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Index Update: The S&P/ASX 200 fell 52.10 points, or 0.61%, to close at 8,538.60 on Wednesday, slipping below its 20-day moving average. The index has lost 0.69% over the past five days and sits 1.16% beneath its 52-week high. The market opened weaker, pressured mainly by sharp declines in metals and mining stocks, especially gold miners. A stronger US dollar, fresh US tariffs effective today, and softening commodity prices fueled sector-wide caution. Seven of the eleven sectors ended lower alongside the broader index. Utilities bucked the trend, rising 1.06% on the day and 3.08% over the last five sessions.
Macro Update: U.S. President Donald Trump on Tuesday confirmed that a series of new tariff letters will be issued “today, tomorrow, and for the next short period,” with the fresh levies set to take effect from 01 August 2025, without delay. The announcement follows his Monday threat to impose higher tariffs on over a dozen countries, though he hinted at potential flexibility to negotiate deals before the deadline. Trump also accused the BRICS bloc of being designed to “hurt” the U.S. and “degenerate” the dollar, warning that its member nations would face a 10% tariff under the new trade measures.
Top Market Movers: Liontown Resources Limited (ASX: LTR) surged 5.633% to close at AUD 0.750, leading the top gainers alongside Telix Pharmaceuticals Limited (ASX: TLX), which rose 5.615% to AUD 25.390, and Clarity Pharmaceuticals Ltd (ASX: CU6), up 4.924% at AUD 2.770. Among the biggest losers, Lifestyle Communities Limited (ASX: LIC) plunged 37.216% to AUD 4.420, while Paladin Energy Ltd (ASX: PDN) fell 8.269% to AUD 7.100, and Boss Energy Ltd (ASX: BOE) slid 7.576% to AUD 3.660.
Commodity Update: The dollar strengthened for a third straight session against the yen after U.S. President Trump announced 25% tariffs on Japan and hinted at more trade actions. Gold declined 0.52% to USD 3,299.70, while silver rose slightly by 0.03% to USD 36.76. Copper slipped 1.01% to USD 9,703.55. Brent crude fell 0.30% to USD 69.91 amid rising U.S. crude inventories and investor caution ahead of further trade announcements.
Our Stance: The S&P/ASX 200 retreated 0.61% to 8,538.60, amid Trump’s tariff threats and a stronger U.S. dollar. Seven sectors declined, though Utilities showed resilience. Volatile commodity prices added to uncertainty, with gold falling and copper sliding further. Trump’s tariff escalation, coupled with rhetoric against BRICS, risks heightening global trade tensions. Market participants should brace for increased volatility and adopt selective exposure, particularly in defensive sectors, while monitoring macro developments closely
The S&P/ASX 200 Index endured a challenging session, closing down 52.10 points and forming a bearish candlestick pattern amid higher trading volume. Despite this pullback, the index continues to trade above its 50-period Simple Moving Average (SMA) on the daily chart a critical support level. Notably, key support is identified near 8,420.50, a level closely monitored by market participants. Holding above this threshold 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 signals the potential for sustained bullish momentum. The alignment of these technical indicators across timeframes underscores the index’s resilience and supports a broadly positive outlook despite short-term volatility.
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