Market update: 22 July 2025
Global share markets pushed higher this week as investors largely looked past ongoing tariff headlines. In Australia, the ASX 200 saw its strongest weekly gain since May, closing 2.1% higher after notching a third record close. The rally was underpinned by robust economic data out of China and improving US-China relations. Locally, unemployment rose slightly to 4.3%, which has markets increasing their bets on a potential RBA rate cut next month. All major sectors closed in the green, particularly those sensitive to interest rate moves. Looking ahead, investors will be tuning in to the RBA’s meeting minutes and Governor Bullock’s speech for further signals.
Over in the US, markets ended near record highs. The Nasdaq hit a new all-time high, while the S&P 500 and Dow closed just below their records. Solid June retail sales, a cooling but steady inflation print, and strong earnings from US banks all contributed to the optimism. Despite continued talk of tariffs, markets appeared to focus on the strength of the economic data and early signs that the impact of new tariffs may be milder than expected.
In Europe, equity markets were more subdued, finishing the week flat as investors weighed mixed earnings and macroeconomic updates. Tariffs remained a key theme, with the EU finalising countermeasures on US goods in response to the US’s proposed 30% tariff on EU and Mexican imports. Meanwhile, the UK saw an unexpected lift in inflation, prompting the Bank of England to hint at future rate cuts should the jobs market weaken further.
Greater China markets posted gains supported by easing trade tensions and strong economic data. The US gave the green light for Nvidia to resume sales of certain AI chips to China, while China resumed rare earth exports. Economic indicators, including GDP and youth employment, also helped buoy investor sentiment. In Japan, the Nikkei moved higher as markets focused on global tech strength and the broader trade environment, despite inflation softening slightly.
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