Source: Kapitales ResearchHeadline

• ASX 200 futures point to a flat open, slipping 2 points (-0.02%), despite another positive session on Wall Street led by strength across technology and banking stocks.
• US markets closed higher, with the S&P 500 rising 0.81%, the Nasdaq gaining 1.30%, and the Dow Jones advancing 0.27% as semiconductor shares rebounded on strong company-specific news.
• Commodity markets strengthened, with copper climbing 2.32% to US$6.19/lb and gold rising 1.19% to US$4,123.76/oz, while WTI crude oil declined 1.96% to US$72.08/bbl as geopolitical concerns eased.
• Micron remained in focus after lifting its US semiconductor investment plan by US$50 billion to US$250 billion, while SK Hynix's US IPO was reported to be more than seven times oversubscribed ahead of its expected pricing.

Global Markets Overview

Global equity markets delivered a broadly positive performance, supported by strong gains across US technology and Asia-Pacific equities. The Nasdaq Composite led the advances, rising 1.30% to 26,207.00, while the S&P 500 gained 0.81% to 7,544.00 and the Dow Jones added 0.27% to 52,487.00. European markets weakened slightly, with the FTSE 100 declining 0.16%. Canada's S&P/TSX Composite rose 0.76%. In the Asia-Pacific region, Japan's Nikkei 225 advanced 1.38%, leading regional gains. Meanwhile, India's benchmark index gained 0.31%, reflecting resilient domestic market sentiment, while New Zealand's NZX 50 climbed 0.88%, extending gains amid improving investor confidence.Commodities & Crypto

Commodity markets delivered a broadly positive performance overnight. Copper gained 2.32% on improved sentiment toward industrial metals, while silver surged 3.09%, supported by strong investor demand for precious metals. Gold also advanced 1.19%, extending gains amid continued safe-haven buying. WTI crude oil declined 1.96%, reflecting softer sentiment across energy markets. Uranium prices strengthened, rising 1.76%, indicating continued resilience in the nuclear fuel market. Meanwhile, Bitcoin gained 1.53% as renewed buying interest supported the cryptocurrency market.Bond Yields

Global government bond yields moved higher as investors continued to assess the outlook for interest rates amid expectations that major central banks will maintain a restrictive monetary policy stance. Australia's 10-year government bond yield rose 0.009 bps to 4.892%, reflecting expectations of elevated domestic borrowing costs. Japan's 10-year government bond yield was unchanged at 2.878%, remaining elevated amid expectations of continued policy normalisation by the Bank of Japan. US Treasury yields also advanced, with the 10-year yield rising 0.015 bps to 4.554% and the 30-year yield gaining 0.016 bps to 5.069%, indicating that investors continue to expect borrowing costs to remain elevated over the longer term.Key Drivers

• US markets finished higher, with the S&P 500 up 0.81%, the Nasdaq gaining 1.30% and the Dow Jones rising 0.27%, as semiconductor stocks rebounded and buying broadened into financials, communication services and industrials.
• Oil prices retreated, with Brent falling around 4% to approximately US$71.80 a barrel, although prices remained 5.6% higher over the past three sessions as investors continued to monitor developments around the Strait of Hormuz.
• Micron rallied 4.5% after expanding its US semiconductor investment plan to US$250 billion and announcing a US$3 billion supply investment, helping drive a broad-based recovery across chip stocks.
• SK Hynix remained in focus after its US listing was reported to be more than seven times oversubscribed, with the IPO expected to raise around US$26.5 billion.
• US Central Command said it struck about 90 Iranian military targets, while shipping through the Strait of Hormuz remained heavily disrupted, keeping geopolitical and energy market risks firmly in focus.
• Federal Reserve officials reiterated that monetary policy will remain data dependent, while policymakers in Japan, South Korea and China also highlighted inflation risks and their respective policy outlooks.
• US initial jobless claims fell to 215,000, below expectations of 218,000 and the lowest level since late May, signalling continued resilience in the US labour market despite softer housing data.
• Morgan Stanley expects global mergers and acquisitions to reach around US$6.4 trillion this year, potentially surpassing the previous record set in 2021.

 ASX Company News

• Love Group Global Limited (ASX: LVE): Love Group reported record FY26 net operating cash flow of AU$9,74,000, representing a 49% increase from AU$6,54,000 in FY25, driven by disciplined cost optimisation across marketing, research and development, and operations. The company closed the June quarter with net operating cash flow of AU$3,48,000 and a cash balance of AU$2.239 million, while quarterly customer cash receipts increased 11% quarter-on-quarter to AU$9,77,000. Looking ahead, Love Group plans to accelerate growth by scaling its personal matchmaking business across Hong Kong and Singapore through optimised marketing initiatives while evaluating expansion opportunities into new markets including the United States and the United Kingdom.
• Variscan Mines Limited (ASX: VAR): Variscan is set to commence its maiden diamond drilling programme at the Guajaraz zinc-polymetallic project in central Spain, comprising five priority drill holes for approximately 1,430 metres targeting deeper carbonate-hosted zinc mineralisation and untested parallel structures. The campaign follows geological mapping, geochemical sampling and Deep Ground Penetrating Radar surveys that identified multiple high-priority zinc, lead, silver and copper targets. In addition to advancing exploration across the Guajaraz project, the programme satisfies the operational requirements necessary to apply for a three-year extension of the Guajaraz tenement while complementing ongoing underground and surface drilling activities at the company's flagship Novales-Udías zinc project.
• NEXTDC Limited (ASX: NXT): NEXTDC secured binding commitments for new senior debt facilities totalling AU$2.3 billion, an increase of AU$500 million from the AU$1.8 billion announced in May 2026, reflecting continued support from a broad syndicate of domestic and international lenders. Upon financial close, the company's total available senior debt facilities will increase to AU$8.7 billion from AU$6.4 billion, further strengthening its capital structure following recent equity, hybrid securities and wholesale note raisings. The additional funding will primarily support capital expenditure associated with recently secured customer contracts, ongoing data centre developments and broader corporate funding requirements, reinforcing NEXTDC's long-term infrastructure expansion strategy.

 Stocks trading ex-dividend today:

• Dominion Income Trust (ASX: DN1) – $0.598

Key Economic Drivers (What to Watch Today)

•  US Initial Jobless Claims: Fell to 2,15,000 for the week ended 4 July, below expectations of 218,000 and the lowest level since late May, signalling continued resilience in the US labour market.
• US Existing Home Sales: Declined 2.4% month-on-month in June to a seasonally adjusted annualised pace of 4.9 million, highlighting softer housing market activity.

Summary 

•  ASX 200 futures point to a flat start despite stronger gains across US equity markets, with technology and semiconductor stocks leading another positive session on Wall Street.
• Copper, gold, silver and uranium all advanced overnight, supporting the outlook for Australian resource stocks, while WTI crude oil weakened as energy markets eased from recent highs.
• Micron's expanded US$250 billion semiconductor investment plan and strong demand for SK Hynix's upcoming US IPO reinforced positive sentiment across the global semiconductor sector.
• Bitcoin gained 1.53% as buying interest returned to digital assets alongside broader strength across commodity markets.
• Higher global bond yields and continued data-dependent guidance from major central banks suggest investors remain focused on the outlook for interest rates and monetary policy.
• Investors will continue to monitor US labour market and housing data together with commodity price movements for further clues on global economic conditions and resource sector sentiment.

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