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Index Update: The ASX remained largely flat on Wednesday, closing up just 3.70 points at 8,559.20, despite the US market closing green last night. Over the past week, the S&P/ASX 200 has gained 0.33% and sits 0.92% below its 52-week high. Despite the overall index gain, more sectors ended in the red than in the green. The financial sector emerged as the top performer, climbing 1.09% on the day and 3.69% over the past five days.
Macro Update: Australia's Consumer Price Index (CPI) rose by 2.1% in the 12 months to May 2025, down from 2.4% in April, according to the latest figures from the Australian Bureau of Statistics (ABS). This marks the lowest CPI inflation reading since October 2024, signalling a continued easing in price pressures. The largest contributors to the annual increase were food and non-alcoholic beverages (+2.9%), housing (+2.0%), and alcohol and tobacco (+5.9%). Trimmed mean inflation, a key measure watched by the Reserve Bank of Australia to assess underlying price trends, eased to 2.4% in May, its lowest level since November 2021. Housing inflation also slowed to 2.0% in May, compared to 2.2% in April.
Top Market Movers: Top gainers of Wednesday on the ASX included Light & Wonder Inc. (ASX: LNW), which surged 10.48%, closing at AUD 142.20. Perpetual Limited (ASX: PPT) rose 4.65%, reaching AUD 18.22, followed by Paladin Energy Ltd (ASX: PDN), gaining 3.47% to AUD 7.75. On the downside, Emerald Resources NL (ASX: EMR) led the decliners, dropping 10.57% to AUD 4.06. Mineral Resources Limited (ASX: MIN) fell 5.97%, closing at AUD 20.18, while Capricorn Metals Ltd (ASX: CMM) declined 4.72%, ending at AUD 9.90.
Commodity Update: The dollar remained under pressure on Wednesday as investor sentiment improved amid hopes of a fragile truce between Israel and Iran, prompting a shift toward riskier assets. Gold rose 0.28% to USD 3,343.60, silver gained 0.38% to USD 35.86, and copper increased 0.28% to USD 9,704.30. Brent crude rebounded 1.1% to USD 67.89 after sharp recent losses, with markets weighing the ceasefire’s potential to stabilise geopolitical tensions.
Our Stance: The ASX remained largely flat on Wednesday, closing up just 3.70 points, despite positive momentum in US markets and easing inflation in Australia. CPI in May 2025 eased to 2.1%, signaling relief from rising prices, which could reduce pressure on the Reserve Bank of Australia to hike rates further. While the financial sector outperformed, the broader market showed weakness, suggesting that sectoral divergence may continue. Geopolitical risks, especially surrounding Israel and Iran, remain a concern, and investor sentiment could shift quickly if tensions escalate.
In its latest session, the S&P/ASX 200 Index edged higher by 3.70 points to close at 8,559.20. The index remains positioned above its 50-period Simple Moving Average (SMA) on the daily chart a key support level that continues to underpin the current bullish trend. Crucial support is identified near 8,507.51, a level closely watched by market participants. Maintaining price action above this threshold could help consolidate recent gains and bolster investor confidence in the index’s upward trajectory. Furthermore, the index is also trading above the 21-period SMA on the weekly chart, reinforcing the potential for sustained bullish momentum from a longer-term perspective. The alignment of technical indicators across both daily and weekly timeframes highlights the index’s resilience and supports a broadly positive outlook, despite ongoing short-term fluctuations.
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