SHARESIES · MARKET MOVEMENTS · 24 AUGUST 2026
Jacki Neumann, Head of Capital Markets at Sharesies

Note: Filmed Monday 24 August

↑ WHAT’S UP — The materials sector outperformed the broader ASX, rising 5.6%: BHP's underlying profit jumped 30%, with copper overtaking iron ore as its biggest earnings contributor for the first time, while Evolution Mining rallied over 16%. Healthcare climbed more than 9% driven by CSL and Cochlear, and the NZX 50 bucked the global trend to add 0.9%.

↓ WHAT'S DOWN

US stocks fell under the weight of bond yields, with the S&P 500 down 1.4% and the Nasdaq 2%. The ASX 200 slipped 0.6%, with local losses led by banks. NAB dropped 7.7% and the sector fell 5.5% after home loan applications slid 15%, while JB Hi-Fi lost over 10%.

! BIGGEST SURPRISES

Bond yields were the big story. The 30-year US Treasury yield pushed above 5.3% for the first time since 2007 and the 10-year near 4.7% as national debt topped US$40 trillion for the first time. The Treasury's expanded buybacks to ease the pressure didn’t hold, with yields retracing most of their decline by week's end.

◎ WHAT TO WATCH

New Fed Chair Kevin Warsh gives his first keynote on Thursday, while Nvidia's results land Wednesday and Australian reporting rolls on with Coles, Woolworths, Wesfarmers and Qantas. On the data front, RBA minutes are due Tuesday and Australian July CPI Wednesday, alongside key US inflation and GDP prints mid-week.

◈ BIGGER PICTURE

Attention is turning to climbing long-dated US yields, with fiscal concerns and sticky inflation pressuring equities even as the Treasury tries to intervene. Down under, reporting season shows a divergence on the ASX: a cooling housing market weighing on banks, while the miners and biotech CSL rise. With rising unemployment but consumers gaining confidence on the RBA's hold, Australia sends mixed signals heading into a pivotal week.

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