ASX 200 Live Today - Friday, 14th August

Welcome to our live ASX coverage for Friday, August 14. Expect a high volume of posts pre-market and more periodic updates throughout the day. We'll be wrapping the blog up around 2:00 pm AEST. Let us know how we can make it even better.

Reporting season is heating up and we've got you covered. Our reporting season calendar has over 250 stocks plus earnings and dividend estimates.

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New updates

ASX 200 ends the week lower, down five of the last six sessions

[2:13 pm] That's a wrap! The S&P/ASX 200 is down 0.92% and trading at session lows. The index has now fallen in five of the last six sessions, a sharp pullback from the 6 August record high. Whether this proves a garden variety, shallow pullback or something that unravels into deeper pain and volatility, we don't yet know. The market ran hard into reporting season, up 5.7% from 24 July to 6 August. That move was led by tech, energy, healthcare and materials but still a broad one as every sector finished higher over the stretch.

This week featured a sharp reversal in Financials, down 4.2% across the last six sessions on mixed quarterlies from ANZ and Westpac and CBA's FY26 result. Key metrics like net interest margins and provisions came in relatively in-line, so it was likely the shock value of the mortgage declines that drove the selling. Westpac flagged a post-budget run rate down 20% on 2Q26.

Friday compounded the weakness. Materials fell 2.8% as gold miners snapped a historic nine-day win streak on Thursday, with broad softness across copper, aluminium, uranium and iron ore names.

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IPD Group flags data centre boom and WA mining upside on FY26 earnings call

[1:53 pm] Management fielded questions on the drivers behind record results, margins on large projects and the pricing environment across its five businesses.

• On the data centre opportunity: "There is $140 billion worth of investment in the pipeline in this data center space between now and 2035," with capacity forecast to grow from 1.5GW today to 3.2GW by 2030 and up to 7.4GW by 2035

• On growth beyond data centres: "If we exclude data centers from that growth result, it's still 7% growth across all other areas," with WA singled out as "our second biggest state" and expected to deliver double-digit growth

• On margins on large projects: "While these projects typically carry lower gross margins... it certainly comes with lower working capital and cost to serve," with group gross margin improving from 33.1% in 2H25 to 33.4% in 2H26 and EBIT and EBITDA margins expanding

• On pricing power: the IPD business "pushed through two price increases" totalling about 10% over six months, while cable businesses index quotes daily to copper and FX, leaving the group "well protected" and potentially better off

Company page: IPD Group (IPG)

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Miners pull back sharply

[1:15 pm] If the past couple of months are anything to go by, miners love to rip 8-12% higher over a few sessions, then hand it all straight back. The S&P/ASX 200 Materials Index is currently down 2.8%, on track to record a third straight day of declines. It previously rallied for eight consecutive sessions, up 11% to within ~2% of the 17 June high.

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Telstra's excellent execution already priced in, Macquarie says

[1:10 pm] Telstra's fiscal 2026 result showed excellent execution, but that excellence was already expected, Macquarie says. The broker points out postpaid net adds were weak, leaving ARPU and mix as the key earnings drivers from here, and sees little upgrade catalyst in a subdued postpaid market. It flags capex creep, with strategic investment up about $200 million to roughly $1.8 billion on inflation, the Aura network and satellite. Strong cost control is driving underlying EBITDA, and the $1 billion buyback beat the street's ~$800 million. Macquarie retains a neutral rating and cuts its target 3.4% to $5.02, calling the multiple hard to justify.

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QBE hit by soft 1H26 profit and operating ratio

[1:03 pm] QBE says QBE's 1H26 was in-line with consensus, though insurance profit missed expectations and underlying COR sat above QBE's ~92.5% target, requiring a "significant" improvement in the second half. "With pricing slowing from +2.0% in Q1 to -1.4% in Q2, the required 2H26 COR of ~92% could prove challenging in the absence of further CAT/ reserve tailwinds," noted the analysts. QBE shares are down 2.6% to $22.85.

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New home loans fall 5.4% in June quarter as investor lending slumps

[12:26 pm] The number of new home loans dropped 5.4% to 134,225 in the June quarter, with the pullback led by investors as the RBA lifted the cash rate for a third time in 2026.

• Number of new home loans fell 5.4% to 134,225, with lending down across all borrower types and back to similar levels to a year ago

• Value of total new home loans fell 5.2% (-$5.4bn), following a 3.4% fall in the prior quarter, with annual growth slowing to 6.8% from 19.1% in the March quarter

• Investor loans drove the fall, down 8.6% (-4,966 loans), the largest fall since the September quarter 2022, with annual growth slowing to 2.8% from 19.4% in March

• The investor pullback was led by NSW (-15.5%), Victoria (-14.2%) and Queensland (-10.1%), while the NT, ACT and Tasmania recorded rises

• Owner-occupier loans fell 3.3% (-2,745 loans) and were 1.6% lower than a year ago, the first annual fall since the September quarter 2023

• First home buyer loans fell 2.9% (-891 loans), though the annual number was unchanged

Source: ABS

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Qube scheme implemented, delisting from ASX on 17 August

[12:25 pm] Qube Holdings has confirmed the scheme of arrangement under which Rubik Australia has acquired 100% of the company is now implemented.

• Rubik Australia has acquired all issued Qube shares, with shareholders sent $5.20 per share less the interim and special dividends

• Trading in Qube was suspended from the close on 8 July, with removal from the ASX official list effective close of trading on Monday 17 August

Company page: Qube Holdings (QUB)

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Ryder Capital posts record FY26 profit as portfolio returns beat the market

[12:22 pm] The listed investment company reported record total comprehensive income and lifted NTA, reaffirming a 12 cents annualised fully franked dividend for FY27.

• Total comprehensive income after tax up 45.8% to $31.80m

• Pre-tax NTA per share up 35.33 cents to $1.9805, net of $0.115 of fully franked dividends paid during the year

• Gross portfolio performance of 37.59% for the year, well ahead of the ASX Small Ordinaries Accumulation Index return of 8.11%

• Total shareholder return of 41.92% and pre-tax NTA return of 33.53% for the year

• FY27 base dividend reaffirmed at 3.0 cents per share quarterly fully franked, equal to 12.0 cents annualised, with the next dividend to be declared at the end of the September quarter

• Portfolio cash weighting sat at 6.89% at 30 June, expected to be a low point, with management flagging an uncertain outlook on inflation, the Iran war and monetary tightening

Company page: Ryder Capital (RYD)

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Storage King flags FY27 as an earnings inflection as debt costs bite ahead of growth payoff

[11:42 am] Management addressed the distribution cut, rising finance costs, competitive conditions and the payoff from its development pipeline at the full-year results briefing.

• On the FY27 earnings headwind: "We are looking at a near-term reset in relation to the interest expense so that we can create medium to long-term growth going forward."

• On the drivers of the lower payout: "We continue to grow the stabilising portfolio... operating profit will grow and that operating margin will stay the same... however, it is not going to be enough in relation to the headwinds of the interest expense with those hedges rolling off."

• On why the guidance surprised the market: "When we were doing the internalisation, we hadn't yet sat down and updated all our budgets... those decisions we've only made recently as we look forward and set the strategy for the year ahead."

• On residential turnover as a demand driver: "You could arguably say we are in one of the very worst markets for residential turnover ever... in the short term, we do see that as a cyclical headwind that is affecting the business."

• On new development lease-up holding up: "It's not affecting our new developments... we're actually seeing a decrease in move-outs as well... they feel a little immune from the macros at the moment."

• On New Zealand recovery: "Across the five stores that were affected, they got down to mid-60s in terms of occupancy... one of the challenges in New Zealand is going to be you opening those stores up in a tighter and more competitive macro environment."

Company page: Storage King Group (SKG)

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Tech stocks hit a six-month high

[10:44 am] The S&P/ASX 200 Tech Index is up 1.6%, now trading at the highest since 4 February (but still down 8.7% YTD and down 33% in the last twelve months).

A few positive catalysts emerged last night to boost the software sector on Wall Street, including:

• Workday jumped almost 26% overnight after Reuters reported private equity firm Silver Lake is in takeover talks with the company, though sources cautioned discussions are ongoing and a deal may not eventuate, reviving take-private interest across the software sector

• Adyen rose ~16% after H1 2026 net revenue rose 19% to €1.30bn (up 21% constant currency) and it lifted full-year net revenue growth guidance to 21-23%, even as EBITDA of €641.5m came in just shy of the €647.1m consensus and it flagged higher capex of ~7% of revenue

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Reporting season movers: Baby Bunting and IPD Group surge, QBE and Storage King fall

[10:27 am] A snapshot of today's share price reactions across the reporting names.

• Baby Bunting (+25.7%): rallied after pro forma NPAT rose 34% on record sales and FY27 NPAT guidance of $19.0-21.0m signalled a return to stronger earnings growth

• IPD Group (+14.1%): jumped after delivering record FY26 revenue and earnings above the top end of guidance, led by 27% data centre revenue growth

• QBE Insurance (-5.5%): fell despite a 1H26 ROE of 17.7% well above target, with the result and reaffirmed FY26 guidance offering few upside surprises. Barrenjoey notes that underlying COR for 1H26 missed expectations, and implies small downgrades to consensus forecasts.

• Storage King (-8.3%): slid as FY27 distribution guidance of 4.50 cents represented a year-on-year decline of 27.4%, with FY26 FFO down 3.4% and higher net finance costs flagged as hedges roll off

Company pages: Baby Bunting (BBN), IPD Group (IPG), QBE Insurance Group (QBE), Storage King Group (SKG)

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Top ASX 200 gainers and losers

[10:22 am] Tech and software stocks trade sharply higher following a strong lead on Wall Street, while miners pull back and QBE tumbles on a soft 1H26 result.

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Inghams rejects takeover speculation, confirms no approach received

[9:51 am] Inghams has responded to media reports of a possible acquisition, confirming it has not received any offer or approach and is not in discussions with any party. The stock rallied 6.7% on Thursday.

• Company is aware of two articles published 13 August speculating on a possible takeover, one in The Australian and one in the AFR's Street Talk

• The AFR report named Canadian pension giant PSP Investments as having hired Barrenjoey to weigh a bid, targeting Inghams for its natural resources arm

• Inghams states no inbound offer or approach of the nature speculated has been received, and it is not in discussions with any such party

Company page: Inghams Group (ING)

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Storage King completes management internalisation as FFO dips on softer NZ and rising funding costs

[9:48 am] Storage King delivered a resilient FY26 operating result and completed the internalisation of its management platform, though FFO fell as New Zealand weakness and higher funding costs weighed.

• FFO down 3.4% to $82.1m, with statutory profit of $154.3m

• Total revenue per available square metre (rePAV) up 0.7% to $341psm, with Australian RevPAM up 2.7% to $348psm offset by NZ RevPAM down 11.7% to A$295psm

• Total occupancy down 100 bps to 90.2%, with operating margins held stable at 62%

• Total assets up 8.1% to $3.9bn and NTA up 1.7% to $1.77 per security

• FY26 distribution of 6.20 cents per security, with gearing of 33.7% (target 25-40%) and ~$400m of available capacity

• Internalisation completed 30 June 2026, expected to be ~6% accretive to FFO per security annualised via ~$7m of cost savings

• FY27 guidance: Distribution of 4.5 cents per security with a widened 80-100% payout range, reflecting higher net finance costs as hedges roll off.

Company page: Storage King Group (SKG)

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Sierra Nevada Gold reviews US portfolio to focus capital on Saudi Arabia

[9:41 am] Sierra Nevada Gold has launched a strategic review and commercialisation process for its Nevada exploration assets, redirecting capital and management toward its As Safra copper-gold project in Saudi Arabia.

• Review covers the full Nevada portfolio, including the Warrior and New Pass gold projects, the Blackhawk copper-gold project and the Colorback gold project

• Preliminary discussions are underway with several parties, with potential outcomes spanning asset sales, joint ventures, strategic partnerships and other corporate structures

• Move follows early exploration success at the 100%-owned As Safra project, which management now views as its primary growth focus

• Company intends to retain exposure to future exploration upside in Nevada where appropriate

Company page: Sierra Nevada Gold (SNX)

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IPD Group beats top end of guidance with record FY26 revenue and earnings

[9:34 am] IPD Group delivered record revenue and earnings above its upgraded guidance range, driven by 27% data centre growth and the Platinum Cables acquisition.

• Revenue up 16.8% to $414.3m, with organic growth of 9.7% plus six months of Platinum Cables

• Underlying EBITDA up 19.4% to $55.4m, with gross margin down 80bps but recovering to 33.4% in 2H26

• Underlying NPAT up 17.9% to $30.9m, with underlying EPS up 17.4% to 29.7c

• Final dividend of 7.9 cps fully franked, taking full-year dividends up 16.7% to 14.7 cps (50% payout, payable 8 October 2026)

• Data centre revenue up 27% to $71.5m, with segment growth across IPD (+11%), CMI (+11%) and EX Engineering (+35%)

• Net debt of $16.4m (~0.3x underlying EBITDA) after funding the $37.5m Platinum Cables acquisition, with operating free cash flow of $46.8m at 84.4% conversion

Company page: IPD Group (IPG)

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L1 Group launches PXC Advisors long short joint venture

[9:33 am] L1 Group has established PXC Advisors, a 50/50 global long short joint venture with Dr Andrew Lin, extending its alternatives platform.

• PXC Advisors Dynamic Return Strategy has delivered a 51% annualised return net of fees since inception, having been managed by Dr Lin since January 2024 using capital from L1 Capital's founders and employees

• The strategy opens to external investors in September 2026

• It is an absolute return global long short strategy targeting mispriced securities at business or industry inflection points, with an active approach to managing market exposure

• The launch is L1 Group's first new investment partnership since the L1 Capital Catalyst Fund in 2021

• Dr Lin spent eight years in L1 Capital's Long Short team and was previously a technology entrepreneur, a Bain & Company employee and is a qualified medical doctor

Company page: L1 Group (L1G)

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Baby Bunting lifts pro forma NPAT 34% as margin flywheel and refurbishments drive record sales

[9:28 am] Baby Bunting delivered record FY26 sales and a 100bp gross margin gain, with pro forma NPAT up 34%, though the Board declared no final dividend to fund its growth plans.

• Total sales up 6.5% to a record $556.0m vs $556.1m ests (in line), with comparable store sales up 3.5%

• Gross margin up 100 bps to a record 41.2% vs. 41.3% ests (in-line)

• Gross profit up 9.3% to $229.2m vs $228.9m ests (in line)

• Pro forma NPAT up 33.9% to $16.1m vs $15.767m est (2% beat)

• No final dividend declared (in-line with ests) and net debt of $16.2m and ~$60m of funding headroom

• First six weeks of FY27 trade up 6.1% total and 4.3% on comparable sales, with NZ on track for break even in FY27

On FY27 guidance:

• Total sales guidance of $585-600m vs $591.0m est (in line)

• Gross margin guidance of 42% vs 41.80% est (in line)

• Pro forma NPAT guidance of $19.0-21.0m

• Capex guidance of $33-37m

Company page: Baby Bunting Group (BBN)

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NRW's Golding wins $130m civil works contracts with Stockland in SE Queensland

[9:24 am] NRW subsidiary Golding Contractors has secured civil works contracts across Stockland's Yarrabilba and Shoreline master planned communities.

• Combined contract value is approximately $130m

• Shoreline works are due for completion in July 2027, with Yarrabilba expected by March 2028

• At Shoreline in Redland Bay, Golding will deliver three major packages including a Serpentine Creek Road upgrade with a new signalised intersection and Bebo Arch Bridge, plus subdivision works for Precincts DA7 and DA8

• At Yarrabilba, Golding will deliver subdivision and associated infrastructure works for Precinct 6 and Precinct 8

• The awards extend Golding's relationship with Stockland, having delivered more than 3,200 residential and commercial lots at Yarrabilba since October 2017

Company page: NRW Holdings (NWH)

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Capricorn Metals acquires Piastri Project to expand Golden Range tenure

[9:23 am] Capricorn has agreed to acquire the Piastri Project tenement package from Latitude 66, adding ground contiguous to its Golden Range project in WA's Mid-West.

• Consideration is $1.5m, to be settled in fully paid Capricorn shares valued at the 20-day VWAP prior to completion

• The tenure sits about 200 metres east of infrastructure related to the Ricciardo Mineral Resource of 24.5Mt at 2.5g/t AuEq for 1.96Moz AuEq, and adjacent to the Ricciardo deposit

• The granted exploration licence covers roughly 15.2km2 of largely untested strike, considered prospective for shear-hosted gold-antimony mineralisation along the Mougooderra shear zone

• Only limited historic shallow drilling has been done, with Capricorn to start with geological and regolith mapping, then geochemical sampling and targeted drilling

Company page: Capricorn Metals (CMM)

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QBE delivers ROE well above target as capital efficiency drive continues

[9:13 am] QBE reported a 1H26 ROE of 17.7%, comfortably above its 15%+ medium-term target, alongside further favourable prior-year claims development and a completed buyback.

• Adjusted NPAT up 4% to US$1,033m

• GWP up 6% (constant currency) to US$15,137m, in line with the mid-single-digit outlook

• Combined operating ratio of 92.8%, tracking to the ~92.5% FY26 outlook

• Total investment income of US$828m, a 2.3% return

• Interim DPS up 6% to 33 cps (payout ratio 33%, up from 31 cps a year ago)

• PCA multiple of 1.82x (1.78x pro forma post-dividend), within the 1.6-1.8x target range, with the A$450m buyback completed in April

• FY26 outlook: COR of ~92.5% and constant currency GWP growth in the mid-single digits, both reaffirmed.

Company page: QBE Insurance Group (QBE)

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Another revival for software stocks

[9:05 am] The iShares Expanded Tech-Software ETF rallied 3.1% overnight, closing in on the recent 1 June high.

iShares Expanded Tech-Software ETF daily chart (Source: TradingView)

The rally was largely inspired by a potential takeover for Workday, as well as better-than-expected results from names like Atlassian (+35.3% on 7-Aug).

The S&P/ASX 200 Tech Index (which is mostly software) is also testing the 2 June high and trading just below the key 200-day moving average.

S&P/ASX 200 Tech Index daily chart (Source: TradingView)

The local tech index has underperformed other software benchmarks by a wide margin, largely due to sharp declines from Wisetech (Founder Richard White overhang) and Xero (paid peak multiples for US software firm Melio).

Nevertheless, something to look out for as the sector continues to recover against a backdrop of better-than-expected earnings.

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Adyen soars most in a year after acquisitions lift sales outlook

[8:56 am] The Dutch payments group raised its full-year revenue growth guidance as its first-ever acquisitions began to contribute.

• Shares rose as much as 12% to €1,018, the biggest intraday gain since April 2025, though the stock is still down 26% year-to-date

• Net revenue up 19% to €1.3bn for the six months through June vs €1.29bn ests (1% beat)

• Adjusted EBITDA of €641.5m vs €645m ests (1% miss)

• FY26 net revenue growth guidance lifted to 21-23% on a constant currency basis, up from 20-22%, including contributions from acquisitions Talon.One and Orb

Source: Bloomberg

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Workday jumps 17% on report Silver Lake in talks to buy

[8:55 am] The HR and finance software provider surged after Reuters reported private equity firm Silver Lake is in takeover talks.

• Workday shares jumped 17.7% to US$206.45

• Silver Lake has reportedly been in discussions for several months, though there is no guarantee a deal eventuates

• Workday has pushed its own AI tools, with CEO Aneel Bhusri arguing no amount of "vibe coding" will produce an HR or ERP system

• May-quarter results eased some fears, with sales up 13% and a better-than-expected outlook for the current quarter

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Signs the war-driven supply squeeze is easing across oil and fertiliser

[8:52 am] Fresh Middle Eastern crude is finally reaching US shores and Indian urea offers have dropped, both pointing to a loosening of the wartime supply crunch even as the Strait of Hormuz stays largely blocked.

• At least 9 million barrels of Middle Eastern crude are set to arrive at US ports in August, a sharp spike but still only around half the average pre-conflict level

• US commercial crude inventories sit near an eight-year low after the US exported at a record pace of up to 6 million barrels a day early in the conflict, though inventories rose 17.4 million barrels last week, the second-largest build ever

• Some Saudi cargoes are rerouting via the Mediterranean from ports like Yanbu to avoid Houthi attacks in the Bab el-Mandeb Strait, adding cost and transit time

• India, a top urea importer, received offers 12% below its June purchase price, with west coast bids between US$393.65 and US$435 a ton versus as much as US$959 a ton paid in April, nearly double pre-war levels

• The easing signals softer near-term price pressure, though durability is uncertain given the Strait of Hormuz remains disrupted and US-Iran peace talks stay stalled

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Court lets Trump keep tariffs on low-cost imports

[8:49 am] A US trade court upheld the removal of the "de minimis" exemption, handing the administration a win on a trade agenda that has faced repeated legal setbacks.

• The US Court of International Trade refused to disturb executive orders lifting the exemption for goods valued at US$800 or less

• The three-judge panel found the move was allowed under the International Emergency Economic Powers Act, distinguishing it from Trump's global tariffs the Supreme Court struck down earlier this year

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Korean stocks rise 22% in 10 days as chip rally regains steam

[8:47 am] A revival in the AI trade pushed South Korean equities into a technical bull market, reversing last month's historic rout.

• Kospi gained 3.6% on Thursday, extending its rebound from a 30 July low to around 22%, with Samsung and SK Hynix each jumping nearly 5% or more

• The index is up more than 60% year-to-date on a retail-driven rally, yet remains about 25% below its late June peak after a 22% slump in July, its worst month since the global financial crisis

• Sentiment turned on evidence of continued heavy AI spending by global Big Tech in latest results, plus expectations Samsung and SK Hynix will soon unveil shareholder return plans

• Regulatory curbs on single-stock leveraged ETFs and lower margin debt have stabilised the market, with a volatility gauge at its lowest since April

• Foreign investors bought on Thursday but remain net sellers year-to-date, having pulled more than US$100bn, though some funds are returning as valuations cheapened

Source: Bloomberg

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Costliest US 30-year bond sale since 2001 flags investor unease

[8:47 am] The Treasury sold long bonds at the highest yield in a quarter of a century, underscoring the price investors now demand to fund a swelling deficit.

• US$25bn 30-year sale cleared at 5.216%, the highest yield since 2001, following a 10-year auction the day prior that drew the steepest cost at that tenor since 2007

• Demand was decent but slightly lagged, with the bid-to-cover ratio at 2.39 versus a 2.36 average for the past six comparable auctions

• Interest on public debt is a key deficit driver, with the fiscal year-to-date tally at US$1.17 trillion, up 15% partly on higher Treasury yields

• Fitch kept its AA+ US rating but warned the fiscal deficit would widen in 2026 on tax cuts and tariff rebates

Source: Bloomberg

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Emerging-market stocks hit one-month high as AI trade roars back

[8:37 am] A resurgent AI rally lifted developing-world equities for a second straight session, even as currencies stayed mixed on Middle East risk.

• MSCI EM equity index gained 0.8% to its highest level in more than a month, aided by gains in the S&P 500 as US price pressures eased

• Asian tech led the charge, with South Korea's Kospi entering a technical bull market and up around 22% from its 30 July low, driven by memory names Samsung and SK Hynix

• EM currencies were mixed as early gains faded, with MSCI's EM currency gauge little changed as the dollar pared its decline

• Latin America diverged, with the region's MSCI index down 0.5% as Brazil's real slid on election risk

Source: Bloomberg

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Foreign investors flee Brazil stocks at fastest pace since 2021

[8:35 am] Election jitters and fiscal worries drove the sharpest single-day foreign exodus from Brazilian equities in over five years.

• Foreign investors pulled more than 4.7 billion reais (US$906m) out of the market on 11 August, the fastest daily pace since 2021

• Month-to-date foreign outflows have topped 11.9 billion reais, approaching the 14.9 billion reais pulled in all of May

• JPMorgan cut Brazil to neutral from overweight, saying it would rather stay sidelined than pay for uncertainty

• The downgrade triggered a broad selloff, with the Ibovespa down 2.5% and the real off 1%, the worst among emerging-market peers on the day

• The iShares MSCI Brazil ETF (EWZ) fell 3.4% and saw its largest weekly withdrawal since 2013, losing US$329m in the week through Wednesday

Source: Bloomberg

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Good morning!

[8:06 am] ASX 200 futures are down 40 pts (-0.37%). Here's what happened overnight:

• S&P 500 closed at record highs and briefly traded above 7,800 for the first time, Nasdaq led in a relatively tech-led session

  • S&P 500 (+0.65%), Nasdaq (+0.81%), Dow (+0.13%), Russell 2000 (+0.24%)

• US July PPI was flat month-on-month vs. expectations of a 0.2% increase, core CPI rose 0.2% vs. 0.3% est, which helped ease the likelihood of a September Fed hike to under 40%

• Software and memory names headlined gains, Workday surged 17.7% on a report Silver Lake is circling a buyout, while other household names like Atlassian, Intuit, Adobe, Salesforce and more all rose 4-6%

• Breadth was still very strong, with only four sectors lower (Materials fell 0.73%, while Energy, Healthcare and Industrials both closed just shy of breakeven) and the Equal-weight S&P 500 (+0.75%) recorded its third straight all-time high

• Oil slipped for a second straight session, with Brent down 1.8% to US$86.9 a barrel after OPEC and the IEA both cut 2026 demand forecasts