Market update: 1 July 2025

Global markets found some much-needed breathing room this week, rallying on news of easing geopolitical tensions and improving trade relations. A ceasefire between Israel and Iran helped calm oil markets and investor nerves, while the US made positive progress with both the EU and China on the trade front. This shift in sentiment helped push most major share markets into the green.
In Australia, the ASX 200 edged up slightly, despite mixed trading across sectors. Energy stocks lagged as oil prices fell, but the overall outlook was supported by a strong labour market and a slight uptick in business conditions. Job vacancies rose again, confirming ongoing demand for workers and hinting that the economy is still ticking along nicely.
In the US, all three major indices hit record highs, buoyed by hopes of a US–EU trade deal before the deadline and confirmation of a trade agreement with China. That news, alongside diplomatic talks between the US and Iran, saw oil prices post their biggest weekly drop in two years. European markets followed suit, helped along by similar hopes for global stability and growing expectations of rate cuts from the Federal Reserve.
China and Japan also delivered strong gains this week. Optimistic comments from China’s Premier Li on transitioning to a more consumer-led economy, plus the rare earths trade deal with the US, lifted Greater China markets. Meanwhile, the Nikkei jumped 4.6%, with foreign investors continuing to pour into Japanese equities for an 11th straight week.
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