End of Day Report – Friday 26 July: ASX Rallies 60 as Resources Rebound - US PCE in Focus

ASX 200 rallies 60 points to 7928 (0.8%) as iron ore rallies and China throws some money at stimulus. The ‘Three Amigos’ all spurted ahead, BHP up 2.2%, RIO jumps 2.8% and FMG more muted post quarterly only up 1.0%. Lithium stocks got a lift from EV stimulus, PLS up 3.8% and MIN up 3.5% on quarterly. Some short covering adding to gains. Gold miners crashed as BGL returned, down 21.6%. NST dropped 3.2% with PRU off 3.1%. Oil and gas a little firmer, KAR up 5.8% on research WDS up 0.3% and some buying in uranium appeared. Banks were again a little better, WBC up 0.9% and the Big Bank Basket up to $228.30 (0.4%). MQG saw a 1.5% rally as brokers hoped for a 2H rebound. Insurers did well, QBE up 2.5% and SUN up 1.2%. REITs improved, GMG bouncing 1.1% with SGP up 1.4%. Industrials firm across the board, WES up 1.0%, TCL up 0.6% and retail powering ahead still. PMV up 1.7% with JBH 1.0% ahead. Tech stocks better, WTC up 1.5% and XRO up 1.1%. The All-Tech Index up 0.3%. In corporate news, NEC is facing strikes from staff on eve of Paris Olympics. Nothing on the economic front but US PCE tonight. Asian markets little changed as China moves again to try and stimulate.Why not sign up for a free trial? Get access to expert market insights and manage your investments with confidence. Ready to invest in yourself? Join the Marcus Today community.