ASX opens higher amid broad rally; lithium miners drag
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More news: Australian shares rallied at the open, tracking gains on Wall Street overnight, as 10 of the 11 sectoral indices climbed into the green.
The benchmark S&P/ASX 200 index was up 46.1 points, or 0.54%, to 8,607.9 at 10:30am AEST.
Biotech company Clarity Pharmaceuticals was the best performing ASX 200 stock, jumping 9.1%, after announcing the recruitment of participants for a study of its prostate cancer diagnostic product.
Critical minerals producer Iluka Resources rose 5.1%, extending gains from Wednesday after US rival MP Materials announced a $765 million partnership with Apple. However, fellow rare earths miner Lynas was one of the worst performers, dropping 1.6%.
Meanwhile, lithium miners Liontown Resources (-3.6%), Pilbara Minerals (-2.9%) and IGO (-2.7%) were the three worst performing companies across the ASX 200.
Online car marketplace CAR Group fell 1.5% after announcing the resignation of CEO Cameron McIntyre. Gold producer Evolution Mining also shed 1.5% after analysts cut their ratings following weaker-than-expected FY26 cost guidance.
Australian shares to rise as Wall St lifts after Trump denies plan to sack Fed chair
The news: Australian shares are set climb at the open after Wall Street stocks recovered from an early slump to close higher overnight.
The numbers: Updated at 7:30am AEST:
- ASX futures: up 53 points, or 0.62%, to 8,588
- Wall Street: Dow Jones up 0.53%, S&P 500 up 0.32%, and Nasdaq up 0.25%
- Europe: CAC 40 down 0.57%, DAX down 0.21%, and FTSE 100 down 0.13%
- Spot gold: up 0.68% to USD3,347 per ounce
- Oil prices: Brent up 0.28% to USD68.71/bbl, and US WTI up 0.17% to USD66.63/bbl
- AUD: up 0.19% to 65.24 US cents
- Bitcoin: down 0.09% to USD119,871.
The context: US stocks rebounded mid-way through trading after President Donald Trump dismissed earlier reports that claimed he was planning to fire Federal Reserve chair Jerome Powell.
The reports had triggered a drop in stocks, with the benchmark S&P 500 and Nasdaq tumbling 1%, while the US dollar plunged and Treasury yields rose. However, the stocks bounced back and the tech-heavy Nasdaq posted a fifth record high in the last six sessions.
Meanwhile, on the second day of second-quarter earnings season, Johnson & Johnson shares jumped 6.2% after beating market forecasts. Across the big banks, Goldman Sachs (0.9%) rose after posting a 22% jump in quarterly profit, while Morgan Stanley (-1.3%) and Bank of America (-0.3%) both lowered despite topping estimates.
