Friday 7th August 2026
Daily Market Update: 7 August 2026
Australian shares hit fresh record as Hormuz hopes lift sentiment
The Australian sharemarket rose on Thursday, with hopes of a US-Iran deal to reopen the Strait of Hormuz sending the exchange to a second record high for the week as local earnings results continued to trickle in. The S&P/ASX 200 closed at a record high for a second day in a row, climbing 43.8 points or 0.5 per cent to finish at 9271.6, having traded as high as 9296 points before gains cooled slightly. Eight of the 11 sectors finished higher. The exchange rallied despite a mixed session on Wall Street overnight, with a sell-off in technology shares offset by news that Iran’s foreign ministry said a deal with Oman for shipping to transit through the Strait of Hormuz had been reached.
Miners rally while tech weakness weighs on the bourse
A lift in the price of Brent crude oil towards $US77 a barrel helped stem losses in energy stocks, with the sector rising 0.1 per cent. Woodside Energy Group Limited (ASX: WDS) dipped 0.2 per cent to close at $31.70, while Santos Limited (ASX: STO) rose 0.5 per cent to $7.60. Mining stocks rallied, with the sector up 1.1 per cent as copper reset its record and gold extended its biggest gain in six months. BHP Group Limited (ASX: BHP) gained 0.5 per cent to $62.80, Fortescue Limited (ASX: FMG) rose 1.4 per cent to $18.50 and Newmont Corporation (ASX: NEM) rallied 3 per cent. Rio Tinto Limited (ASX: RIO) was flat at $176.30 after Glencore plc (LSE: GLEN) said it would pursue a secondary ASX listing following its failed merger attempt. The US tech sell-off weighed locally, with WiseTech Global Limited (ASX: WTC) down 1.5 per cent to $39.30 and Life360 Inc (ASX: 360) down 2.1 per cent to $28.90.
Wall Street slips as rate-hike concerns resurface
US stock indices closed lower on Thursday as a rebound in energy prices revived concerns that the Federal Reserve could raise interest rates next month. The S&P 500 fell 0.2 per cent, the Nasdaq 100 lost 0.4 per cent, and the Dow Jones Industrial Average shed 464 points. Yields rose alongside wholesale fuel prices as investors reassessed the prospects for restoring shipping through Hormuz, amid reports that Iran plans to bar certain vessels from the waterway. Financial stocks weakened, with JPMorgan Chase & Co (NYSE: JPM) down 0.8 per cent and Morgan Stanley (NYSE: MS) losing 2.1 per cent, while Alphabet Inc (NASDAQ: GOOGL) fell 1.3 per cent. Western Digital Corporation (NASDAQ: WDC) sank 13 per cent after disappointing guidance and Sandisk Corporation (NASDAQ: SNDK) lost 6.8 per cent on weaker-than-expected results.
| Australian Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| ASX 200 | 0.5 | 3.4 | 4.9 | 5.9 | 8.3 |
| Financials | 0.3 | 1.5 | 7.6 | 4.9 | 10.5 |
| Resources | 0.8 | 5.0 | 2.8 | 0.9 | 43.9 |
| Information Technology | 0.0 | 8.5 | 3.9 | 11.6 | -25.7 |
| Global Indices | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| US 500 | -0.2 | 3.0 | 0.7 | 7.8 | 13.1 |
| Europe | 0.1 | 0.8 | 0.5 | 7.2 | 12.6 |
| Japan | 0.1 | 3.5 | -0.7 | 10.4 | 19.8 |
| China top 50 | -0.4 | -0.8 | 9.1 | 1.6 | -10.1 |
| India top 50 | 0.4 | 0.9 | -0.7 | 1.2 | -16.2 |
| Fixed Interest | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Australian Treasury Bond | 0.0 | 0.4 | -0.2 | 1.5 | 0.3 |
| Australian Corporate Bond | 0.0 | 0.4 | -0.2 | 1.6 | 1.0 |
| US Treasury | -0.1 | 0.4 | -0.5 | -0.2 | 1.4 |
| Cash | -0.4 | -0.4 | -0.1 | 0.7 | 3.6 |
| Commodities & Crypto | Daily % | Weekly % | 1 Month % | 3 Month % | 1 Year % |
| Gold | 2.2 | 1.6 | -0.3 | -8.5 | 13.9 |
| Silver | 1.0 | 4.6 | -3.1 | -19.1 | 46.2 |
| Crude Oil | -0.3 | -10.0 | 10.5 | -14.9 | 47.6 |
| Bitcoin | 0.7 | -0.9 | 2.6 | -18.8 | -49.1 |
