Overnight – Market closed for 4th July Holiday
A quiet start to the week due to the US markets being closed for the Independence Day holiday.
ASX SPI 8583 (flat)
The Australian market closed near record highs on Friday, while Asian markets were somewhat softer. Commodity markets showed minor movements: platinum faded, silver continued its rally toward 15-year highs, and copper experienced a slight pullback. With US markets closed, limited volatility is expected until they reopen.
Looking ahead, the focus this week is on the BRICS summit and commentary from central bank leaders, particularly the Reserve Bank of Australia (RBA). There is mounting pressure from economists and the media for further rate cuts, reflecting the market’s appetite for cheap money. The RBA’s decisions are seen as increasingly political, especially given the resurgence of property auction rates and Sydney’s status as the world’s most expensive housing market. With generational shifts in the voting demographic looming, the need for policy adjustments is becoming more urgent. The US earnings season is set to begin in earnest next week, with major banks reporting midweek, but little is expected to move markets until then
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