Banks drag on ASX as Westpac slides 4%, while Sunrise Energy Metals jumps 13% on Pentagon funding plan
AI Market Summary
Australian equities opened lower as banks led declines after Westpac flagged a 20% drop in home loans post-budget despite higher quarterly profit, reinforcing domestic credit headwinds. Offsetting risk, materials outperformed on firmer commodities, while gold strengthened above US$4300/oz, lifting miners. Energy equities slipped even as crude held elevated levels amid Middle East shipping and refinery risks. Wall Street remained supported by mega-cap tech, with rates sensitivity rising ahead of CPI.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+1.50%
AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
Trade now
⚠️ AI-generated insights are based on news content and are provided for informational purposes only. They do not constitute investment advice or represent the views of BingX. Investing involves risk. Please trade responsibly.
Australia’s second-largest mortgage lender reported an unaudited June-quarter net profit of $1.8 billion, up 3% on the quarterly average for the March half, but bank stocks weighed on the ASX. Mining shares outperformed, led by Sunrise Energy Metals, which surged 13% after the Pentagon was revealed to be planning an investment of more than $500 million in its New South Wales scandium project to expand critical minerals supply. West Texas Intermediate crude was trading near $US79 a barrel.
