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Index Update: The S&P/ASX 200 slipped marginally on Thursday, closing down 1.90 points at 8,595.80. Despite the slight dip, the index has risen 0.53% over the past five sessions and remains just 0.50% below its 52-week high. Sector performance was mixed, with three sectors finishing higher and eight lower. Materials led the gains, advancing 3.02% on the day and up 6.28% over the past week.
Macro Update: The United States will impose a 20% tariff on numerous Vietnamese exports, a rate lower than initially threatened, President Donald Trump announced on Wednesday, easing trade tensions with America’s tenth-largest trading partner just days before potential broader tariff hikes on imports. Trump stated that while Vietnamese goods will face a 20% duty, trans-shipments from third countries routed through Vietnam will be taxed at a higher 40% rate. In a reciprocal move, Vietnam will be allowed to import U.S. products tariff-free.
Top Market Movers: Pilbara Minerals (ASX: PLS) led the gainers on Thursday, rising 11.31% to close at AUD 1.525. Whitehaven Coal (ASX: WHC) gained 8.20% to AUD 6.070, while Pro Medicus (ASX: PME) advanced 7.78% to AUD 307.390. On the losing side, Boss Energy (ASX: BOE) dropped 5.86% to AUD 4.180, Mesoblast (ASX: MSB) fell 3.58% to AUD 1.615, and Vault Minerals (ASX: VAU) slipped 3.57% to AUD 0.405.
Commodity Update: The U.S. dollar fluctuated Thursday as a trade agreement with Vietnam boosted hopes for more deals before the July 9, 2025, tariff deadline. Investors awaited U.S. payroll data for clues on the Federal Reserve’s policy direction. Gold slipped 0.04% to 3,358.50 dollars, silver dipped 0.04% to 36.41 dollars, copper declined 0.33% to 9,970.45 dollars, and Brent crude fell 0.35% to 68.87 dollars amid weak U.S. demand concerns.
Our Stance: The S&P/ASX 200 edged slightly lower on Thursday, closing at 8,595.80, though it remains near record highs, supported by gains in materials stocks. Meanwhile, easing U.S.-Vietnam trade tensions after Trump’s tariff announcement has calmed macro jitters, potentially lifting regional trade sentiment. Commodities mostly dipped as markets eyed U.S. economic signals. It is important to remain cautiously optimistic. Resilient materials demand and progress in trade negotiations bode well, but investors should remain vigilant amid looming tariff deadlines and Fed policy uncertainties.
The S&P/ASX 200 Index faced a challenging trading session, closing down marginally by 1.90 points and forming a small bearish candlestick pattern on increased trading volume. Despite this, the index remains above its 50-period Simple Moving Average (SMA), which now serves as a critical support level. On the daily chart, significant support is evident near 8,470.60 a key zone for market participants to watch. Holding above this level could help consolidate recent gains and reinforce confidence in the index’s upward trajectory. Furthermore, the index’s position above the 21-period SMA on the weekly chart is a positive signal for the potential continuation of longer-term momentum. This alignment of technical indicators across multiple timeframes underpins a broadly bullish outlook and suggests the index may continue to show resilience against market fluctuations.
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