Market Moves: Week Ending 18 July 2025

23 Jul 2025

The Australian market had its strongest weekly rally in a month, while US equities brushed off speculation around Fed Chair Jerome Powell’s potential dismissal and touched new all-time highs.

US markets wobbled early in the week after White House officials shocked investors by suggesting Federal Reserve Chair Jerome Powell would be fired.¹ However, those fears eased after President Trump dismissed the idea during a media briefing later in the week. Adding to the rebound, economic data released throughout the week painted a classic Goldilocks picture – retail sales exceeded expectations, inflation remained subdued, and unemployment figures came in far better than feared.²

In contrast, Australia’s labour market showed signs of strain. Only 2,000 new jobs were added last month, well below economists’ forecasts of 20,000.³ The unemployment rate also ticked up to 4.3%, from 4.1% previously.⁴ Despite the weak print, markets rallied on the prospect of increased odds for an RBA rate cut in August.

Ethereum (EETH, IETH, QETH), and crypto-focused funds (CRYP) were once again the top performers of the week as investors digested the passing of stablecoin related bills in the US. Stablecoins generate roughly 60% of the fees on layer-1 blockchains such as Ethereum and Solana.⁵ Increased traffic on stablecoins through institutional adoption would make holding these crypto tokens more appealing.

In the world of commodities:

Platinum (ETPMPT) surged as the supply squeeze continued to worsen. The 3-month Platinum lease rate now exceeds 25%, the highest since Bloomberg started tracking in 2002.⁶
Palladium (ETPMPD) surged to multi-year highs as speculators rushed to cover short positions. Net non-commercial contracts have climbed from -11,000 in early May to just -2,599 last week, marking a sharp reversal in sentiment.⁷
Copper miners (WIRE) are poised to rise after Chinese refineries warned that scrap copper supply may soon run dry.⁸ The US, historically China’s largest scrap supplier, has effectively halted exports, as domestic consumers hoard copper ahead of incoming tariffs.

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Market Moves: Week Ending 18 July 2025

Justin Lin

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