ASX starts higher as tech stocks pace broad rally; Hub24 jumps 7%
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More news: Australian shares lifted at the open as tech stocks led a broad rally across the market.
The benchmark S&P/ASX 200 index was up 46.4 points, or 0.54%, to 8,616.8 at 10:30am AEST. Ten of the 11 sectoral indices were in the green.
Tech stocks led gains, adding 1.5%, as app developer Life360 surged 6.8%.
Investment platform Hub24, up 7.3%, was the best performing ASX 200 company after reporting 30% growth in funds under administration for the 2025 financial year, with record annual platform net inflows of $19.8 billion. Rival platform Netwealth, up 3.6%, was also among the best performers.
Materials was the only sectoral index in the red, dropping 0.5% as gold miners Westgold Resources (-2.1%), Vault Minerals (-1.9%) and Genesis Minerals (-1.8%) retreated. Lithium producer Pilbara Minerals (-3.3%), aluminium company Alcoa Corporation (-2.3%) and diversified miner Mineral Resources (-1.4%) also fell.
Australian shares to open higher as Wall Street shrugs off tariff threats
The news: Australian shares are poised to rise this morning after US stocks ended modestly higher, brushing off concerns following new tariff threats from US President Donald Trump.
The numbers: Updated at 7:30am AEST:
- ASX futures: up 51 points, or 0.59%, to 8,599
- Wall Street: Dow Jones up 0.20%, S&P 500 up 0.14%, and Nasdaq up 0.27%
- Europe: CAC 40 down 0.27%, DAX down 0.39%, and FTSE 100 up 0.64%
- Spot gold: down 0.36% to USD3,344 per ounce
- Oil prices: Brent down 0.19% to USD69.08/bbl, and US WTI down 2.37% to USD66.83/bbl
- AUD: down 0.47% to 65.51 US cents
- Bitcoin: down 0.20% to USD119,953.
The context: Each of the major US indices notched gains after a weekend which saw Trump announce 30% tariffs on most imports from Mexico and the European Union from 1 August if new trade deals can't be agreed.
Trump also said the US would impose 100% secondary tariffs on countries trading with Russia should President Vladimir Putin fail to agree to a ceasefire deal in the next 50 days.
Traders are also bracing for a busy week of economic data and the first results of second-quarter earnings season. The first of the big US banks are due to report on Tuesday, while monthly consumer price data will provide insights into inflation trends.
