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ASX 200 Morning Wrap – 9th July 2025
ASX 200 futures began the day slightly down, dipping by 7 points or 0.08% as of 8:30 am AEST.
Key Highlights:
- US stock markets closed relatively unchanged amid a lacklustre trading session.
- Former President Trump’s administration extended the reciprocal tariff deadline to 1 August, with expectations of new trade deals soon.
- Copper prices soared to new highs following Trump’s announcement of a 50% tariff on copper imports.
Overnight Summary:
As we move into the specifics of the overnight markets, here’s a glance at major indices at the close:
| Major Indices: | Index | Value | % Change |
|---|---|---|---|
| S&P 500 | 6,226 | -0.07% | |
| Dow Jones | 44,241 | -0.37% | |
| NASDAQ Comp | 20,418 | +0.03% | |
| Russell 2000 | 2,229 | +0.66% |
| Country Indices: | Country | Value | % Change |
|---|---|---|---|
| Canada | 26,904 | -0.43% | |
| China | 3,497 | +0.70% | |
| Germany | 24,207 | +0.55% | |
| Hong Kong | 24,148 | +1.09% | |
| India | 83,713 | +0.32% | |
| Japan | 39,689 | +0.26% | |
| United Kingdom | 8,854 | +0.54% |
| Commodities (USD): | Commodity | Value | % Change |
|---|---|---|---|
| Gold | 3,303.75 | -1.00% | |
| Copper | 5.4391 | +9.31% | |
| WTI Oil | 68.18 | +0.30% |
| Currencies: | Currency | Value | % Change |
|---|---|---|---|
| AUD/USD | 0.6528 | +0.04% |
| Cryptocurrency: | Cryptocurrency | Value | % Change |
|---|---|---|---|
| Bitcoin (USD) | 108,923 | +0.77% | |
| Ethereum (AUD) | 4,000 | +2.95% |
| Miscellaneous: | Item | Value | % Change |
|---|---|---|---|
| US 10 Yr T-bond | 4.415 | +0.46% | |
| VIX | 16.81 | -5.51% |
US Sectors Performance:
| During the latest session: | Sector | % Change |
|---|---|---|
| Energy | +2.72% | |
| Materials | +0.53% | |
| Health Care | +0.43% | |
| Information Technology | +0.39% | |
| Industrials | +0.01% | |
| Real Estate | -0.15% | |
| Communication Services | -0.53% | |
| Consumer Discretionary | -0.64% | |
| Financials | -0.90% | |
| Utilities | -1.07% | |
| Consumer Staples | -1.09% |
Overnight Market Insights:
The major US indices had a mixed performance amid a dull trading environment. Notable news includes:
- The White House announced more deals in development as the tariff deadline has shifted.
- Trump threatened to implement a staggering 200% tariff on pharmaceuticals.
- Copper hit a record high following the tariff announcement which has raised concerns over inflation.
Stock Updates:
- Amazon reported a 14% decrease in spending during Prime Day compared to the previous year.
- SpaceX’s valuation has reportedly reached about USD 400 billion.
- Tesla faced scrutiny as its board urged Musk to reduce his involvement in politics.
- ExxonMobil warned of a significant earnings dip due to lower oil prices.
Central Bank Updates:
- Potential successor for Fed Chair, Kevin Warsh, suggests lower interest rates ahead and claims tariffs are non-inflationary.
- The Reserve Bank of Australia (RBA) decided to keep the cash rate steady citing global uncertainties.
Tariff Updates:
- Trump has extended tariffs and proposes new high tariffs on various imports including pharmaceutical products.
- Trade relations remain tense, with China issuing warnings regarding any reinstated tariffs.
Economic Highlights:
- Germany’s exports have declined for the second consecutive month, signalling potential stagnation due to new tariffs.
- Chile’s copper export revenue surged, showing positive production growth.
ASX Today Overview:
Local market activities include:
- Capstone Copper received environmental approval for an important mining project.
- GQG Partners reported a rise in funds under management.
- West African Resources confirmed their gold production forecast for the year.
What to Watch:
Investors should pay attention to:
- Copper prices dramatically rising, with potential positive repercussions for local miners.
- Lithium sector signals a hopeful recovery as prices stabilise.
- Gold’s slight retreat may impact mining stocks.
Broker Moves:
Significant upgrades/downgrades include:
- A2 Milk downgraded to Neutral by Citi.
- Evolution Mining downgraded to Sell by Goldman Sachs.
Conclusion:
As the market opens today, analysts are urged to keep an eye on commodity movements, especially copper and lithium, as well as corporate earnings reports that may signal broader market trends. The unfolding trade dynamics will also play a critical role in shaping market sentiment going forward.
