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Index Update: The S&P/ASX 200 closed 0.32% lower on Thursday, shedding 27.80 points to finish at 8,709.40. Losses were widespread across sectors, with Industrials (-1.17%), A-REITs (-1.08%), and Consumer Discretionary (-0.70%) leading the declines. Health Care stood out as the lone sector in positive territory, gaining 1.04%. Despite the day’s decline, ASX 200 has risen 0.81% over the past five sessions and now sits just 0.76% below its 52-week high.
Macro Update: The Albanese government has officially lifted longstanding biosecurity restrictions on US beef, clearing the path for the full resumption of American beef exports to Australia. The decision, conveyed to Washington overnight on Wednesday, removes a key justification previously cited by the Trump administration for imposing punitive tariffs on Australian goods. According to a government source, the move follows scientific advice from a review process that began well before Donald Trump secured a second term as US president.
Top Market Movers: Top gainers on the ASX 200 on Thursday included PEXA Group Limited (ASX: PXA), which surged 16.53% to close at AUD 15.09, followed by Clarity Pharmaceuticals (ASX: CU6), up 10.23%, and Neuren Pharmaceuticals (ASX: NEU), which climbed 8.97%. On the downside, Bapcor Limited (ASX: BAP) plunged 28.38% to AUD 3.66, Boss Energy (ASX: BOE) slid 6.44%, and Macquarie Group (ASX: MQG) dropped 5.08%.
Commodity Update: The euro edged closer to a four-year high on Thursday amid optimism over U.S.-EU trade talks. The yen held firm as markets reacted positively to signs of easing trade tensions. Gold dipped 0.26% to USD 3,388.95, while silver fell 0.43% to USD 39.33. Copper rose slightly by 0.13% to USD 9,942.95. Brent crude gained 0.40% to USD 68.75, supported by trade optimism and a sharper-than-expected drop in U.S. crude inventories.
Our Stance: Thursday’s ASX 200 pullback reflects a broad sector rotation as investors reassess risk ahead of key global trade developments. Encouragingly, the index remains near its 52-week high, suggesting underlying strength. The Albanese government’s lifting of the US beef ban could ease trade tensions, especially with Trump’s tariff stance in focus. Meanwhile, volatility in commodities and currency markets points to cautious optimism globally. For now, markets appear to be in a wait-and-see mode, balancing sector pressures with macro tailwinds.
The S&P/ASX 200 Index faced a challenging session, closing down 27.80 points and forming a bearish candlestick pattern on higher trading volume. Despite this pullback, the index remains above its 50-period Simple Moving Average (SMA) on the daily chart, a key support level closely watched by market participants. A crucial support zone is identified near 8,600. Holding above this level could help consolidate recent gains and reinforce confidence in the index’s upward trajectory. Additionally, the index’s position above the 21-period SMA on the weekly chart indicates potential for sustained bullish momentum. The alignment of these technical signals across multiple timeframes highlights the index’s underlying resilience and supports a broadly positive outlook despite near-term volatility.
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