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Index Update: The S&P/ASX 200 ended lower on Friday, shedding 80.80 points or 0.92% to close at 8,662.00. Despite the drop, the index remains virtually unchanged over the past five sessions but sits 1.30% below its 52‑week high. Market performance was mixed across sectors, with ten of 11 sectors closing in the red alongside the broader index. Utilities led the gains, climbing 0.70% as it rebounded from recent weakness, though it remains down 0.97% over the week.
Macro Update: Australia’s dwelling approvals surged in June, with the total number of dwellings approved rising 11.9% to 17,076, according to seasonally adjusted data released by the Australian Bureau of Statistics (ABS). However, private sector house approvals fell 2.0% to 9,142, following a 1.0% decline in May. The average approval value for new private sector houses remains higher year-on-year but has shown slower growth during the 2024–25 financial year.
Meanwhile, final demand, measuring the price change of goods and services consumed without further processing, rose 0.7% in the June quarter and 3.4% over the past year, marking the slowest annual growth since September 2021.
Australia’s Trade Minister Don Farrell said on Friday that U.S. President Donald Trump’s decision to maintain a minimum tariff rate of 10% for Australia could enhance the competitiveness of Australian products in the U.S. market, potentially supporting businesses in lifting export volumes.
Top Market Movers: The market’s top gainers were Capstone Copper Corp. (ASX: CSC), climbing 9.46% to AUD 9.37, followed by Mineral Resources Ltd (ASX:MIN), up 4.44% to AUD 29.86, and Pilbara Minerals Ltd (ASX:PLS), rising 4.05% to AUD 1.67. On the downside, Bellevue Gold Ltd (ASX:BGL) fell 4.32% to AUD 0.775, Telix Pharmaceuticals Ltd (ASX:TLX) slipped 4.28% to AUD 20.15, and PolyNovo Ltd (ASX:PNV) declined 4.26% to AUD 1.235.
Commodity Update: The U.S. dollar is on track for its strongest weekly gain in nearly three years, bolstered by President Donald Trump's announcement of new tariffs on multiple trade partners. The move raised concerns over global demand, particularly for oil. In commodities, gold dipped 0.28% to USD 3,339.65, silver fell 0.18% to USD 36.07, copper rose 0.19% to USD 9,629.5, and Brent crude declined 0.11% to USD 71.65 per barrel.
Our Stance: The S&P/ASX 200 slipped 0.92% to 8,662.00 on Friday, with ten of eleven sectors in decline, led only by a modest 0.70% rebound in Utilities. Macro indicators painted a mixed picture: June dwelling approvals jumped 11.9%, but private house approvals weakened, and producer price growth slowed to 3.4% annually, its softest pace since 2021. Trade Minister Don Farrell highlighted that the U.S.’s 10% tariff floor could support Australian exports, but global sentiment remains cautious as new U.S. tariffs pressure commodities.
The S&P/ASX 200 Index experienced a challenging session, falling 80.80 points and forming a bearish candlestick pattern on elevated trading volume. Despite the pullback, the index continues to trade above its 50-period Simple Moving Average (SMA) on the daily chart a key support level closely monitored by market participants. A critical support zone is identified near 8,567.80. Holding above this level could aid in consolidating recent gains and bolster investor confidence in the broader upward trend. Furthermore, the index’s continued position above the 50-period SMA on the weekly chart suggests the potential for sustained bullish momentum. The alignment of these technical indicators across multiple timeframes underscores the index’s underlying resilience, supporting a constructive medium-term outlook despite near-term volatility.
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