Daily Market Reports | 8:29 AM
This story features MACQUARIE TECHNOLOGY GROUP LIMITED, and other companies. For more info SHARE ANALYSIS: MAQ
The company is included in ASX200, ASX300, ALL-ORDS and ALL-TECH
A possible US-EU tariff deal (framework) boosted sentiment stateside with US markets recovering to stage positive gains ahead of Tuesday’s June CPI print.
After a lacklustre day for the ASX200 on Monday, futures are pointing to an upbeat start for Tuesday.
| World Overnight | |||
| SPI Overnight | 8601.00 | + 53.00 | 0.62% |
| S&P ASX 200 | 8570.40 | – 9.70 | – 0.11% |
| S&P500 | 6268.56 | + 8.81 | 0.14% |
| Nasdaq Comp | 20640.33 | + 54.80 | 0.27% |
| DJIA | 44459.65 | + 88.14 | 0.20% |
| S&P500 VIX | 17.20 | + 0.80 | 4.88% |
| US 10-year yield | 4.43 | + 0.00 | 0.09% |
| USD Index | 97.79 | + 0.26 | 0.27% |
| FTSE100 | 8998.06 | + 56.94 | 0.64% |
| DAX30 | 24160.64 | – 94.67 | – 0.39% |
Good Morning,
NAB Markets Today Research extract
After the weekend news of US letters threatening 30% tariffs on the EU and Mexico, and in keeping with a strategy of confusion which includes chaotic messages and at times contradiction, President Trump told reporters he is always open to talk with trading partners, including the EU. He added “they’re coming over, they’d like to talk”. Somewhat contradictory, he also said “the letters are the deals, the deals are made, there are no deals to make”.
Responding to the weekend news, Maro Sefcovic, the EU trade commissioner, said a tariff of 30% or more would “practically prohibit” transatlantic trade. Although more encouragingly he also added that “the feeling on our side was that we are very close to an agreement.”
Equity market reaction to the weekend tariff news and commentary thereafter has been very muted. US equity futures traded lower at the open on Monday during our time zone but then recovered during the US trading session overnight. The S&P500 ended Monday up 0.14% while the Nasdaq gained 0.27%. Earlier in the session regional European indices were mixed with modest moves while the broader EuroStoxx600 eased by -0.06%.
In a similar subdued pattern, possibly a sign of summertime trading, US Treasury yields edged higher overnight climbing between 1 and 2bps. Short-end pricing remains anchored by expectations of two Fed cuts this year, with markets still betting on a Trump-appointed Fed chair in 2026 who’ll be more dovish. But that narrative could shift if tonight’s CPI surprises to the upside. June CPI is out today, where the consensus is centred on 0.3% for the (ex-food and energy) core.
In the UK, BoE Governor Bailey hinted at deeper rate cuts if the labour market deteriorates further. Gilts rallied, with the 2-year yield falling -4bps to 3.81%. Markets are now pricing in nearly -60bps of cuts by year-end. That said, the biggest move in rates has been seen in Japan’s market, with increasing nerves ahead of the 20 July Upper House elections.
The leading LDP’s grip on power looks precarious and the market is worried about a ramp up in government spending, adding pressure to already worrisome fiscal accounts. Japan’s JGB yield rose 6bps to 1.58%. The 40-year rate rose as much as 18bps before closing up 8bps. Curve steepening has been a big theme in Japan.
Moving on to currencies, the USD was broadly stronger overnight (DXY and BBDXY +0.26%), with NZD and AUD underperforming.
In other news, Trump also upped the ante on Russia, threatening 100% secondary tariffs on countries trading with Moscow, while pledging NATO-funded weapons for Ukraine.
ANZ Bank Australian Morning Focus, Commodities extract
Crude oil prices fell after the US President said he saw a Senate sanctions bill on Russia as not necessary. Instead, Trump announced a 50-day period for a deal, otherwise secondary sanctions would be implemented. That could include sanctions on buyers of Russian oil, like the secondary tariffs of 25% to the US imports of any countries buying Venezuelan oil that Trump announced in March.
The pause eased concerns that direct sanctions on Russia could disrupt crude oil flows. Sentiment was also weighed down by rising trade tensions. Trump threatened 30% tariffs on goods from the European Union and Mexico over the weekend. This raised concerns energy demand would deteriorate just as OPEC supply picks up following the groups decision to accelerate the unwinding of its 2.2mb/d production cuts.
Even so, demand appears to be holding. China’s crude oil imports rose 1.4% YoY to 49.9mt in June, the second highest this year. Better refinery run rates supported these gains. Refined oil exports were also strong in June.
European gas futures stabilised after five days of gains, as traders monitored rising cooling demand in Asia due to extreme heat. The weather conditions are threatening to boost gas demand and divert LNG cargoes away from Europe. This was heightened after it was reported an LNG tanker from Qatar was redirected from Europe to Asia this week. European gas prices were also weighed down by weaker oil prices amid a risk off tone across markets.
North Asian LNG prices were also steady, supported by data showing robust Chinese demand. Imports of LNG in June rose 1% YoY to 10.55mt.
Copper eased lower as renewed trade tensions raised concerns over weaker demand. This was exacerbated by imminent US tariffs that all but end the race to ship metal to US. Inventory data from the LME showed requests to withdraw copper from its warehouses fell by -25,100t, the biggest decline since March 2019. Trump’s plan to impose a 50% levy on copper imports by 1 August means traders have run out of time to seek arbitrage profits by sending metal from Europe and Asia to the US.
Spot copper on the LME traded about -US$62/t lower than the three-month futures, compared with a premium of almost US$320/t on 26 June. the losses were limited by data showing robust demand in China. Copper imports were up, with unwrought copper reaching 460kt backed by solid demand and falling inventories. Still, weaker import arbitrage could slow future inflows. Concentrate imports held steady at 2.35mt, with 1H2025 growth of 6.4%.
Iron ore futures gained amid signs of stronger demand. China’s imports of iron ore hit 106mt in June, up 1% YoY. Strong steel production, healthy mill margins, and low steel inventories appear to have motivated mills to restock raw materials.
Iron ore port inventories continued to retreat, falling to 130mt. Monthly steel exports have also been strong, averaging above 10mt for the last four months. Exporters have been rushing shipments ahead of expected tariff hikes. However, the gains were limited by concerns that authorities will continue to curb steel capacity.
Gold edged lower as a stronger USD weighed on investor appetite.
Corporate news in Australia
-Macquarie Technology’s ((MAQ)) data centre secured a $240m land option in Sydney for a future 150MW campus build with construction in a few years.
-Nine Entertainment ((NEC)) is boosting hiring for Stan to develop its Premier League streaming service before the August 16 start.
-Humm Group ((HUM)) has delayed due diligence access for Andrew Abercrombie’s $286m bid.
-Droneshield ((DRO)) is investing -$13m in its Sydney site to scale up post major contract wins.
On the calendar today:
-AU WBC Consumer Confidence
-CH June Qtr GDP
-CH June retail sales
-EZ July ZEW, May Industrial Prod’n
-US June CPI
-EVOLUTION MINING LIMITED ((EVN)) Qtrly report
-HUB24 LIMITED ((HUB)) Qtrly Report
-METCASH LIMITED ((MTS)) ex-div 9.50c (100%)
FNArena’s four-weekly calendar: https://fnarena.com/index.php/financial-news/calendar/
| Spot Metals,Minerals & Energy Futures | |||
| Gold (oz) | 3350.10 | – 13.90 | – 0.41% |
| Silver (oz) | 38.41 | – 0.55 | – 1.41% |
| Copper (lb) | 5.53 | – 0.07 | – 1.32% |
| Aluminium (lb) | 0.00 | 0.00 | 0.00% |
| Nickel (lb) | 6.75 | – 0.03 | – 0.47% |
| Zinc (lb) | 1.24 | – 0.00 | – 0.36% |
| West Texas Crude | 66.88 | – 1.57 | – 2.29% |
| Brent Crude | 69.13 | – 1.23 | – 1.75% |
| Iron Ore (t) | 96.76 | + 0.05 | 0.05% |
The Australian share market over the past thirty days
| Index | 14 Jul 2025 | Week To Date | Month To Date (Jul) | Quarter To Date (Jul-Sep) | Year To Date (2025) |
|---|---|---|---|---|---|
| S&P ASX 200 (ex-div) | 8570.40 | -0.11% | 0.33% | 0.33% | 5.04% |
| BROKER RECOMMENDATION CHANGES PAST THREE TRADING DAYS | |||
| BKW | Brickworks | Downgrade to Neutral from Buy | UBS |
| CHC | Charter Hall | Downgrade to Underperform from Neutral | Macquarie |
| CIP | Centuria Industrial REIT | Downgrade to Neutral from Outperform | Macquarie |
| CLW | Charter Hall Long WALE REIT | Downgrade to Underperform from Neutral | Macquarie |
| CNI | Centuria Capital | Downgrade to Neutral from Outperform | Macquarie |
| CPU | Computershare | Downgrade to Underweight from Equal-weight | Morgan Stanley |
| CQR | Charter Hall Retail REIT | Downgrade to Underperform from Neutral | Macquarie |
| EVN | Evolution Mining | Upgrade to Hold from Trim | Morgans |
| GMG | Goodman Group | Downgrade to Neutral from Outperform | Macquarie |
| GOZ | Growthpoint Properties Australia | Downgrade to Neutral from Outperform | Macquarie |
| ILU | Iluka Resources | Downgrade to Accumulate from Buy | Ord Minnett |
| JIN | Jumbo Interactive | Downgrade to Neutral from Buy | Citi |
| LIC | Lifestyle Communities | Downgrade to Neutral from Buy | Citi |
| Downgrade to Hold from Accumulate | Ord Minnett | ||
| NEM | Newmont Corp | Downgrade to Accumulate from Buy | Morgans |
| PTM | Platinum Asset Management | Upgrade to Buy from Hold | Bell Potter |
| RGN | Region Group | Upgrade to Neutral from Underperform | Macquarie |
| RRL | Regis Resources | Upgrade to Accumulate from Hold | Morgans |
| SCG | Scentre Group | Downgrade to Underperform from Neutral | Macquarie |
| VCX | Vicinity Centres | Downgrade to Underperform from Neutral | Macquarie |
For more detail go to FNArena’s Australian Broker Call Report, which is updated each morning, Mon-Fri.
All overnight and intraday prices, average prices, currency conversions and charts for stock indices, currencies, commodities, bonds, VIX and more available on the FNArena website. Click here. (Subscribers can access prices on the website.)
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CHARTS
For more info SHARE ANALYSIS: DRO - DRONESHIELD LIMITED
For more info SHARE ANALYSIS: EVN - EVOLUTION MINING LIMITED
For more info SHARE ANALYSIS: HUB - HUB24 LIMITED
For more info SHARE ANALYSIS: HUM - HUMM GROUP LIMITED
For more info SHARE ANALYSIS: MAQ - MACQUARIE TECHNOLOGY GROUP LIMITED
For more info SHARE ANALYSIS: MTS - METCASH LIMITED
For more info SHARE ANALYSIS: NEC - NINE ENTERTAINMENT CO. HOLDINGS LIMITED