PM 15 Jul 26: BHP buoys ASX
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What is the main topic discussed in this episode?
A listener production.
What helped the Aussie market bounce back on Wednesday despite losses across most sectors?
And what did the latest data from Australia's largest trading partner show today?
Good afternoon, I'm Steve Daglin.
I'm Laura Bezzerati.
It's Wednesday the 15th of July. Welcome to the CommSec Market Update.
Well, not a bad performance for the Aussie market today. As we head into the close, we are lifting by roughly a quarter of 1%. Now, that doesn't seem like much, but if you cast your mind back to yesterday, the Aussie market actually ended completely flat. We weren't up or down by a single point. So we're at... zero. The day before that, we were up by two and a half points. So the Aussie market's been treading water for the past couple of days. So I guess a quarter point improvement is quite impressive, you might say.
Maybe impressive is a strong word, but at least we'll take it, right? I mean, we were up about three quarters of a percent at one stage this morning and then markets have kind of lost momentum gradually, but we'll take a quarter of a percent lift certainly. But I think what we've seen so far this week and what the movements are telling us is that the market is not super keen to commit in one direction only. or another at the moment. I think markets are very much in wait and see mode and it has varied from one sector to the next. So we've had energy, mining and retail stocks so far this week among the standouts, but the gains have been offset by losses elsewhere.
Yeah, they certainly have.
What was the overall performance of the Australian share market on 15 July?
And if you look at today's session, right now anyway, we did have more sectors up earlier on in the day. But at the moment, as we head into the close, it looks like only a few of them are posting substantial improvements. So that's the materials sector, which is up by 1.7%. All the others are really only up by between a tenth of 1% or a fifth of 1%. So very small moves higher for those sectors that are lifting. We are seeing financials up by around a fifth of 1%, which is certainly helpful, a little bit at least, given that it is our largest sector. But telcos are down over 1%. We are seeing falls higher. for energy, which have had a good start to the week on the back of higher oil prices, but they're down today.
Consumer staples also down by around 0.6%. Yeah.
And looking at the banks, I mean, Macquarie is actually leading the way there, lifting in the order of 2%. It also hit a record high today. So it is certainly outperforming the other banks as far as the share market performance is concerned in the 2026 calendar year. But also something else that received attention today was plenty of data out of China, which came in a couple of hours into the day.
Yeah, there certainly was all eyes on China's data, which came out a little after lunchtime. But before we get to that, it should be mentioned that, of course, we did have a strong lead in from last night's session in the United States. So we had a strong start to US earnings season last night, which propelled US markets higher. On top of that, US inflation data came out. We've been talking about this for a couple of days and it came in cooler than expected. So it certainly was a big miss in terms of what many analysts were expecting. So before the data came out, there was about a 40% chance of a July rate hike. So in just a couple of weeks time, now that's sitting at just a 16% chance. And a rate hike is not fully priced in until December.
So right the final month of this year, and that's pushed out from September before the data. But they did say, you know, one soft read isn't enough to completely take a rate hike off the table. And of course, upcoming data, including tonight's producer prices, could certainly change. change the trajectory for what markets are expecting in terms of interest rates in the United States for the remainder of this year. But you did mention China data. It's been a busy day. The focus was certainly on the economic growth figure or GDP. and the slowdown was even steeper than expected.
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