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Index Update: The S&P/ASX 200 slipped on Wednesday, losing 68.50 points or 0.79% to close at 8,561.80, retreating after touching a new 20-day high. Despite the pullback, the index has edged up 0.27% over the past five sessions and remains just 0.89% below its 52-week peak. Sector performance was mixed, with nine of the eleven sectors finishing lower alongside the broader index. Information Technology stood out as the day’s best performer, rising 0.90% and extending its five-day gain to 1.10%.
Macro Update: U.S. President Donald Trump announced a new tariff deal with Indonesia, agreeing to reduce tariffs on Indonesian imports to 19% in return for “full access” for American businesses, though Jakarta has yet to confirm the terms. The news rippled through markets on Wednesday, with the U.S. dollar and Treasury yields rising after U.S. inflation data signalled the tariffs’ growing impact on consumer prices, particularly for imports like coffee and home furnishings. The uptick in inflation has also fueled bets that the Federal Reserve may delay interest rate cuts.
Top Market Movers: Nuix Limited (ASX: NXL) surged 7.58% to AUD 2.27, leading gains on Wednesday, followed by Lifestyle Communities (ASX: LIC) up 6.49% at AUD 4.76, and Megaport (ASX: MP1) rising 6.28% to AUD 14.05. On the downside, Newmont Corporation (ASX: NEM) dropped 5.73% to AUD 87.70, while Imdex (ASX: IMD) slid 4.02% to AUD 2.63, and Genesis Minerals (ASX: GMD) fell 3.56% to AUD 4.06.
Commodity Update: On Wednesday, the U.S. dollar and Treasury yields rose, pressuring the yen as U.S. inflation data showed the impact of the tariff. Gold dipped 0.01% to USD 3335.40, silver fell 0.12% to USD 38.06, and copper eased 0.01% to USD 9639.00. Brent crude, however, climbed 0.42% to USD 69.00, driven by expectations of stable demand in the U.S. and China amidst an improving economic outlook.
Our Stance: The S&P/ASX 200 slipped 0.79% on Wednesday despite recent highs, as global uncertainty casts a shadow. Trump’s new tariff deal with Indonesia and rising U.S. inflation are fueling a stronger dollar and higher Treasury yields, sparking concerns over delayed Fed rate cuts. While tech stocks like Nuix Limited shone, broad sector losses signalled caution. Commodities showed mixed moves, with Brent crude rising but metals edging lower. Overall, the ASX remains resilient but faces headwinds from geopolitical shifts and inflation pressures. Investors should stay flexible, balancing opportunities in outperforming sectors with the potential for volatility ahead.
The S&P/ASX 200 index faced a challenging trading session, closing down 68.50 points. This decline, marked by the formation of a bearish candlestick pattern and elevated trading volume. Despite this pullback, the index remains above its 50-period Simple Moving Average (SMA) on the daily chart a critical dynamic support level. Notably, key support is established near 8,430.50, a level closely watched by market participants. Maintaining levels above this threshold could help consolidate recent gains and reinforce confidence in the index’s upward trend. Furthermore, the index’s position above the 21-period SMA on the weekly chart highlights the potential for sustained bullish momentum. The alignment of these technical indicators across both daily and weekly timeframes underscores the index’s resilience and supports an overall positive outlook, despite short-term volatility.
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