Yields

Government bond markets remained under significant pressure, with yields elevated across Australia, Japan and the United States. Australia’s 10-year bond yield climbed to 5.366%, reinforcing concerns that restrictive financial conditions could persist and continue to challenge equity valuations and borrowing conditions. Japan’s 10-year yield stood at 2.999%, sitting just below the psychologically important 3% level and highlighting the sharp repricing occurring across Japanese fixed-income markets. In the United States, the 10-year Treasury yield was at 4.986% after touching an intraday high of 5.017%, briefly pushing above the 5% mark and reinforcing concerns over increasingly restrictive financial conditions. The US 30-year Treasury yield also rose to 5.354%, keeping long-term financing costs at demanding levels. Overall, the bond market continues to send an uncomfortable signal to risk assets. Elevated yields across major developed markets leave little room for complacency, as expensive funding conditions, tighter valuation assumptions and persistent rate uncertainty could remain substantial headwinds for equities and other duration-sensitive investments.Key Drivers

• US benchmarks closed lower but recovered substantially from session lows.
• Philadelphia Semiconductor Index plunged about 5.9% amid concerns over slower frontier AI development.
• Cybersecurity stocks surged, with the Global X Cybersecurity ETF gaining around 10%.
• US 10-year Treasury yield briefly crossed 5%, reaching an intraday high around 5.01%.
• Bank of America lifted its year-end S&P 500 forecast to 7,400, up from its previous 7,100 target.
• South Korea’s Kospi fell 3.26%, while Japan’s Nikkei 225 declined 0.81%.
• SoftBank Group plunged 10.7% in Tokyo, becoming the Nikkei’s biggest drag after Sam Altman ruled out an OpenAI listing in 2026.
• CrowdStrike surged about 15% to a record close following new product announcements.
• Bank of America shares fell about 5% after weaker investment-banking fee guidance.
• Saudi Arabia’s East-West pipeline shutdown added fresh pressure to global energy markets.
• Trump said Iran wants a quick deal, helping moderate the crude oil rally.
• The Iran-Gulf meeting in Salalah was postponed, with no new date announced.
• Trump and Xi Jinping are scheduled to meet on 24 September, with AI governance and trade in focus.
• Goldman Sachs shifted its Fed forecast to a 25-basis-point rate hike on Wednesday.
• China’s August new yuan loans reached just 60 billion yuan, sharply below expectations.
• Canada’s annual headline inflation held at 3.0% in August, while monthly prices declined 0.1%.

ASX Company News

• New Hope Corporation Limited (ASX: NHC) reported FY26 saleable coal production of 11.5 million tonnes and coal sales of 11.8 million tonnes, both exceeding the upper end of guidance. Underlying EBITDA fell 32.8% to AU$514.3 million, while NPAT declined 63.4% to AU$161.0 million. The company declared a fully franked final dividend of AU$0.30 per share.
• Netwealth Group Limited (ASX: NWL) agreed to acquire 100% of AI-enabled adviser workflow platform Paradino for AU$20 million upfront, comprising AU$15 million in cash and AU$5 million in Netwealth shares. Up to AU$9 million of additional earn-out and retention consideration may be payable over four years, while Netwealth plans to invest a further AU$10 million in Paradino over two years.
• Brightstar Resources Limited (ASX: BTR) entered a binding agreement to acquire 100% of Panther Metals’ interests in five Mikado Project exploration licences for AU$350,000 cash. The tenements are adjacent to Brightstar’s 1.5Mtpa Laverton processing plant and support its potential expansion to 2.5Mtpa. Brightstar and Panther also signed a non-binding agreement covering potential mining and processing of the Burtville East gold deposit, with net proceeds to be shared equally after recovery of Brightstar’s costs.

Stocks trading ex-dividend today

• Data#3 Limited (ASX: DTL) – AU$0.182
• Duratec Limited (ASX: DUR) – AU$0.025
• Focus Minerals Limited (ASX: FML) – AU$0.080
• Guzman y Gomez Limited (ASX: GYG) – AU$0.406
• Lovisa Holdings Limited (ASX: LOV) – AU$0.330
• Neuren Pharmaceuticals Limited (ASX: NEU) – AU$0.150
• Plato Income Maximiser Limited (ASX: PL8) – AU$0.006
• Qantas Airways Limited (ASX: QAN) – AU$0.198
• Ramelius Resources Limited (ASX: RMS) – AU$0.030
• Red Hill Minerals Limited (ASX: RHI) – AU$0.108
• Spheria Emerging Companies Limited (ASX: SEC) – AU$0.011
• Westgold Resources Limited (ASX: WGX) – AU$0.100
• Whitefield Income Limited (ASX: WHI) – AU$0.009

Key Economic Drivers (What to Watch Today)

• 11:30 am AEST: China House Price Index – Key gauge of housing-market conditions and property-sector demand.
• 12:00 pm AEST: China Industrial Production, Real Estate Sales and Fixed Asset Investment – Key indicators of manufacturing activity, property demand and broader investment momentum.
• 4:00 pm AEST: UK Unemployment – Important labour-market indicator with implications for the Bank of England’s monetary policy outlook.

Summary 

• ASX 200 futures point to a weaker start following a negative Wall Street session.
• US equities closed lower but recovered substantially from session lows, while semiconductor stocks faced heavy selling.
• Philadelphia Semiconductor Index plunged about 5.9% as AI slowdown concerns hit major chipmakers.
• US 10-year Treasury yield briefly crossed 5%, intensifying concerns over restrictive financial conditions and equity valuations.
• Commodity markets were broadly weaker, with gold, silver, copper and uranium declining, while WTI crude remained above US$100 per barrel.
• Bitcoin gained 2.70% to US$78,750, outperforming the broader commodities complex.
• Goldman Sachs shifted its Federal Reserve call to a 25-basis-point rate hike, adding to monetary-policy concerns.
• Asian equities remained under pressure, with South Korea’s Kospi falling 3.26% and Japan’s Nikkei declining 0.81%.
• Investors will watch China’s housing and activity indicators and UK unemployment data today for further signals on global economic conditions.
• Caution remains warranted as elevated bond yields and oil prices keep financial conditions tight, pressure equity valuations and increase the risk of further market volatility.

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