Source: Kapitales ResearchHeadline

• ASX 200 futures point to a firmer open, rising 15 points (+0.17%), after another positive session on Wall Street as softer US producer inflation and continued strength in large-cap technology stocks supported investor sentiment.
• US markets closed higher, with the Nasdaq advancing 0.62%, the S&P 500 gaining 0.38%, and the Dow Jones rising 0.29% as easing inflation expectations and technology leadership continued to underpin the market.
• Commodity markets traded modestly higher, with WTI crude oil rising 0.33% to US$79.60/bbl, while gold gained 0.21% to US$4,063.00/oz and copper edged 0.06% higher to US$6.33/lb.
• Apple hit a record high after receiving approval to launch its generative AI features in China, while PayPal surged 17% following a takeover approach, and ASML lifted its FY26 sales guidance after delivering stronger-than-expected quarterly earnings.

Global Markets Overview

Global equity markets delivered a broadly positive performance, supported by gains across major US and Asia-Pacific equity markets. The Nasdaq Composite led the advances, rising 0.62% to 26,269.00, while the S&P 500 gained 0.38% to 7,572.00 and the Dow Jones added 0.29% to 52,659.00. European markets softened, with the FTSE 100 declining 0.13%. Canada's S&P/TSX Composite rose 0.27%. In the Asia-Pacific region, Japan's Nikkei 225 gained 1.49%, leading regional gains. Meanwhile, India's benchmark index advanced 0.17%, reflecting resilient domestic market sentiment, while New Zealand's NZX 50 declined 0.39%, underperforming regional peers. Overall, investor sentiment remained constructive, supported by optimism over corporate earnings and expectations that major central banks could adopt a more accommodative policy stance in the coming months.Commodities & Crypto

Commodity markets delivered a mixed performance overnight. Copper remained largely unchanged, gaining just 0.06%, while gold edged 0.21% higher, supported by steady safe-haven demand. WTI crude oil also advanced 0.33%, reflecting resilient sentiment across energy markets. Uranium prices weakened, falling 1.26%, indicating softer sentiment across the nuclear fuel market, while silver declined 1.72%, reflecting weaker demand for precious metals. Meanwhile, Bitcoin was broadly flat, slipping just 0.03% as investors maintained a cautious stance toward risk assets.Bond Yields

Global government bond yields delivered a mixed performance as investors continued to assess the outlook for interest rates and inflation. Australia's 10-year government bond yield declined 0.015 bps to 4.888%, reflecting slightly lower expectations for domestic borrowing costs. Japan's 10-year government bond yield was unchanged at 2.678%, remaining elevated amid expectations of continued policy normalisation by the Bank of Japan. US Treasury yields edged higher, with the 10-year yield rising 0.006 bps to 4.551% and the 30-year yield gaining 0.002 bps to 5.084%, indicating that investors continue to expect borrowing costs to remain elevated over the longer term.Key Drivers

• US equities extended their advance for a second consecutive session, with the S&P 500 gaining 0.38%, the Nasdaq rising 0.62% and the Dow Jones adding 0.29% after softer-than-expected US producer inflation reinforced expectations for a more patient Federal Reserve.
• US producer price data strengthened the disinflation narrative, with headline PPI falling 0.3% month-on-month and core PPI rising just 0.2%, supporting lower Treasury yields and improving sentiment toward growth stocks.
• Commodity markets delivered a mixed session, with gold rising 0.21% to US$4,063.00/oz, copper edging 0.06% higher to US$6.33/lb and WTI crude oil adding 0.33% to US$79.60/bbl despite persistent geopolitical tensions in the Middle East.
• Asian markets traded mostly higher, led by Japan's Nikkei 225 (+1.49%) and Hong Kong's Hang Seng (+1.40%), while China's Shanghai Composite eased 0.29% as investors assessed weaker domestic growth momentum.
• Big Tech remained the key market driver, with Apple rallying 4% to a record high following approval for its generative AI features in China, while PayPal surged 17% after receiving a takeover approach.
• Central bank commentary remained in focus after Fed Chair Kevin Warsh said AI-driven price increases are not necessarily inflationary, while the Bank of Canada left interest rates unchanged at 2.25% but warned higher oil prices could revive inflation pressures.
• Geopolitical tensions remained elevated as the US carried out another round of strikes on Iranian targets, Tehran threatened to disrupt regional oil-export routes, and shipping activity through the Strait of Hormuz remained severely constrained.
• China's economic outlook stayed under pressure after second-quarter GDP growth missed the government's target range, while stronger semiconductor exports highlighted continued resilience in AI-related manufacturing demand.

ASX Company News

• Macquarie Technology Group Limited (ASX: MAQ): Macquarie Technology Group exercised its option to acquire a ~34,200sqm development site in Macquarie Park for AU$240 million, funded through existing cash reserves and its corporate debt facility. The company plans to develop an engineering and technology campus integrated with a ~200MW data centre precinct, incorporating advanced air-cooling technology and supporting research, AI, cyber security and cloud innovation through its partnership with Macquarie University. The development is expected to strengthen the Group’s long-term data centre growth strategy while also delivering community infrastructure, including a public park, community garden and outdoor art gallery, subject to planning approvals.
• Rox Resources Limited (ASX: RXL): Rox Resources reported high-grade drilling results from its 100%-owned Youanmi Gold Mine, with underground and resource definition drilling confirming strong mine expansion potential at the United North and Interceptor lodes. The company also identified additional near-mine growth opportunities at Commonwealth and defined a new regional structural analogue target located 20km south of Youanmi through detailed aeromagnetic interpretation. With Youanmi Deeps drilling scheduled to commence in the third quarter of CY2026, Rox remains on track to deliver first gold by mid-2027 while extending mine life and strengthening the long-term production profile of the project.
• Ora Banda Mining Limited (ASX: OBM): Ora Banda delivered record quarterly gold production of 39,552 ounces, achieving FY26 production guidance while increasing closing cash to AU$267.7 million and total available liquidity to AU$468 million. The company generated AU$121 million in operating cash flow during the quarter, funded AU$76.6 million of growth investments from internal cash generation, and launched its multi-year ‘DRIVE to 300’ strategy, which includes construction of a new 3.0Mtpa processing plant, infrastructure upgrades and new mine developments. Ora Banda also significantly expanded its resource base, with Mineral Resources increasing 75% to 3.69 million ounces and Ore Reserves rising 159% to 610,000 ounces, providing a strong platform for future production growth.
• Meridian Energy Limited (ASX: MEZ): Meridian Energy reported exceptionally strong hydrological conditions, with June inflows reaching 187% of the historical average and full-year inflows rising to 122% of historical average, the highest financial-year inflows since 1998. National hydro storage increased to 136% of historical average by 13 July, while the company recorded a 6.4% increase in retail sales volumes and 7.9% growth in electricity generation compared with June 2025. Meridian also highlighted a continued decline in forward electricity prices as additional renewable generation enters the market, supporting improved market conditions and lower future electricity costs for commercial customers.

Stocks trading ex-dividend today:

•  NONE

Key Economic Drivers (What to Watch Today)

• UK GDP (4:00 pm AEST): Provides the latest measure of economic activity in the UK and will offer insight into the strength of growth, with potential implications for Bank of England policy expectations.
• US Retail Sales (10:30 pm AEST): A key indicator of US consumer spending that will help gauge the resilience of domestic demand and shape expectations for the Federal Reserve's interest rate outlook.

Summary 

• ASX 200 futures point to a firmer open after Wall Street extended its gains for a second consecutive session, supported by softer US producer inflation and continued strength in large-cap technology stocks.
• Global equity markets remained resilient, with the Nasdaq and S&P 500 advancing on easing inflation expectations, while Japan's Nikkei led gains across Asia-Pacific markets.
• Commodity markets were broadly steady, with gold, copper and WTI crude oil posting modest gains, while uranium and silver weakened, reflecting mixed sentiment across the resources sector.
• Apple climbed to a record high after securing approval to launch its generative AI features in China, while PayPal surged on a takeover proposal and ASML upgraded its FY26 sales outlook following stronger-than-expected earnings.
• US producer inflation came in softer than expected, reinforcing expectations for a more patient Federal Reserve, although geopolitical tensions in the Middle East continued to keep energy markets and shipping routes in focus.
• Investors will closely monitor the UK GDP release and US Retail Sales data today for fresh insights into global economic momentum and the outlook for central bank policy.

Disclaimer for Kapitales ResearchThe materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.  

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.Disclosure: The information mentioned above has been sourced from the company reports and a third-party database, i.e. Koyfin. Investors are advised to use strict stop-loss to protect their investments in case of any unfavorable/uncertain market events.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au