Markets

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

Markets
Gold rises as Fed cut bets weaken US dollar; NFP ahead
Gold prices extended their advance on Friday, supported by expectations of United States Federal Reserve interest rate cuts and persistent trade-related uncertainties, which helped fuel demand for the safe-haven asset. By 4:11PM AEST (6:11 am GMT), spot gold was trading $7.32 or 0.2% higher at US$3,553.33 per ounce, having bounced overnight from the $3,500/oz psychological threshold. For the week, the metal is on track for weekly gains of more than 3%, holding close to record levels. Markets are increasingly confident that the Fed will deliver at least two 25-basis-point rate cuts before the end of the year, with the CME Group FedWatch Tool indicating a virtual certainty of a 25bp cut at the next Fed meeting. That outlook has kept U.S. dollar strength in check and continues to underpin demand for the non-yielding yellow metal. The World Gold Council says ETF investors are showing the strongest sensitivity to stagflation risks among all investor segments. "ETF investors are the most sensitive to expectations of stagflation – statistically, significantly so," the WGC said in its August note, as North American funds dominated inflows with US$4.1 billion. “Western investors are increasingly taking control of gold'
Markets
ASX 200 gains on REIT strength; down 1.1% on week
The Australian sharemarket closed higher on Friday, tracking Wall Street’s positive lead as expectations of a United States rate cut strengthened, though the benchmark still ended the week down about 1.2%. The S&P/ASX 200 Index advanced 44.7 points, or 0.5%, to 8,871.2, with nine of 11 sectors finishing in positive territory. Real estate investment trusts rallied, with Mirvac up 1.7%, Goodman Group adding 2.1%, Charter Hall up 2.6%, and Scentre Group climbing 0.3%. Retailers posted solid performances, with JB Hi-Fi adding 1.8%, Domino’s Pizza Enterprises up 2.3%, Aristocrat Leisure lifting 0.6%, and Wesfarmers finishing 1.8% higher. Technology stocks also contributed to the advance. Xero and TechnologyOne added 1.2% and 1.4%, respectively, while Life360 jumped 3.1%, and NextDC rose 2.9%. However, WiseTech Global extended its recent declines, slipping 1.4%. The big banks posted marginal gains. National Australia Bank rose 0.8%, Westpac gained 0.7%, and ANZ edged up 0.3%, while Commonwealth Bank ticked up 0.1%. Gold miners strengthened as bullion hovered near record highs, with spot gold at US$3,554 an ounce. Northern Star and Newmont added 1.2% apiece, while Evolution Mining gained 0.7%. Among individual nam
Markets
Oil prices slip on supply worries, set for weekly loss
Oil prices fell for a third straight session during Asian trade on Friday, setting the market on track for its first weekly decline in three weeks, as expectations of increased supply and a surprise build in United States crude inventories deepened concerns over weakening demand. By 3:30 pm AEST (5:30 am GMT), Brent crude futures were down 14 cents, or 0.2%, at $66.85 per barrel, while U.S. West Texas Intermediate (WTI) crude slipped 18 cents, or 0.3%, to $6.30 per barrel. For the week so far, Brent is down 1% and WTI has retreated 1.1%. “Crude oil remained under pressure amid concerns of rising OPEC+ supply,” ANZ research analysts wrote in a note on Friday. “Market expectations are growing that the group will continue to push more barrels into the market, in an effort to gain market share lost to U.S. shale producers in recent years.” Reuters reported earlier this week that eight members of the Organization of the Petroleum Exporting Countries and allies, including Russia – collectively known as OPEC+ – will consider raising production further in October at a meeting on Sunday, citing two sources familiar with the talks. Another increase would see OPEC+, which supplies about half of the world’s oil, begin unwind
Markets
APAC on the rise as US confirms Japanese tariffs
Asia-Pacific markets opened higher on Friday after United States President Donald Trump signed an executive order on Thursday formally reducing Japanese auto import tariffs from 27.5% to 15%. By 11:15 am AEST (1:15 am GMT), Australia’s S&P/ASX 200 had added 0.1%, Japan’s Nikkei 225 gained 0.8%, and South Korea’s Kospi 200 rose 0.2%. Data released in Japan showed household spending increased 1.7% in July on a seasonally adjusted month-on-month basis, surpassing forecasts of a 1.3% rise, according to the internal affairs ministry. In the U.S., major benchmarks closed higher on Thursday, with the Dow Jones Industrial Average up 0.8%, the S&P 500 adding 0.8% to a fresh record close, and the Nasdaq Composite advancing 1%. Commodities showed mixed movements. Brent crude fell 0.9% to US$66.99 per barrel, while spot gold eased 0.4% to US$1,545.87 per ounce, ending a seven-session winning streak. Meanwhile, Chinese equities struggled, with the Shanghai Composite down 1.3% to 3,765.9 and the CSI 300 dropping 2.1% to 4,365.2. Hong Kong’s Hang Seng Index finished 1.1% lower at 25,058.5, while India’s BSE Sensex rose 0.2% to 80,718.0. European markets closed mixed on Thursday, with the FTSE 100 rising 0.4% to 9,216.9, the
Markets
US futures mostly higher ahead of August jobs report
United States stock futures were mostly higher during Thursday's evening deals (Friday AEST) as investors awaited the release of the August nonfarm payrolls report on Friday, following a fresh record close for the S&P 500 during the regular session. By 9:55 am AEST (11:55 pm GMT) Dow futures were flat, S&P 500 futures ticked up 0.1% and Nasdaq 100 futures lifted 0.2% In extended trading, Lululemon shares plunged roughly 13% after the company cut its full-year guidance, citing tariff-related pressures and softer demand, despite beating quarterly earnings expectations. Meanwhile, Broadcom rose 4% on strong results and a solid outlook. DocuSign gained about 6% following better-than-expected results and an improved revenue forecast, bolstered by robust billings. The moves came despite weaker-than-expected ADP private payrolls for August, which showed an increase of 54,000 jobs, falling short of the anticipated 75,000. Investors are hoping that Friday’s official nonfarm payrolls reading will support expectations for a September Federal Reserve rate cut. Markets expect the U.S. economy to add 65,000 nonfarm jobs in August. According to the CME Group FedWatch Tool, futures markets currently reflect a 99.4% probabilit

Markets
ASX to extend gains as US jobs data lifts Wall Street
The Australian Securities Exchange (ASX) is poised to end the week on a two-day winning streak if the higher opening on Friday flagged by futures trading is maintained across the day. A 0.6% increase in the S&P/ASX 200 index is expected on the opening at 10 am AEST (12 am GMT) based on the September share price index (SPI) contract trading 56 points above the previous settlement at 8,872 points, at the time of writing. The catalyst was a stronger night on Wall Street, where employment data maintained expectations of an interest rate cut in the United States from the Federal Reserve Board (Fed). The Dow Jones Industrial Average and S&P 500 each rose 0.8% and the Nasdaq Composite gained 1% after data showed that the number of Americans applying for unemployment benefits increased more than expected. But investors are awaiting U.S. monthly jobs numbers to be issued on Friday (Saturday AEST) for more signs about the state of the economy. "The labour market data we're going to get - payrolls - tomorrow I don't see really changing anything significantly because (Fed Chair Jerome) Powell has effectively already told us we're getting a cut unless it's really, really out of bounds," Horizon Investments Head of Research and Q
Markets
S&P 500 refreshes record ahead of key US jobs report
Major United States benchmark averages closed higher on Thursday (Friday AEST), with the S&P 500 refreshing record highs amid optimism over Federal Reserve rate cuts ahead of Friday’s crucial jobs report. The Dow Jones Industrial Average climbed 350.1 points or 0.8% to 45,621.3. The S&P 500 gained 53.8 points or 0.8% to finish at 6,502.1, marking its 21st record close this year. The Nasdaq Composite advanced 210.0 points or 1% to 21,707.7. Amazon helped fuel the rally, with its shares surging 4.3% on renewed investor enthusiasm about its partnership with artificial intelligence firm Anthropic. Earlier in the day, the ADP private payrolls report showed U.S. companies added just 54,000 jobs in August, well below market expectations of 65,000 and down from July’s revised 106,000. The weaker data reinforced bets that the Fed could cut rates in September, without stoking immediate fears of a recession. The CME Group FedWatch Tool reflected a 97% probability of a September rate cut following the ADP release. U.S. Treasury yields also retreated, easing a headwind for equities. The 30-year yield had briefly topped 5% earlier in the week, pressuring markets amid renewed concerns over President Donald Trump’s tariffs and d
Markets
ASX 200 closes in the green as Financials lead gains
The Australian sharemarket rallied on Thursday, buoyed by a positive lead from Wall Street after softer United States job openings data reinforced expectations of a Federal Reserve interest rate cut. The S&P/ASX 200 Index rose 87.7 points or 1% to 8,826.5, with nine of 11 sectors trading higher. Financials provided strong support, with Commonwealth Bank up 2.1%, National Australia Bank and Westpac up 2% apiece, and ANZ adding 1.3%. The Technology sector also gained ground, with Xero jumping 4.8%, WiseTech Global gaining 0.1%, and TechnologyOne up 0.9%. Consumer Discretionary stocks rose, with JB Hi-Fi adding 0.5%, Wesfarmers up 2.5% and Aristocrat Leisure gaining 0.4%, while Domino’s Pizza lifted 1.4% after chairman Jack Cowin purchased about $5 million worth of shares. Among individual companies, Austal climbed 4.3% after the shipbuilder said the U.S. Coast Guard’s decision to exercise A$480 million in options on its Offshore Patrol Cutters program was an “important sign of intent”. Iress surged 7% after announcing that Andrew Russell would succeed Marcus Price as chief executive. Insurance Australia Group slipped 0.4% after the ACCC warned its proposed acquisition of RAC Insurance from the Royal Automobile C
Markets
Markets: Gold eases after record surge, focus on US NFP
Gold prices retreated on Thursday, pulling back from record highs as stronger Asian equities and a modest rebound in the United States dollar reduced safe-haven demand. By 3:50 pm AEST (5:50 am GMT), spot prices were down US$27.98, or 0.8%, at US$3,532.19 per ounce. A calmer tone in global bond markets helped ease investor anxiety, which was reflected in firmer equity markets and encouraged profit-taking in the precious metal after its recent overbought surge. The U.S. dollar also strengthened modestly, adding further pressure on bullion. Wednesday’s release of the U.S. Job Openings and Labor Turnover Survey (JOLTS) showed signs of cooling in the labour market, reinforcing expectations that the Federal Reserve could begin lowering borrowing costs this month. According to the CME Group FedWatch Tool, markets are pricing in a 97.6% probability of a 25-basis-point rate cut at the Fed’s next meeting. Still, traders appear reluctant to place fresh directional bets ahead of Friday’s U.S. nonfarm payrolls (NFP) report, which is expected to provide a clearer signal on the Fed’s policy outlook.