Markets

Insights on global financial markets, including stocks, currencies, and more.

Markets
FX Week Ahead: DXY resumes slide ahead of Jackson Hole
The United States dollar softened last week, with the dollar index (DXY) recording its second consecutive weekly decline as political uncertainty and shifting Federal Reserve expectations weighed on sentiment ahead of the Jackson Hole Symposium. The DXY started the week at 97.8, extending its retreat from July’s push above the 100.00 level. Losses gathered pace after weak consumer sentiment data and renewed speculation about the Fed’s independence following U.S. President Donald Trump’s escalating criticism of Chair Jerome Powell. Reports suggesting that Fed Governor Christopher Waller could be elevated as Powell’s replacement further fuelled speculation of a more politically influenced central bank. Trade tensions provided little relief, with tariffs on India and Russia still possible despite the temporary U.S.–China truce. Fed officials struck a mixed tone during the week. Richmond Fed President Tom Barkin acknowledged consumer resilience but warned it could eventually weaken demand, while Kansas City Fed’s Jeffrey Schmid favoured patience, saying policy is “appropriately calibrated”. Atlanta Fed’s Raphael Bostic stressed the luxury of a strong labour market, while Chicago’s Austan Goolsbee remained cautious ab
Markets
US markets finish mixed; S&P 500 posts second weekly gain
Wall Street ended the week on a mixed note Friday, with the S&P 500 slipping despite strong weekly gains, as declines in semiconductor stocks and weaker consumer sentiment data weighed on investor sentiment. The Dow Jones Industrial Average rose 34.9 points, or 0.1%, to 44,946.1, lifted by a 12% surge in UnitedHealth. The S&P 500 fell 18.7 points, or 0.3%, to 6,449.8, while the Nasdaq Composite shed 87.7 points or 0.4% to finish at 21,623.0, retreating from an intraday record high. Chipmakers were a drag on the broader market. AMD fell 1.9%, Nvidia lost nearly 0.9%, and Applied Materials shed 14.1%. Economic data also dented sentiment. The University of Michigan’s consumer sentiment index dropped to 58.6 in August from 61.7 in July, as inflation concerns weighed on household confidence. Still, the major benchmarks managed weekly advances. The Dow gained 1.7% for the week, outperforming peers, while the S&P 500 added 0.9% and the Nasdaq rose 0.8%. The gains were fuelled by easing consumer inflation data earlier in the week, which strengthened expectations that the Federal Reserve could move to cut interest rates as soon as next month. Fresh retail sales figures also suggested resilience in the United States consum
Markets
ASX 200 extends record highs, gains 1.5% for the week
The Australian share market extended its record-breaking run for a fifth straight session on Friday, posting its second consecutive weekly gain on Friday. Sentiment was buoyed by the Reserve Bank’s recent interest rate cut and steady July employment figures, reinforcing expectations of further monetary easing. The ASX 200 climbed 64.8 points or 0.7% to close at 8,938.6. Gains were broad-based, with eight of the 11 industry sectors finishing in positive territory. For the week, the index posted a 1.5% rise. Financials led the advance, with Commonwealth Bank up 0.6%, Westpac adding 2.1%, National Australia Bank lifting 0.8%, and ANZ up 1.8%. Energy stocks also rallied, with Santos, Woodside and Beach Energy all higher, while Ampol surged 7.7% after agreeing to acquire convenience and fuel retailer EG Australia for $1.1 billion. Materials stocks were in demand, with BHP adding 1.1%, Rio Tinto up 1.4%, and Fortescue Metals Group gaining 1.3%. Gold miners also added to the momentum, with Newmont up 0.6% and Northern Star Resources climbing 1.8%. Utilities were also boosted by a 1.5% rise in Origin Energy following its earnings beat on Thursday. In company news, Baby Bunting rocketed 40.5% after issuing better
Markets
Gold ticks up; heads for weekly loss on hot US PPI
Gold prices inched higher during Friday's Asian session, but remained on course for a weekly loss, as stronger-than-expected United States inflation data dented market hopes for a super-sized 50-basis-point (bp) interest rate cut by the Federal Reserve in September. By 3:15 pm AEST (5:15 am GMT) spot gold added $10.07 or 0.3% to US$3,345.08 per ounce. Despite the slight uptick, bullion has fallen 1.8% so far this week. The U.S. producer price index (PPI) rose 3.3% year-on-year in July, beating forecasts of a 2.5% increase, the Labor Department reported on Thursday. Weekly jobless claims also came in stronger than expected, at 224,000 versus market estimates of 228,000. In contrast, U.S. consumer prices increased only marginally in July, providing some support for rate-cut expectations. However, the hotter-than-anticipated PPI reading has dampened prospects of an aggressive easing cycle, making a 50 bps cut less likely at the Fed’s next meeting. St. Louis Fed President Alberto Musalem reinforced that view, saying a half-point cut in September was not warranted, just a day after Treasury Secretary Scott Bessent noted that such a move was still possible. Gold, which does not yield interest, typically benefits fro
Markets
Oil eases ahead of Trump-Putin talks in Alaska
Oil prices eased during Asian deals on Friday, retreating from one-week highs as traders shifted focus to geopolitical developments ahead of United States President Donald Trump’s upcoming meeting with Russian President Vladimir Putin in Alaska. By 2:50 pm AEST (4:50 am GMT), Brent crude futures were down 9 cents, or 0.1%, at US$66.75 a barrel, while U.S. West Texas Intermediate (WTI) crude futures slipped 13 cents, or 0.1%, to $63.83. The high-profile summit, set for later on Friday, will focus on a potential ceasefire in the Ukraine war - a conflict that has supported oil prices by curbing the supply of Russian crude to global markets. Trump said he believes Russia is prepared to end the war, raising speculation about potential supply shifts. In Asia, fresh Japanese government data showed the economy expanded at an annualised rate of 1.0% in the April-June quarter, outperforming the expectations of a 0.4% gain. On a quarterly basis, gross domestic product (GDP) rose 0.3%, compared with expectations for a 0.1% increase. Stronger economic activity typically boosts oil demand. However, gains in the oil market were capped by concerns over higher-for-longer U.S. interest rates. Recent U.S. data revealed stronger-tha

Markets
Crypto exchange Bullish's value surges in NYSE debut
Cryptocurrency exchange Bullish has raised US$1.1 billion (A$1.69 billion) in its initial public offering, with its shares more than doubling on its first day on the New York Stock Exchange. Bullish, which also owns crypto news and analytics platform CoinDesk, was valued at US$5.4 billion during its IPO. Its valuation surged to $13.16 billion after shares rose to a peak of $118. “Bullish, an institutionally focused global digital asset platform that provides market infrastructure and information services, today announced the closing of its initial public offering of 30,000,000 ordinary shares at a public offering price of $37.00 per share for aggregate gross proceeds of approximately $1,034.5 million,” the company wrote. Shares opened at US$90, more than twice its IPO price of $37, and briefly reached $118 before closing at $68. The company’s market value was almost $10 billion when trading closed. It had aimed to offer shares for US$28-31 each earlier this month. Bullish revised this upward twice, first to $32-33 and then to $37. Bullish’s underwriters, which include JPMorgan, Jefferies, and Citigroup, will also have a 30-day option to buy up to 4,500,000 more ordinary shares at the IPO’s original price. The com
Markets
APAC markets in the green; Chinese data in focus
Asia-Pacific markets opened higher on Friday as investors awaited a series of Chinese economic data releases expected later in the day. By 11:20 pm AEST (1:20 am GMT), Australia’s S&P/ASX 200 rose 0.3% to trade at fresh record highs, while Japan’s Nikkei 225 added 0.5%. South Korea’s Kospi 200 remained closed for a public holiday. Among data releases, Japan reported that its economy expanded 0.3% in the second quarter of 2025, ahead of forecasts for a 0.2% rise, despite facing tariff headwinds from the United States. On a year-on-year basis, GDP grew 1.2%, slowing from 1.8% in the first quarter. Annualised growth came in at 1%, more than double the 0.4% gain expected. Overnight in the United States, the major benchmarks traded within a narrow range near record highs. In commodities, Brent crude climbed 1.8% to US$66.84 per barrel, while spot gold slipped 0.6% to US$3,335.59 per ounce. In China, the Shanghai Composite closed 0.5% lower from four-year highs, and the CSI 300 eased 0.1% to 4,173.3. Hong Kong’s Hang Seng Index fell 0.4% to 25,519.3, despite touching four-year highs earlier in the session. India’s BSE Sensex edged up 0.1% to 80,597.7. European markets ended in positive territory, with the FTSE
Markets
US futures mixed after S&P 500’s fresh record high
United States equity futures traded in a mixed fashion on Thursday night (Friday AEST), after the S&P 500 marked its third consecutive record close earlier in the day. By 9:35 am AEST (11:35 pm GMT) Dow futures added 0.4%, S&P futures were flat, and Nasdaq 100 futures eased 0.1%. In extended trading, UnitedHealth surged 10.3% after Warren Buffett’s Berkshire Hathaway disclosed a new position in the insurer. Regulatory filings showed Berkshire purchased more than five million shares, valued at over $1.6 billion at the end of June. Intel added 4.3%, building on a 7% rally during Thursday’s regular session, after Bloomberg reported that the Trump administration is in discussions to acquire a stake in the chipmaker to expand domestic manufacturing capacity. Applied Materials slumped 13.6% in after-hours dealings despite reporting fiscal third-quarter earnings and revenue that topped market expectations. However, the semiconductor equipment maker’s guidance for the current quarter fell short of expectations, according to data from LSEG. The muted move in futures followed a mixed session overnight in which stocks recovered from early declines triggered by hotter-than-expected July producer price index data. The report
Markets
Mixed Wall St leaves ASX seeking corporate guidance
Company profit results are expected to steer Australian share prices on Friday with the market expected to be flat initially following a mixed night on Wall Street. At the time of writing , the S&P/ASX 200 September share price index (SPI) contract was trading just eight points higher than the previous settlement at 8,838 points, setting the scene for new highs to be reached for a second successive day if corporate results find favour. Companies reporting today include Cochlear (ASX: COH) and Mirvac (ASX: MGR), while ANZ (ASX: ANZ) released its APS 330 Pillar 3 Disclosure. Futures trading on the Australian Securities Exchange (ASX) was guided by stock indices in New York, where the S&P 500 edged up and the Dow Jones Industrial Average and Nasdaq Composite were unchanged. Dampening the American investor mood were higher-than-expected United States producer prices (PPI), which indicated interest rate cuts may not be assured. A Labor Department report showed producer prices increased the most in three years in July, but traders still expect a 25 basis point rate cut in September. "The implication is that the Fed is going to offer a 25-(basis point) cut in September. But it will be a hawkish cut. It's way too early s