Closing Bell 26th June: ASX slightly lower. Xero drops on Melio purchase. Neuren rockets.

Asia-Pacific markets were mostly lower on Thursday as investors monitored geopolitical developments, including the ongoing ceasefire between Israel and Iran.

Japan’s Nikkei 225 advanced 1.04%, while the broader Topix gained 0.32%, supported by continued momentum in heavyweight exporters. In contrast, South Korea’s Kospi fell 1.81% and the Kosdaq dropped 2%, with tech stocks leading the declines.

Australia’s S&P/ASX 200 edged down 0.21%, while Hong Kong’s Hang Seng Index slipped 0.72% and mainland China’s CSI 300 dipped 0.31% amid cautious sentiment across the region.

In Washington, U.S. Federal Reserve Chair Jerome Powell struck a measured tone during his second day of testimony to Congress, reiterating that while disinflation is underway, the central bank remains cautious. Powell acknowledged the potential for rate cuts if inflation proves transitory but refrained from offering a specific timeline, despite mounting political pressure from the White House.

Overnight on Wall Street, major U.S. indices ended mixed. The S&P 500 closed near flat at 6,092.16, the Nasdaq gained 0.31% to 19,973.55, while the Dow Jones slipped 0.25%, settling at 42,982.43.