Market update: 17 June 2025
Despite a turbulent end to the week, the ASX 200 managed to close slightly higher, rising 0.4%. Gains were concentrated in energy and utilities stocks, which rallied as oil and gold prices jumped following news that Israel had launched airstrikes on Iran. While the Middle East tensions caused concern, some relief came in the form of a slight improvement in consumer sentiment locally, buoyed by the RBA’s recent rate cut.
In the US, markets were tracking positively until Friday’s geopolitical shock sent sentiment south. A sharp spike in oil prices—up 12.5% for the week—alongside ongoing US-China trade negotiations created a mixed backdrop. While the two nations agreed on rare earth shipments and academic access, renewed tariff chatter weighed on confidence. Nonetheless, equity capital markets remained active, notching a year-to-date high in issuance volumes. Meanwhile, inflation continued to ease, raising hopes that tariff impacts may not be as disruptive as feared.
European stocks dipped following the Middle East developments and weak economic data, with the UK recording its largest monthly GDP contraction in over half a year. Comments from the ECB also suggested that their interest rate cutting cycle could be nearing its end. Over in Greater China, early optimism from improved US trade relations was tempered by disappointing inflation figures and limited stimulus expectations. Meanwhile in Japan, hopes are high ahead of the upcoming G7 summit in Canada, where leaders are aiming for breakthroughs in ongoing tariff talks.
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