Headline

• ASX 200 futures indicated a 24-point, or 0.26%, decline amid weakness in US tech stocks and elevated global bond yields.
• Wall Street declined for a third consecutive session amid weakness in technology stocks.
• Rising global bond yields increased pressure on equity markets and investor sentiment.
• US 30-year Treasury yield climbed to a 19-year high amid a global bond selloff.
• Brent crude edged higher to US$91.34 as geopolitical tensions around Iran and the Strait of Hormuz remained elevated.

Global Markets Overview

Global equity markets traded on a cautious note, with most major benchmarks closing lower amid elevated bond yields, geopolitical uncertainty, and subdued risk appetite. US equities came under pressure, led by weakness in technology stocks, as higher Treasury yields weighed on growth-oriented valuations and broader investor sentiment.European markets remained comparatively resilient, with the UK market edging higher despite concerns around the global interest-rate environment. Canadian equities declined as risk-off sentiment and broader macroeconomic uncertainty weighed on the market.In Oceania, New Zealand equities outperformed and recorded a solid advance despite weaker sentiment across several major global markets. Asian equities were predominantly under pressure, with Japanese stocks experiencing a sharp selloff, while Indian equities also closed lower amid cautious investor sentiment. Overall, global market conditions remained defensive, shaped primarily by elevated bond yields, geopolitical developments, and uncertainty surrounding the interest-rate outlook.Commodities & Crypto

Commodity markets traded with a predominantly weaker bias, led by declines across precious and industrial metals. Gold came under selling pressure, while silver experienced a steeper decline, indicating broad weakness across the precious metals complex amid elevated bond yields and shifting investor risk preferences.Industrial commodities also weakened, with copper declining sharply, reflecting cautious sentiment around the global growth and demand outlook. Uranium also moved lower, adding to the broader weakness across commodities. In contrast, WTI crude oil advanced, supported by heightened geopolitical uncertainty and concerns over potential supply disruptions.Bitcoin edged higher despite weakness across global equities and commodities, showing steady investor interest in the cryptocurrency market. Bond Yields

Global bond markets reflected a high-yield environment, keeping financial conditions restrictive and maintaining pressure on rate-sensitive asset classes. Australian government bond yields remained elevated, although the 10-year yield eased marginally, indicating modest buying interest in domestic sovereign debt.In the US, Treasury yields remained elevated, with the 10-year yield edging higher and the 30-year yield holding above the 5% level. Elevated long-term yields continue to increase borrowing costs and place valuation pressure on equities, particularly long-duration growth assets. Japanese government bond yields also remained at historically elevated levels, highlighting continued pressure across global fixed-income markets.Overall, bond markets continued to signal tighter financial conditions, with elevated sovereign yields remaining an important headwind for equity valuations and global risk appetite.Key Drivers

• US equities extended losses for a third session, with the S&P 500, Nasdaq and Dow closing lower.
• Semiconductor stocks led the US selloff, with the Philadelphia Semiconductor Index falling 5.0%.
• US technology was the weakest S&P 500 sector, declining 1.9% amid heavy selling in AI-linked hardware names.
• Memory and storage stocks fell sharply, with SanDisk and Seagate down 9%, while Nvidia declined 2.3%.
• US 30-year Treasury yield briefly hit 5.33%, its highest level since June 2007, before easing to 5.28%.
• European long-term bond yields surged, with the Eurozone 10-year yield moving above 3.2% and German and French long-term yields reaching multi-year highs.
• Japan’s 10-year government bond yield climbed to around 2.945%, reaching a three-decade high.
• Strait of Hormuz uncertainty remained a key market risk, with no resolution between the US and Iran over reopening the strategic shipping route.
• Trump threatened military action against Oman amid disagreement over its negotiations with Iran regarding Strait of Hormuz traffic.
• Home Depot delivered a Q2 FY26 earnings beat, with revenue rising 5.7% to US$47.86 billion and adjusted EPS of US$4.92.
• Nvidia agreed to guarantee up to US$105 billion of financing for an Ohio data-centre project involving SoftBank unit SB Energy and OpenAI.
• US housing starts dropped 12.4% month-on-month in July to an annualised 1.239 million, below expectations.
• US industrial production increased 0.2% month-on-month in July, supported by manufacturing activity.
• Australia’s Westpac-MI Consumer Sentiment Index rose 6.0% to 88.9 in August, although it remained almost 10% lower year-on-year.

ASX Company News

• Temple & Webster Group Limited (ASX: TPW) reported FY26 revenue of AU$664.6 million, up 10.6%, while EBITDA increased 16.6% to AU$21.9 million and underlying EBITDA (ex-FX) rose 28.0% to AU$25.9 million. Growth was supported by exclusive product lines and adjacent businesses, which contributed AU$117 million in revenue. For FY27, the company is targeting EBITDA of AU$33–40 million, despite financial year-to-date revenue being down 13%.
• EBOS Group Limited (ASX: EBO) delivered FY26 revenue of AU$13.49 billion, up 9.9%, with underlying EBITDA increasing 5.0% to AU$614 million. Underlying NPAT declined 3.1% to AU$250 million, while statutory NPAT rose 4.7% to AU$225 million. EBOS maintained its final dividend at NZ$0.615 per share. For FY27, the company is targeting underlying EBITDA of AU$635–655 million.
• Breville Group Limited (ASX: BRG) reported record FY26 revenue of AU$1.81 billion, up 6.7%, while EBITDA increased 4.5% to AU$284.1 million and NPAT rose 1.7% to AU$138.1 million. Global Product revenue grew 9.7% in constant currency, supported by double-digit growth in Coffee and Cooking. Breville ended FY26 with AU$104.4 million in net cash and declared a fully franked AU$0.38 per share dividend.
• Evolution Mining Limited (ASX: EVN) delivered record FY26 statutory NPAT of AU$1.48 billion, up 59%, while underlying NPAT increased 63% to AU$1.56 billion and underlying EBITDA rose 44% to AU$3.17 billion. Group cash flow increased 76% to AU$1.39 billion. Evolution declared a record fully franked final dividend of AU$0.21 per share. FY27 guidance includes gold production of 660–730 thousand ounces and copper production of 63–70 thousand tonnes.
• Alcidion Group Limited (ASX: ALC) reported FY26 revenue of AU$51.6 million, up 27%, with underlying EBITDA increasing 34% to AU$6.8 million and NPAT rising 38% to AU$2.3 million. Annual recurring revenue increased 34% to AU$38.3 million. The company ended FY26 with AU$20.6 million in cash and no debt, while FY27 contracted revenue reached AU$44.9 million.
• Southern Cross Electrical Engineering Limited (ASX: SXE) reported FY26 revenue of AU$718.7 million, down 10.3%, while underlying EBITDA increased 40.5% to AU$77.0 million and underlying NPAT rose 24.3% to AU$39.4 million. The company declared a record fully franked final dividend of AU$0.075 per share. Its order book reached a record AU$810 million, while FY27 EBITDA guidance is at least AU$100 million.
• Stockland (ASX: SGP) delivered FY26 statutory profit of AU$994 million, up 20.2%, while post-tax Funds From Operations (FFO) increased 10.4% to AU$892 million. FFO per security rose 9.1% to AU$0.369, reaching the top end of guidance, supported by higher development settlements and continued growth across the Logistics and Retail portfolios. Stockland declared a full-year distribution of AU$0.252 per security. For FY27, the company expects FFO per security of AU$0.38–AU$0.39, while maintaining its distribution at AU$0.252 per security.

Stocks trading ex-dividend today

• Commonwealth Bank of Australia (ASX: CBA): Dividend of AU$2.70 per share.
• ECP Emerging Growth Limited (ASX: ECP): Dividend of AU$0.032 per share.
• ResMed Inc. (ASX: RMD): Dividend of US$0.066 per share.

Key Economic Drivers (What to Watch Today)

• 12:45 pm AEST – RBA Hauser Speech: Markets will monitor commentary for signals on inflation, economic conditions and the monetary policy outlook.
• 4:00 pm AEST – UK Inflation: The inflation reading will be closely watched for its implications for the Bank of England’s interest-rate outlook and UK bond yields.
• 4:00 am AEST – FOMC Minutes: The minutes will be scrutinised for the Federal Reserve’s assessment of inflation, economic conditions and the future path of US interest rates.

Summary 

• ASX 200 futures indicated a weaker open, down 24 points or 0.26%, following losses on Wall Street.
• US equities declined for a third consecutive session, with technology stocks leading the weakness.
• Global bond yields remained elevated, maintaining pressure on equity valuations and broader risk appetite.
• US 30-year Treasury yield briefly reached 5.33%, its highest level since June 2007, before easing.
• European and Japanese long-term yields reached multi-year highs, reinforcing concerns around tighter global financial conditions.
• Oil prices advanced, supported by geopolitical tensions and concerns over potential supply disruptions.
• Precious and industrial metals weakened, with gold, silver and copper recording declines.
• Bitcoin edged higher, showing relative resilience despite weaker sentiment across global equities.
• US housing starts fell sharply in July, while industrial production recorded modest monthly growth.
• Investors may remain cautious in the current market environment, as elevated bond yields, geopolitical uncertainty and volatility across risk assets continue to weigh on sentiment.

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