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ASX Live Coverage: June 25 Updates
Welcome to our live updates covering the Australian Securities Exchange (ASX) for Wednesday, June 25. We’re excited to introduce this new format, featuring a high volume of pre-market posts and ongoing updates throughout the day. Be sure to refresh for the latest insights and let us know how we can enhance your experience.
Powell Highlights Patient Monetary Policy Approach
[9:08 AM] Jerome Powell delivered his semiannual testimony to Congress, echoing sentiments from last week’s interest rate decision. Key points from his address include:
- Economic Growth: The economy grew at a solid pace of 2.5% last year, although the first quarter saw a decline due to export fluctuations exacerbated by tariffs.
- Labour Market: The employment landscape is robust with an unemployment rate of 4.2%, supported by an average job gain of 124,000 monthly. Wage growth is moderating.
- Inflation Trends: While inflation exceeds the 2% target (with Personal Consumption Expenditures at 2.3% and core inflation at 2.6% as of May), the near-term expectations driven by tariffs are being monitored, with a stable long-term outlook.
- Interest Rates: Current rates are maintained at 4.25-4.50%, with decisions made based on incoming data, particularly regarding tariff impacts.
- Tariff Implications: Tariffs are anticipated to elevate prices and inhibit economic activity, although these consequences may be temporary.
Global Data Centre to Withdraw from ASX
[9:00 AM] The Global Data Centre (GDC) has requested delisting from the ASX, receiving in-principle approval under Listing Rule 17.11, contingent upon certain conditions. The company’s rationale for this decision includes:
- GDC halted new investments in digital infrastructure assets as of April 17, 2023.
- The firm has disposed of all its digital infrastructure assets, concluding with its interest in AirTrunk on December 24, 2024.
- Shareholders will receive net proceeds from these asset sales, including a distribution of $1.44 per share announced on May 29, 2025.
- Following these disposals, GDC will have only cash and cash equivalents left, limiting future investments without additional capital or a strategic shift.
- After the AirTrunk distribution, GDC intends to delist and wind up its funds as per their constitutions and relevant regulations.
Factors Influencing Stock Market Performance
[8:55 AM] Major U.S. stock indices, including the S&P 500 (+1.11%), Nasdaq (+1.43%), and Dow (+1.19%), saw gains, finishing close to session peaks. The S&P 500 is approximately 1% away from its all-time high, with the Nasdaq just 1.3% shy of its December 2023 peak.
- A tenuous ceasefire between Iran and Israel remains in place, despite Trump’s strong remarks regarding both parties following initial hostilities during the truce.
- Tariff and trade negotiations have presented challenges, as the U.S. struggles to secure agreements with critical trade partners ahead of a key deadline on July 9.
- Brent crude oil prices fell by 3.7% to US$67.70 per barrel, marking a 15% decline since peaking at US$80.34 earlier this week.
- In his congressional testimony, Powell reiterated the need for patience and a data-driven approach before making policy changes.
Morning Market Summary
[8:40 AM] S&P/ASX 200 futures opened up by 5 points (+0.05%), following a significant rally of 0.95% the previous day, which recovered losses from the preceding five days and brought the index to within 0.4% of its record highs.
For those new to the blog, be sure to catch up with today’s Morning Wrap for a comprehensive overview.
Stay tuned for further updates throughout the day as we continue to provide live insights into the ASX!
