US equity markets eased back from record levels as early-year momentum cooled and investors took profits. The S&P 500 and Dow both closed lower after hitting fresh intraday highs, while the Nasdaq edged higher, supported by selective strength in large technology stocks. Financials and energy, two of the strongest performers at the start of 2026, were the main drags, with major banks and energy producers sliding as oil prices weakened.
Crude came under pressure after comments from Donald Trump that interim authorities in Venezuela would transfer up to 50 million barrels of oil to the US, reviving concerns about oversupply. Despite ongoing geopolitical tension in South America, investors judged the developments as unlikely to materially change the outlook for US growth or corporate earnings. Policy headlines also weighed on specific sectors, with defence stocks falling after Trump flagged restrictions on dividends and buybacks, and private equity names easing on plans to limit institutional investment in single-family housing. Refiners were a notable exception, with shares rising on expectations of continued Venezuelan oil flows and potential sanctions relief.
Australian shares are expected to open lower, following the softer lead from Wall Street and declines in oil and precious metals. Oil briefly traded below US$60 a barrel, while gold and silver slipped amid warnings of increased volatility. In contrast, iron ore rose in Singapore on hopes of further easing by China’s central bank and pre-holiday restocking by steel mills. Looking ahead, some economists argue recent commodity swings reflect supply-side factors rather than demand, and expect commodities and equities to diverge through 2026, with stock markets continuing to rise even as some commodity prices ease.
Ramelius Resources Limited (ASX:RMS) — FY26 guidance confirmed
Ramelius reported December-quarter gold production of 45,610oz and confirmed it remains on track to meet FY26 guidance of 185,000–205,000oz. Year-to-date production reached 100,623oz, while cash and gold balances stood at $694.3m at quarter-end. The company highlighted progress toward its goal of becoming a 500,000oz-per-year producer by FY30, with Dalgaranga development on time and on budget and first Never Never ore due in the March quarter. Ramelius also reiterated its $250m share buyback program and higher minimum dividend of two cents per share.
Black Cat Syndicate Limited (ASX:BC8) — 100,000ozpa run rate achieved
Black Cat reported a record December quarter, achieving gold production of 25,437oz and confirming it has reached a sustainable annualised production run rate of 100,000oz. Cash, bullion and listed investments totalled $91m at quarter-end, despite the final $25m payment for the Lakewood processing facility and continued investment in mine ramp-ups. Gold sales of 17,485oz generated more than $110m in revenue at an average realised price of $6,325/oz. The company outlined March quarter production guidance of 25,000–28,000oz and expects to process only its own ore from June 2026 as operations reach steady state.
Ansell Limited (ASX:ANN) — CEO succession announced
Ansell has announced that Managing Director and Chief Executive Officer Neil Salmon will retire in February after 13 years with the company, with Nathalie Ahlström appointed as his successor. Ahlström, formerly CEO of Fiskars Group, will join Ansell later this month and formally assume the role on 16 February 2026, based in Brussels. Salmon will remain as a special adviser to the Board until 30 June to support the transition.
