Markets at a glance 7 January
Around the grounds
The S&P/ASX200 has continued its winning streak, trading in positive territory for the fourth consecutive session as gains in financials offset another day of losses for the mining and energy plays. It comes after a rally in both the S&P and Nasdaq overnight after a report suggesting a less aggressive tariff stance from the incoming Trump administration.
Bringing it all back home, financials are up as traders eye tomorrow’s CPI print, which is expected to tick higher. Miners though are feeling the pinch of a pressured iron ore price, which has continued to sink on slower hot metal output in China and a weakness in the top consumer’s equity markets.
Gold and energy are singing the same tune, with the energy sub-index on track to snap a nine-day winning streak on a dip in oil prices.
On the currency docket, both the Australian and Kiwi units enjoyed a relief rally overnight on those tariff reports, however, have pared back gains after U.S. President-elect Donald Trump denied them.
In the news
It’s quiet when it comes to company news however there are some stocks making moves. In the smaller end of town and shares of artificial intelligence (AI) firm Opyl (ASX: OPL) have jumped after the company unveiled a joint venture with X Firm, based in the U.S. and London which will see collaboration to feature OPL’s proprietary TrialKey Platform. The company says the JV will look to expand its brand presence and market penetration across Europe, the Middle East, Africa and North America.
Finishing things off in the broker space, Australian listed shares of IDP Education (ASX: IEL) have surged in today’s trade after Macquarie upgraded the Aussie international education services provider to ‘Outperform’ from ‘Neutral’ as the broker sees student placement and English testing volumes returning to sustainable growth from FY26. Price target of AU$16 per share retained. IDP is up 1.6% YTD, including today’s moves.
Going global
Rounding things out on the global stage, the U.S. dollar’s drive has taken a breather as the currency falls to a one-week low as traders consider whether those proposed tariffs by Trump will in fact be less aggressive than promised.
The euro is down slights, after jumping to a one week high and sterling has followed suit. Against the Canadian dollar, the greenback is up as the CAD comes under pressure on confirmation Canadian Prime Minister Justin Trudeau said he would step down as leading of the ruling Liberals in the coming months.
Elsewhere, U.S. Steel and Nippon Steel have launched a lawsuit alleging U.S. President Joe Biden unlawfully blocked the near $15 billion tie up between the two companies. Both U.S. and Nippon steel are calling for a federal appeals court to overturn the decision in hopes they can secure another shot at approval through a fresh national security review unfettered by political influence.
Both Trump and Biden have asserted U.S. Steel should remain American-owned, event after the Japanese company offered to move its U.S. headquarters to Pittsburgh and promised to honour all agreements between U.S. steel and the USW. Shares of Tokyo listed Nippon Steel have sunk in today’s trade.
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