What's Affecting Markets Today
Asian markets rally
Asia-Pacific markets were mostly higher on Tuesday following record closes for the S&P 500 and Nasdaq Composite. Japan’s Nikkei 225 surged 1.9%, with the Topix adding 0.91%. South Korea’s Kospi edged up 0.16%, boosted by a 0.34% gain in Samsung Electronics despite an ongoing union strike for better pay. Conversely, Hyundai’s shares dropped 3.53% after reaching a tentative wage agreement, averting a strike.
Hong Kong’s Hang Seng Index slipped 0.47%, and the CSI 300 fell 0.11%.
In corporate news, Chinese electric vehicle manufacturer BYD announced a $1 billion investment in Turkey to build a plant with an annual capacity of 150,000 vehicles, slated to begin production by late 2026. The facility is expected to create 5,000 jobs, according to Turkey’s industry and technology minister Mehmet Fatih Kacir. This development comes shortly after the European Union increased tariffs on electric vehicles imported from China.
ASX Stocks
ASX 200 - 7,827.7 (+0.8%)
Key Highlights:
Australian shares advanced on Tuesday afternoon in a broad-based rally. The S&P/ASX 200 Index gained 0.8%, or 64.7 points, to 7827.9 by 2:20 pm AEST, with all 11 sectors in the green. The communication services sector led gains, with Telstra rising 3.3% after announcing a price increase for its mobile plans, and REA Group firming 2%. The consumer discretionary sector rallied 1%, with Wesfarmers up 0.8%.
Major banks posted gains: Commonwealth Bank up 1.5%, Westpac 1.6%, ANZ 1.3%, and NAB 0.8%.
Second-tier data showed Australian consumer sentiment fell 1.1% month-on-month to 82.7 points in July, with analysts citing concerns over persistent inflation and potential interest rate rises.
Stocks in focus included Bapcor, which rose 0.5% after rejecting a $1.83 billion buyout offer from Bain Capital and appointing Angus McKay as CEO. Meanwhile, Resimac shares fell 4.6% following CEO Scott McWilliam’s resignation.
Leaders
IFL – Insignia Financial Ltd (+11.36%)
DRO – Droneshield Ltd (+6.72%)
JDO – Judo Capital Holdings Ltd (+6.62%)
VUL – Vulcan Energy Resources Ltd (+6.17%)
LTR – Liontown Resources Ltd (+5.56%)
Laggards
CUV – Clinuvel Pharmaceuticals Ltd (-7.42%)
WA1 – WA1 Resources Ltd (-7.04%)
GYG – Guzman Y Gomez Ltd (-4.57%)
CMM – Capricorn Metals Ltd (-3.65%)
RSG – Resolute Mining Ltd (-3.57%)
