ASX 200 Logs Second Straight Weekly Rise, Up 3.2%

The ASX 200 eased 0.1% to close at 9,264 on Friday, snapping a five-session run of gains as traders booked profits after the index hit fresh highs twice this week. Weaker U.S. stock futures also weighed on sentiment amid geopolitical headwinds following reports that Iran may move to restrict “hostile” vessels in the Strait of Hormuz. Commercial services, healthcare, tech, and financials slipped, offset by resilience in non-energy minerals and manufacturing. The big four banks fell between 1.0% and 1.6%, while other notable laggards included Fortescue (-2.3%) and Qantas (-1.1%). Still, markets posted a second successive weekly gain, up 3.2%, boosted by steady buying and a rebound in Australia's June exports. In top trading partner China, exports and imports continued to rise at double-digit rates in July, though both eased from June’s pace. Traders now await next week’s Reserve Bank interest rate decision as slowing activity and sticky costs persist despite three hikes this year.

Australian stocks fell 38 points, or 0.4%, to 9,234 on Friday morning trading, snapping gains in the prior five sessions as traders booked profits after markets recently hit record highs. U.S. equity futures also weakened after Wall Street’s overnight losses, weighed by geopolitical tensions that lifted oil prices and revived inflation worries, fueling bets of further Fed hikes. Caution emerged ahead of July trade data in top trading partner China later today. Locally, the Reserve Bank will hold a policy meeting next week against a backdrop of slowing activity and sticky cost pressures despite three hikes this year. Commercial services, healthcare, and industrials weighed, partly offset by gains in energy minerals and utilities. Heavyweights BHP (-0.4%) and Rio Tinto (-0.7%) eased after reports that they were called to a critical-minerals meeting with President Trump. Still, markets remain up 2.9% so far this week, lifted by persistent buying and a rebound in Australia's June exports.

The ASX 200 advanced 44 points, or 0.5%, to finish at a new peak of 9,272 on Thursday, extending its winning streak to four sessions. Momentum was underpinned by a surprise June trade surplus in Australia, driven by a rebound in exports, alongside fresh inflows at the start of the financial year and confirmed gains in building permits. U.S. stock futures also firmed on optimism that a U.S.-Iran peace deal could end the five-month conflict and reopen the Strait of Hormuz. Glencore added to the corporate headlines, unveiling plans for a secondary Australian listing in October. However, traders kept a cautious eye on July trade data in top trading partner China, due Friday. Sector strength was broad, led by non-energy minerals, consumer services, and consumer names. Evolution Mining rose 3.8%, Northern Star Resources 3.3%, and ASX Ltd. 2.1%, while three of the big four banks rose between 0.3% and 0.9%. Offsetting moves included Woodside Energy (- 0.2%) and Wisetech Global (-1.5%).