US equities posted solid gains despite hawkish Fed rhetoric and a mixed inflation backdrop, as investors focused on resilient corporate earnings. The Federal Reserve delivered a widely expected 25-basis-point rate cut but acknowledged that the ongoing US government shutdown has limited data transparency, hindering its ability to assess inflation and labour-market conditions.1 In the meantime, earnings and AI momentum remain supportive, with the FANG cohort delivering beats and reaffirming capex conviction.2
In Australia, a hotter-than-expected inflation print effectively cemented the RBA’s decision to hold rates, which it delivered on Tuesday.3 Most equity sectors weakened over the week, with energy the sole outperformer as the US imposed additional sanctions on major Russian oil companies following the breakdown of ceasefire talks between Putin and Trump.4 
AI infrastructure–related energy thematics such as nuclear (ATOM, URNM) and hydrogen (HGEN) were among the week’s top performers, following signals from several mega-cap tech companies of continued increases in capital expenditure toward AI development.5 Both uranium and hydrogen also benefited from strong deal-making momentum, further supporting sentiment.
In the world of commodities: 
- Gold (GOLD) hovered near US$4,000 per ounce despite China’s removal of tax breaks for gold jewellery retailers. Under the new policy, non-investment gold (such as jewellery) can now offset only 6% of value-added tax, down from 13%. Importantly, investment-grade gold – such as bullion, bars, and ingots – remains unaffected by the change.6
 
- Uranium equities (ATOM) surged after the US government committed more than US$80 billion to buy nuclear reactors from Westinghouse Electric co., a nuclear construction firm partially owned by Canadian uranium giant, Cameco.7
 
- Australian lithium miners (ACDC) outperformed on cross read after Pilbara reported strong earnings beats with higher-than-expected realised prices and lower production costs.8
 
Download our Weekly ETF Monitor here.