End of Day Report – Wednesday 30 July: ASX up 52, banks lead | CPI comes in better than expected

The ASX 200 rose 52 points to near record highs of 8756 (0.6%) after a benign CPI ensured we should get a rate cut in August. Familiar story, Banks firm with CBA up 1.6% and the Big Bank Basket up to $279.88 (+1.4%). MQG rose0.8 % with financials firm, as insurers rose surprisingly as yields slipped. QBE up 0.8% and SUN up 0.8%. GQG still feeling unloved. REIT boosted by lower rates with SGP up 2.2% and VCX rising 1.7%. Industrials too firm, BXB up 1.9% with JBH doing well as retail firmed, WOW and COL also better by around 2%. Tech mixed. In resources, gold miners were a mixed bag, EVN up 1.4% with PNR rising 1.9% and GMD up 0.8%. Iron ore stocks mixed, FMG better. RIO results after hours, down 1%. Lithium mixed as PLS had a good quarterly up 3.0% but IGO punished on a negative update, down 7.2%. Oil and gas stocks eased, uranium stocks mixed, BOE recovering 3.6%. 

In corporate news today, plenty of quarterlies, APX crushed on AI uncertainty, MIN rose 2.3% as it met its FY guidance. PNV rose 7.8% after earnings report.

In economic news, CPI came in benign at 2.7% for core, hopes rose for a rate cut on 12th August. 

Asian markets mixed, Japan down 0.1%, China up 0.4% and HK down 0.6%. 

European market opening slightly higher. Waiting for Fed, tariff news and tech results. US futures slightly higher. 

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