Australian and US markets edged higher, with risk-on sentiment tempered by caution ahead of Trump’s July 9 tariff deadline.
Investors in the US were generally positive for the week upon the passage of the “Big Beautiful Bill” which is set to inject significant fiscal stimulus into the economy.1 The Bill directs hundreds of billions2 toward defence, infrastructure, energy, and manufacturing sectors, while also extending pro-corporate initiatives such as regulatory rollbacks and tax cuts. Though analysts have raised concerns about the Bill’s inflationary bias and long-term debt implications, its short-term stimulus is seen as supportive of asset prices.
Ethereum (EETH, IDTH, QETH) and crypto-focused funds (CRYP) were the top performers of the week after Robinhood, a popular retail brokerage, announced it will enable trading of tokenised US stocks and ETFs across Europe.3 The announcement revived bullish narratives around the practical utility of blockchain technology.
In the world of commodities:
- Copper miners (WIRE) rallied across the board on news of protestors blocking copper transports from major mines in Peru.4 This adds to the existing supply constraints caused by frontloaded US imports with copper futures now trading near their highest level in 3-months on the LME.5
- Precious metals (ETPMPM) were broadly higher as the passage of Trump’s “Big Beautiful Bill” raised concerns around the US’s long-term fiscal health and the increased potential for more inflationary pressures.
- Crude oil (OOO, BCOM) will likely face pressure after the OPEC+ decided to continue ramping up oil production in August.6
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