Closing Bell

The Australian sharemarket gave up early gains to trade flat by mid-afternoon, weighed down by weakness in major banks following the release of the RBA’s July meeting minutes. At 1:55pm AEST, the S&P/ASX 200 was down 3.2 points to 8665.00, having earlier reached 8714.60.

The Australian sharemarket is facing its steepest one-day fall since April, with the S&P/ASX 200 down 1.2% to 8656.40 by 2:05pm AEST. Financials led the decline, falling 2.2% as investors booked profits from last week’s gains. Major banks were hit hard, with Westpac down 3.4%, Commonwealth Bank 2.9%, ANZ 2.7%, and NAB 2.6%.

The Australian sharemarket is on track for its strongest daily gain since April, as investors return to equities despite stretched valuations. The S&P/ASX 200 advanced 1.5% or 128.7 points to 8767.7 by 2:23pm AEST, eyeing its best session since April 10. The index is up more than 2% this week, nearing its strongest weekly performance since early May.

The Australian sharemarket is poised to recover from Wednesday’s sharp decline, following a surprise uptick in the national unemployment rate to 4.3% in June. The softer labour data has strengthened expectations of a 25 basis point rate cut at the Reserve Bank’s next meeting on August 12, with market pricing lifting the probability to 94%.

The Australian sharemarket is on track for its worst one-day drop since May, as risk appetite deteriorates on the back of hotter-than-expected US inflation data and renewed tariff concerns. At 2pm AEST, the S&P/ASX 200 was down 0.8% at 8564.10. If sustained, it would mark the steepest decline since May 5.

The ASX advanced on Tuesday, buoyed by easing tariff concerns and stronger-than-expected Chinese economic data. The S&P/ASX 200 Index climbed 43.2 points, or 0.5%, to 8613.6 by 2:02pm AEST, surpassing its previous record of 8603 set on July 4. Gains were broad-based, with nine of 11 sectors in positive territory, led by technology and healthcare.

The ASX traded in a narrow range on Monday, with the S&P/ASX 200 Index edging up 4.7 points (+0.1%) by 2:10pm AEST, following US President Donald Trump’s announcement of a 30% tariff on EU and Mexican goods, effective August 1. Gains in energy, materials, and communication services offset weakness in tech stocks.

The ASX 200 seesawed on Friday, trading flat at 8589.5 points by 2pm AEST despite opening above the 8600 level. Gains in materials helped offset declines in real estate, tech, and retail sectors, as investor sentiment was shaken by US President Donald Trump’s threat to impose 15–20% blanket tariffs on trading partners.

The ASX rose on Thursday, tracking Wall Street gains after the US Federal Reserve signalled rate cuts remain on the table. The S&P/ASX 200 climbed 0.6% to 8591.7 by 2:18pm AEST, with retail, property, banks and miners driving the rebound.

The ASX fell on Wednesday, with the S&P/ASX 200 Index down 27.1 points, or 0.3%, to 8563.6 by 2pm AEST. The market was rattled by escalating trade tensions after former US President Donald Trump pledged a 50% tariff on copper imports, sending copper futures as low as $US9553.50 a tonne before recovering slightly.