🇦🇺 Australia market recap
Cautious2026-07-07😱 Greed-leaning; driven by US tech rally and oil supply easing, but housing price drop fears persist.
ASX gained 1.37% on Friday, buoyed by tech and gold miners, while PEXA plunged 20% after IPART cut its parking fee outlook 📈📉🇦🇺. Market sentiment is cautiously optimistic amid US tech rally and easing oil supply fears, though housing price declines loom.
Big news
📰 ASX 200 closes up 1.37% at 8,844 points on Friday, July 3
Broad market gain; gold miners and tech stocks led, offsetting miner weakness.
📰 PEXA Group shares drop 20% after IPART draft report cuts parking fee outlook
Major negative for parking sector; PEXA closes at $8.54, down 21.29%.
📰 Catalyst Metals surges 19.18% to $6.09, Genesis Minerals up 16.70% to $6.29
Gold mining sector rally; Northern Star Resources also rose 11.75% to $22.16.
📰 US tech stocks rally: Nasdaq climbs 1.1%, chip stocks lead with SOX up 87.8%
Positive sentiment for ASX tech; AI-driven earnings season expected to boost Q2.
📰 NAB forecasts 2% drop in Australian housing prices, returning to six-month levels
Negative for real estate and consumer discretionary sectors; property sentiment weakens.
📰 Trump hints at peace deal with Iran, easing Strait of Hormuz tensions
Reduces geopolitical risk; defense stocks rose 1.3% as Ukraine war persists.
Sector stance
Gold miners rally; Catalyst Metals, Genesis Minerals, Northern Star Resources standout.
US tech rally lifts ASX tech; AI earnings season expected to boost Q2.
Easing oil supply pressures; Fortescue down 3.16%, but energy stocks gained.
Stable performance; healthcare stocks gained despite European sector drag.
Banks slip; PEXA plunge and housing price drop fears weigh on sentiment.
Woolworths, Coles tumble; retail pullback and housing price drop fears.
Mixed performance; some staples gained while retailers pulled back.
NAB forecasts 2% price drop; property sentiment weakens significantly.
Drag in Europe; ASX utilities stable but no major catalysts.
Mixed; defense stocks rose 1.3% amid Ukraine war persistence.
Stable; no major moves or catalysts in ASX communication sector.
Outlook
ASX likely to steady with futures flat, buoyed by US tech rally and easing geopolitical risks. Investors should overweight gold miners and tech, underweight real estate and consumer discretionary. Watch for Q2 earnings season and housing price data.