Global equity markets have rallied to fresh highs, with Wall Street extending gains as investors continued to look past geopolitical risks and instead focused on growth, technology and expectations of easier monetary policy. The S&P 500 rose 0.62% to a record close of 6,944.82, while the Dow Jones Industrial Average surged almost 500 points to finish above 49,000 for the first time at 49,462. The Nasdaq Composite added 0.65%, ending near session highs.
Technology and artificial intelligence stocks led the advance. Amazon jumped more than 3%, lifting all three major indices, while AI-linked names also stood out. Micron Technology surged around 10% and Palantir Technologies rose more than 3%, extending a strong start to the year for semiconductor stocks. Micron is already up more than 20% year to date, following a blockbuster 2025 in which the stock climbed more than 240%. Energy stocks were steadier, with oil prices down nearly 2% in New York as investors reassessed the impact of political change in Venezuela and eased concerns about near-term supply disruption.
Australian shares are set to follow Wall Street higher, with futures pointing to the S&P/ASX 200 opening about 0.47% higher. Commodity markets remain in focus, with copper extending its rally after breaking above US$13,000 a tonne for the first time, reflecting tight supply and a risk-on mood. Attention now turns to local data, with November CPI and monthly building approvals due later this morning.
Greatland Resources (ASX:GGP) – December 2025 quarter production update
Greatland reported December-quarter production of 86,273 ounces of gold and 3,528 tonnes of copper, taking first-half FY26 output to 167,163 ounces of gold, alongside a substantial cash build. Cash at 31 December rose to $948m, up $198m over the quarter, despite capital expenditure and a $46m stamp duty payment linked to the Telfer–Havieron acquisition. The company remains debt-free and largely unhedged, retaining full exposure to gold prices, and confirmed it will release full cost metrics, including AISC, later in January.
Capricorn Metals (ASX:CMM) – Karlawinda Q2 production and expansion
Capricorn produced 30,476 oz of gold at Karlawinda during the December quarter, keeping the operation on track for the upper end of FY26 guidance (115,000–125,000 oz) at an AISC of $1,530–$1,630/oz. Cash and gold on hand increased to $444.2m, with an $88.8m quarterly cash build before capital expenditure. Construction of the Karlawinda Expansion Project advanced materially, with plant works largely complete and commissioning targeted for FY27, while early capital has also been deployed to compress timelines at the Mt Gibson Gold Project.
Manuka Resources (ASX:MKR) – Cobar restart and Taranaki VTM project
Manuka outlined a plan to restart silver-gold production at Wonawinta and Mt Boppy in Q2 2026, supported by an existing processing plant and a 10-year mine plan targeting 19Moz of silver and 46koz of gold. Restart capital is estimated at A$18.9m, with projected average EBITDA of about A$106m a year under current price assumptions. Separately, the company is advancing the Taranaki vanadium-titanium-magnetite project in New Zealand through the fast-track approvals process, with a decision due in March 2026, positioning it as a longer-term strategic asset.
