What's Affecting Markets Today
Nikkei Hits Record as SoftBank Surges on Oracle–OpenAI Cloud Deal
Japan’s Nikkei 225 surged to a record high of 44,396.95 on Thursday, tracking Wall Street gains amid optimism over US inflation data and Fed rate-cut expectations. Tech conglomerate SoftBank Group led the rally, soaring more than 10 per cent for a second session. The move followed reports that OpenAI has struck a $300 billion, five-year cloud-computing deal with Oracle, underscoring strong AI-driven demand.
Oracle shares closed nearly 36 per cent higher in US trading after forecasting explosive growth in cloud infrastructure revenue — targeting $18 billion in fiscal 2026 and projecting more than $140 billion annually by the early 2030s. Analysts noted SoftBank’s ties to Oracle through their joint role in the $500 billion US “Stargate” initiative, launched earlier this year with OpenAI and President Donald Trump.
Energy and utilities added further momentum to the Nikkei, with Mitsui Mining and Smelting up more than 5 per cent and Fujikura advancing 4 per cent. Regionally, South Korea’s Kospi rose 0.65 per cent, China’s CSI 300 gained 1.77 per cent, while the ASX 200 slipped 0.44 per cent and Hong Kong’s Hang Seng eased 0.29 per cent.
ASX Stocks
ASX 200 8,797.2 (-0.32%)
ASX Slips as Banks and Healthcare Weigh; Gold Stocks Shine
The Australian sharemarket edged lower on Thursday, with profit-taking in the banks and healthcare sector offsetting gains in miners. By 2pm AEST, the S&P/ASX 200 was down 37.4 points, or 0.4 per cent, as six of 11 sectors traded in the red.
Banking stocks were among the biggest drags, with ANZ sliding 1.7 per cent, NAB and Westpac off 1.2 per cent, and Commonwealth Bank down 0.8 per cent. Healthcare also retreated, led by CSL, which fell 2.4 per cent, while ResMed dropped 2.5 per cent and Sonic Healthcare slipped 1.3 per cent.
Gold miners surged after softer US inflation data boosted expectations of a Federal Reserve rate cut next week. Resolute jumped 9.1 per cent, Regis added 6.5 per cent, and Newmont gained 1.4 per cent, while Northern Star and Vault Minerals both climbed 2.7 per cent. Lithium stocks also staged a modest rebound, with Core Lithium up 4.1 per cent and IGO advancing 3.2 per cent.
Corporate activity was lively, with Service Stream soaring 15 per cent on a $1.6 billion Defence contract, while Downer EDI and Perenti also secured major wins.
Leaders
SSM Service Stream Ltd (+17.25%)
RSG Resolute Mining Ltd (+7.91%)
RRL Regis Resources Ltd (+6.24%)
EVN Evolution Mining Ltd (+6.13%)
BFL BSP Financial Group Ltd (+5.57%)
Laggards
NEC Nine Entertainment (-34.56%)
NEU Neuren Pharmaceuticals Ltd (-7.66%)
MMS Mcmillan Shakespeare Ltd (-6.39%)
PDI Predictive Discovery Ltd (-6.18%)
CU6 Clarity Pharma (-5.42%)
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