What's Affecting Markets Today
Kospi Extends Record Run as Asia Markets Rally on Trade Hopes
South Korea’s Kospi surged more than 2 per cent on Tuesday to a sixth consecutive record high, driven by optimism over a nearing trade agreement with the United States. The benchmark has now gained about 61 per cent year to date, following comments from U.S. Treasury Secretary Scott Bessent that Washington was “about to finish up” negotiations with Seoul.
Automakers led the advance, with Hyundai Motor jumping 6.45 per cent and Kia climbing 4.28 per cent, while heavyweight Samsung Electronics rose 1.73 per cent.
Japan’s Nikkei 225 gained 1.5 per cent to another record close, with the Topix up 0.73 per cent, as investors awaited a parliamentary vote expected to confirm Sanae Takaichi as Japan’s next prime minister.
Australia’s ASX 200 rose 0.5 per cent, lifted by rare earth miners after Canberra and Washington signed a $US3 billion critical minerals agreement. Lynas gained 3.8 per cent, Iluka 6 per cent, and VHM soared 30 per cent.
Hong Kong’s Hang Seng rose 1.17 per cent, while CATL advanced 4.73 per cent on strong earnings.
ASX Stocks
ASX 200 9,093.3 (+0.68%)
Miners Drive ASX to Record High as Hub24 Surges
Australia’s sharemarket climbed to fresh record highs on Tuesday, powered by a rally in mining stocks after a landmark critical minerals funding deal between the US and Australia. The S&P/ASX 200 rose 0.8 per cent to 9103.6, after touching an intraday peak of 9115.2.
The materials sector surged nearly 2 per cent as Alcoa gained 7.7 per cent and Arafura Rare Earths rose 3.4 per cent following news of a $US3 billion joint investment plan to support key mineral projects. BHP advanced 2.46 per cent after reporting record iron ore output, while gold miners Evolution and Regis climbed 4 per cent as bullion hit $US4381 an ounce.
Investor enthusiasm was further boosted by Wall Street’s overnight rally and Apple’s record-setting run. Hub24 soared 9.7 per cent after platform funds under administration jumped 8 per cent for the quarter. Meanwhile, Cleanaway fell 4.1 per cent amid investor backlash at its AGM, and DroneShield rebounded 7.7 per cent after a week of declines.
Leaders
MSB Mesoblast Ltd (+8.84%)
DRO Droneshield Ltd (+8.17%)
AAI Alcoa Corporation (+7.60%)
SLX SILEX Systems Ltd (+5.63%)
Laggards
DTR Dateline Resources Ltd (-17.44%)
PPT Perpetual Ltd (-9.54%)
ZIP ZIP Co Ltd (-8.24%)
LYC Lynas Rare EARTHS Ltd (-7.73%)
YAL Yancoal Australia Ltd (-7.00%)