Australian Markets
Aussie shares are expected to open lower today, giving back some of yesterday’s gains. Futures contracts for the S&P/ASX 200 indicate a decline of around 0.5 per cent – about 47 points at the opening bell. The pullback follows Tuesday’s record-setting session, which was buoyed by optimism surrounding a new critical minerals partnership between Australia and the United States.
U.S. Markets
Overnight, Wall Street delivered a mixed performance. The Dow Jones Industrial Average rose 0.5 per cent to a fresh record, while other major indices remained largely flat. Investor sentiment was dampened by comments from US President Donald Trump, who hinted that his planned meeting with Chinese President Xi Jinping could be delayed. The uncertainty rekindled market concerns over US-China trade relations.
Despite trade tensions, several strong corporate earnings reports helped steady confidence. General Motors, Coca-Cola, General Electric, and Northrop Grumman all posted better-than-expected results or upbeat forecasts, lending some resilience to US markets.
The standout event overnight, however, was a steep plunge in precious metals. Gold prices tumbled as much as 6.3 per cent – the sharpest single-day fall in more than 12 years – while silver sank 8.7 per cent. According to Bloomberg, the volatility gap between gold and the S&P 500 reached its widest margin since the early days of the pandemic.
Major gold producers including Barrick Mining, Newmont, and Agnico Eagle Mines each dropped more than 9 per cent, while the VanEck Gold Miners ETF slid 9.4 per cent.
Ahead Today
Locally, investors will turn their attention to a slate of company updates and annual meetings. Atlas Arteria, Iluka Resources, Mirvac, and Woodside Energy are set to release quarterly results, while Adairs, Codan, Fletcher Building, Magellan Financial, REA Group, and Reliance Worldwide will hold their AGMs – events that could provide fresh insights into corporate performance and strategy.
