What's Affecting Markets Today
Asian Markets Mixed
Asia-Pacific markets exhibited mixed performances on Tuesday, despite Wall Street’s gains amidst political uncertainties. Australia’s S&P/ASX 200 edged up 0.61%, Japan’s Nikkei 225 gained 0.41%, and the Topix rose 0.49%. South Korea’s Kospi increased by 0.58% and the Kosdaq by 0.42%, as the country’s producer price index for June rose 2.5% year-on-year, up from May’s 2.3%. However, shares of messaging app Kakao plummeted 4.63% following an arrest warrant for founder Brian Kim over alleged market manipulation.
Hong Kong’s Hang Seng Index slipped 0.23%, while Mainland China’s CSI 300 fell 0.52%. India is set to announce its first budget under Prime Minister Narendra Modi’s third term, with Barclays analysts anticipating policy consistency and continued fiscal consolidation with a slight shift in spending.
Additionally, traders are closely watching Singapore’s June inflation data, with economists predicting a 2.7% year-on-year increase, compared to May’s 3.1% rise.
ASX Stocks
ASX 200 - 7976.8 (+0.6%)
Key Highlights:
The Australian sharemarket is extending its early gains by midday, buoyed by a strong rally in US tech stocks overnight. The S&P/ASX 200 index has risen 0.7% to 7989, driven by a 1.9% increase in the tech sector.
Woodside’s shares fell 2.8% to $27.79, adding to Monday’s 2% decline, despite reporting a 2% revenue increase to $3.03 billion for the June quarter. Broker Citi noted the company’s quarterly production of 44 million barrels was 6% below forecasts due to unplanned outages at Wheatstone and Pyrenees.
Transurban’s shares are up 1.3% to $12.94 following news of its partnership with the Queensland government to widen the western section of the Logan Motorway.
Brainchip’s shares are in a trading halt pending a capital raise announcement. Meanwhile, rare earths miner Axel REE debuted on the ASX, trading at 12¢ per share, 8¢ below its IPO price, after raising $13.3 million for exploration in Brazil.
Leaders
SPR: Spartan Resources Ltd (+20.10%)
SLC: Superloop Ltd (+7.80%)
NXL: NUIX Ltd (+7.48%)
ZIP: ZIP Co Ltd (+6.93%)
IFL: Insignia Financial Ltd (+6.20%)
Laggards
DRO: Droneshield Ltd (-5.16%)
OBM: Ora Banda Mining Ltd (-4.71%)
PDN: Paladin Energy Ltd (-3.70%)
DHG: Domain Holdings Australia Ltd (-3.32%)
WDS: Woodside Energy Group Ltd (-3.30%)
