ASX 200 Live Today - Friday, 29th May

Welcome to our live ASX coverage for Friday, May 29. 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.

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New updates

ASX 200 rallies, recovers Thursday's losses

[2:10 pm] The ASX 200 is currently up 1.35%, and on track to finish the week 0.55% higher. It got a little dark on Thursday, but everything is pretty much back to moving in the right direction.

• Aussie 10-year down 2 bps to 4.83%, trading at the lowest since 6 March and down 27 bps in the last eight sessions

• US 10-year yield fell 1 bp overnight to 4.43% and down 23 bps in the last seven sessions

• Brent settled 0.5% lower overnight to US$92,64, trading fractionally lower today and down 11.5% for the week

• ASX 200 VIX down 6% to 12.0, S&P 500 VIX down 3% to 15.73 (lowest since 23-Jan)

As for sector performance:

• Miners buoyed the market this week, with S&P/ASX 200 Materials Index up six of the last seven sessions, and within 3% of all-time highs

• Discretionary sector appears to have bottomed after a ~30% drawdown between Aug-25 and mid-May, with the Discretionary index up 8.5% over the last three weeks

• Tech stocks have been incredibly calm, up for the week but basically flat over the past two weeks

• Telcos struggled amid a pullback for Telstra (down 6% in the last eight sessions)

S&P/ASX 200 sectors, weekly performance (Source: Market Index)

That's a wrap for this week, have a good weekend and let's see if we finally get a glimpse of the US-Iran deal over the weekend.

Top ASX 200 gainers and losers for the week:

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Industrial metals set for best month since January on US-Iran ceasefire

[1:31 pm] The LMEX Metals Index is on track for its strongest monthly gain in four months as US-Iran de-escalation lifts sentiment, though copper supply risks linger via a sulfur squeeze.

• LMEX Metals Index gained 5.5% month-to-date as of Thursday, the biggest move in four months, after the US and Iran reached a tentative 60-day ceasefire extension (yet to be signed off by Trump)

• Copper sat little changed at US$13,709/t but is up 5.6% for the month, while tin led the complex with an 18% monthly gain to US$55,155/t

• Macquarie flags up to 94,000 tons a month of copper production at risk in Congo from a war-driven sulfur supply squeeze

Source: Bloomberg

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Analysts' take on Champion Iron

[1:02 pm] Champion Iron's FY26 results on Thursday were in-line with market expectations, but the Board's pivot from a fixed C$0.10 semi-annual dividend to a variable 30-40% of trailing six-month FCF framework, which translated to a ~C$0.02 payment, dominated sell-side commentary and drove a sharp negative market reaction. The stock fell 4.5% on the day and down a further 5.6% today.

• Bell Potter retained Hold, lowered target from $5.00 to $4.85, highlighting DRPF alignment with Asian decarbonisation steel demand but noting the spot market sales strategy and geopolitical uncertainty around offtakes will temporarily cap value capture during ramp-up.

• RBC Capital Markets retained Outperform, target unchanged at C$8.00, endorsing the flexible FCF-based dividend framework as appropriate capital discipline as capex winds down, though flagging DRPF commissioning disruptions and cost normalisation as key near-term risks to the earnings inflection.

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All Ords: Top gainers and losers

[12:59 pm] Defence stocks like EOS and Elsight trading sharply higher, a few lithium/gold/nickel developers also catching a bid. Meanwhile, IDP Education continues to spiral lower, largely driven by a Macquarie downgrade this morning (target price slashed 57% to $2.32).

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Pilbara Minerals CEO Henderson offloads 627,500 shares

[12:29 pm] Pilbara Minerals CEO Dale Henderson has disclosed the sale of 627,500 shares for $4.03 million, implying an average price of around $6.42 per share. Henderson beneficially owns 2.2 million shares after the transaction, as well as ~201,000 shares subject to a four-year vesting period.

While this sounds like a sizeable selldown, you have to remember, Mr Henderson purchased 755,000 shares back in June 2025, when PLS was trading around $1.30.

Company page: Pilbara Minerals (PLS)

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China export prices post sharpest jump in three years on oil and chip shock

[12:11 pm] China's export price index rose 5% year-on-year in April, the biggest gain since April 2023, as the Iran-driven oil shock and an AI-led chip squeeze flow through the world's largest exporter.

• Mineral fuels including petroleum oil led with a 22% year-on-year price rise, while fertilisers, heavily reliant on natural gas, climbed 17%

• Electronics and electric machinery exports jumped over 20% in price as the global AI buildout drives chip shortages, with copper-product prices also lifted by record non-ferrous metal rallies

• The reversal of three years of Chinese export deflation threatens to add to imported inflation in advanced economies like the US

• Gains are concentrated in a minority of categories, with rubber, plastic products, textiles and apparel still seeing price declines

Source: Bloomberg

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Analysts' take on Select Harvests

[12:06 pm] Select Harvests delivered a 1H26 underlying NPAT broadly ahead of analyst expectations on volume and pricing, along with the reinstatement of dividends for the first time since FY22 alongside an on market share buyback. The stock rallied as much as 14.0% on Thursday, and finished the session up 7.7%.

• Jarden upgraded to Neutral from Underweight, raised target from $3.60 to $4.10, lifting FY26 earnings materially post result while keeping forecasts below prior consensus on FX, with a resumption of the almond price uptrend seen as key to further upside.

• Bell Potter retained Buy, target unchanged at $5.30, flagging that result timing was impacted by third party and VAP revenue while processing capacity expansion targets significant revenue growth, with the FY28 earnings forecast lifted most materially.

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NZ business sentiment ticks up but stays near three-year lows on fuel shock

[12:05 pm] ANZ New Zealand's May surveys show a modest bounce in confidence but firms are squeezed between rising costs and price-sensitive customers, with the RBNZ flagging hikes ahead.

• New Zealand business confidence rose to 10 from -10.6 in April, while the own-activity gauge improved to 25.6 from 19.6, though both remain well below pre-Middle East conflict levels

• One-year-ahead inflation expectations sit at 3.63% and 56.7% of firms expect to raise prices, but just 2% see profits improving

• Expected wage growth over the next year dropped to 2.48% as hiring intentions weaken under a "profitability shock"

• Consumer confidence rose to 86.5 from a three-year low of 80.3, with a net 36% expecting the economy to worsen over the next 12 months

Source: Bloomberg

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THL fields $3.10-a-share takeover approach as it trims FY26 guidance

[12:04 pm] THL received a revised all-cash takeover this morning from a BGH Capital-led consortium on the same day it cut FY26 profit and lifted net debt guidance.

• The consortium of BGH Capital and the Trouchet family interests, which already holds around 19.9%, has lodged a conditional, non-binding all-cash indication at NZ$3.10 per share

• The proposal is conditional on due diligence, debt finalisation, BGH investment committee approval and a unanimous board recommendation, and expires 5pm NZT on 12 June if not engaged with

• Holders of roughly 16% of shares have indicated support for engaging with the consortium and granting due diligence access

• Separately, FY26 uNPAT guidance was cut to $40-43m on a continuing operations basis, down from the prior $43-47m range, on softer consumer confidence, Middle East conflict effects on vehicle sales and FX

• Net debt guidance was lifted materially to $460-470m at 30 June 2026, up from below $400m, driven by lower vehicle sales, around $10m of adverse FX and around $20m of adverse working capital movements

Company page: Tourism Holdings (THL)

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Dexus forced to sell $4bn-plus Melbourne Airport stake

[11:09 am] A NSW Supreme Court ruling has cleared the way for Dexus to be forced out of its prized 27.3% holding in Australia Pacific Airports Corporation, according to the AFR. Dexus shares have been halted since Thursday.

• The court dismissed Dexus' bid to halt the sale and lifted the injunctions, finding the company committed a material irremediable breach of the shareholders' deed and that the default notice is valid

• The stake in APAC, owner of Melbourne and Launceston airports, is estimated to be worth between $4bn and $4.5bn, bought from AMP's Collimate Capital in 2023

• The dispute, led by IFM Investors with the Future Fund among shareholders, centred on Dexus sharing confidential information with conflicted parties including Singapore's GIC and Abu Dhabi's Mubadala

• The judge backed APAC chair Christine O'Reilly, rejecting Dexus' argument that she ignored legal advice and describing her conduct as independent and impartial

Source: AFR

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Top ASX 200 gainers and losers

[11:07 am] Defence, travel and gold stocks are trading sharply higher, while a mixed-bag of healthcare, discretionary and refiners underperform.

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Judo soars on funding deal and CET1 boost

[11:03 am] Judo shares rallied as much as 12.2% in early trade, currently up 8.9% to $1.51. The company upsized its SME securitisation to $750 million (from $500 million) this morning, at 102 bps lower than its September 2023 inaugural transaction.

Some of the key points from an earlier blog post include:

• Pro forma CET1 at 31 March lifts to 13.2% from a reported 12.6% on completion, with no change to how the underlying loans are reported in Judo's accounts

• Transaction estimated to deliver a 25-30bps pro forma benefit to FY27 ROE, assuming a normalised level of capital, as Judo retains the NIM on the underlying loans without holding capital against them

• CEO Chris Bayliss flagged the deal demonstrates "multiple levers to actively manage capital", including potential capital management initiatives "in due course"

• Macquarie's CET1 ratio estimates (as of Apr-26) sit at 12.2% for FY26 and 12.1% for FY27

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ASX 200 higher, now breakeven for the week

[11:00 am] The ASX 200 is currently up 0.73%, recouping roughly half of yesterday's (-1.43%) dip. Sector performance is a little mixed, though breadth is largely positive, with 144 constituents (72%) trading higher.

S&P/ASX 200 sectors (Source: TradingView)

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Resource heavyweights off to a strong start

[10:13 am] The S&P/ASX 200 Materials Index is up 2.2% in early trade, recovering almost the entirety of yesterday's 2.4% dip. Its largest constituents are trading broadly higher, with notable gains for rare earths and gold names.

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Gold stocks bounce

[10:09 am] The S&P/ASX All Ords Gold Index is up 5.1% following a sharp 7.4% selloff on Thursday. Gold stocks (from the below list) are down an average 11.5% year-to-date.

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Copper stocks open broadly higher

[10:06 am] A solid open for most copper stocks, with BHP (+1.8%) trading within 0.7% of its 14 May record close.

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Copper premium widens again as US tariff decision looms at end of June

[9:52 am] The CME US duty-paid copper premium over the LME is widening once more as traders position ahead of a phased refined-metal tariff decision due by month-end.

• The spot CME premium sits at a modest 3% of the LME price, but the March 2027 forward premium is near $1,000 per ton, around 7% of the LME price, signalling further upside if tariffs land

• The US has flagged phased tariffs of 15% from the start of 2027 and 30% from 2028, with a decision due end of June, though last year Trump confounded the market by exempting refined metal

• US refined copper imports more than doubled year-on-year to 533,000 tons in the first quarter as the tariff trade re-ignited

• CME stocks now total 577,385 tons, or 44% of global exchange inventory, with a further 222,000 tons of LME metal sitting at US ports

• The US strategic stockpile is likely over 1 million tons already, and import dependency has risen to 57% from 45% in 2024, strengthening the Section 232 national security case

Source: Reuters

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Copper claws back early losses

[9:50 am] Copper also experienced a sharp swing on Thursday, down as much as (-1.5%) but closed the session up 1.3% to US$6.45/lb. Copper prices are up 12.1% year-to-date and up 36.9% in the last twelve months.

Copper daily price chart (Source: TradingView)

The softness on Thursday drove BHP shares down 1.1%, while the overnight turnaround saw NYSE-listed BHP shares finish flat at US$87.80.

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Gold swings into positive territory

[9:41 am] Gold managed to finish the overnight session up 0.90% to US$4,495/oz, despite falling as much as 2% in early trade.

Gold daily price chart (Source: TradingView)

Local gold miners bore the brunt of the initial weakness, with most names down 7-8% on Thursday.

NYSE-listed Newmont shares edged 0.9% higher overnight to US$108.23. The CDIs trade 1:1 with the ASX-listed shares, which imply an open of ~$151.07.

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Greatland Resources Chair offloads ~978,000 shares

[9:27 am] Greatland's Non-Executive Chairman sold approximately two-thirds of his holdings, retaining ~500,000 shares after the transaction.

Shares in Greatland have gained 21.9% year-to-date, far outperforming the broader All Ords Gold index, which is down 17% this year.

Company page: Greatland Resources (GGP)

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Bubs Australia cuts FY26 downgrade as Middle East and supply chain costs bite

[9:23 am] The infant formula maker downgraded both revenue and underlying EBITDA guidance, citing regulatory shifts, supply constraints, Middle East disruption and increased US air freight costs.

• FY26 revenue guided to $105-115m vs. prior $120-125m and ests $114.9m, a 4% miss to consensus and around 10% below the previous midpoint

• Underlying EBITDA guided to $4-8m vs. prior $9-11m and ests $9m, a 33% miss to consensus

• Downgrade driven by evolving regulatory requirements, product availability constraints, Middle East geopolitical disruption, increased US air freight to support re-stocking and competitive pressures

• CEO Joe Coote said the US remains the strongest growth market, with air freight re-stocking "concluding" and ranging in over 10,000 US stores still on track for July 2026. FDA engagement is "in its final stages"

Company page: Bubs Australia (BUB)

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Webjet Group CEO Katrina Barry resigns

[9:17 am] Group CFO Layton Shannos takes the acting CEO role from 1 June while the board continues its search for a permanent successor.

• Katrina Barry's last day as CEO is 31 May 2026, with resignation as a director effective the same date

• Barry led Webjet through the demerger and ASX listing and developed a new Strategic Growth Plan over her two-year tenure

• Layton Shannos appointed Acting CEO from 1 June 2026. He has been Group CFO since the demerger and has been with Webjet since 2013, previously CFO of Webjet OTA, with prior experience at KPMG

• Board search for a permanent CEO and MD is progressing

This is not a good look as Webjet is trading at record lows, with the stock down 52% year-to-date.

Last Wednesday, the stock tumbled 11% after reporting a weaker-than-expected FY26 result, which featured:

• TTV down 3% to $1.46bn vs $1.43bn ests (2% beat)

• Revenue up 1% to $136.4m vs $133.5m ests (2% beat)

• Underlying NPAT down 24% to $13.6m vs $17.4m ests (22% miss)

• Strong balance sheet with net cash of $93.9m, no borrowings and net assets of $138.4m

• "In addition, FY27 is expected to be materially impacted by lower airline commissions, alongside RBA surcharging regulation changes and lower variable revenue items."

• Webjet OTA: Bookings and TTV were down 12% and 15% respectively in April with international leisure demand continuing to shift toward short-haul Asian destinations, contributing to lower average booking values and TTV

Company page: Webjet Group (WJL)

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Nightingale sells 10m Mayfield shares, retains 26.5% stake

[9:15 am] Largest shareholder Nightingale Partners has trimmed its holding in Mayfield Group, with Non-executive Director Lindsay Phillips confirming no further sales planned for 12 months.

• Nightingale Partners sold 10m shares, with the move framed as a portfolio rebalance

• Retains 30.8m shares or about 26.5% of Mayfield, with no intention to sell further shares in the next 12 months

• First Nightingale sale since Lindsay Phillips joined the board in 2020. Nightingale first acquired the Mayfield Industries business in 2012

• Sale expected to enhance liquidity in MYG shares and introduce additional institutional investors to the register

• Mayfield shares are down 4.6% YTD but up 178% in the last twelve months

Company page: Mayfield Group Holdings (MYG)

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IAG settles Greensill Bank claim

[9:14 am] IAG flagged no material impact to its financial position or FY26 results from the settlement, with the larger Credit Suisse and White Oak proceedings still on foot.

• Insurance Australia has settled the Federal Court proceedings brought by Greensill Bank AG and its insolvency administrator, which had an aggregate face value of approximately $4bn plus interest

• Settlement terms confidential, but IAG said the outcome will not be material to its financial position or FY26 financial results, based on settlement terms and anticipated recoveries

• Remaining proceedings brought by Credit Suisse and White Oak entities against IAL remain on foot, with an aggregate face value of around $3bn plus interest. IAL continues to defend those claims

Company page: Insurance Australia Group (IAG)

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Judo Bank upsizes SME loan securitisation to $750m, lifts CET1 to 13.2%

[9:11 am] Strong demand let Judo upsize from $500 million to $750 million at pricing 102 bps tighter than its 2023 debut, with the deal accretive to both capital and return on equity.

• $750m capital-relief securitisation backed by SME business loans priced at a weighted average of 171bps over 1-month BBSW, 102bps tighter than the September 2023 inaugural transaction at 273bps

• Pro forma CET1 at 31 March lifts to 13.2% from a reported 12.6% on completion, with no change to how the underlying loans are reported in Judo's accounts

• Transaction estimated to deliver a 25-30bps pro forma benefit to FY27 ROE, assuming a normalised level of capital, as Judo retains the NIM on the underlying loans without holding capital against them

• CEO Chris Bayliss flagged the deal demonstrates "multiple levers to actively manage capital", including potential capital management initiatives "in due course"

Macquarie's CET1 ratio estimates (as of Apr-26) sit at 12.2% for FY26 and 12.1% for FY27.

Company page: Judo Capital Holdings (JDO)

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Bravura Solutions CFO Neil Montford to step down after turnaround

[9:10 am] Montford will remain in the role until 14 August 2026 to ensure an orderly transition, with Bravura launching an international search for his successor.

• Neil Montford to step down as CFO and Joint Company Secretary, staying on until 14 August 2026 for handover

• Montford framed the timing around the completed turnaround, saying Bravura was "at an inflection point" when he joined and that hard decisions and restructuring restored profitability while strengthening customer relationships

• Comprehensive international CFO search to commence, alongside a search for an Australian-based joint Company Secretary

Company page: Bravura Solutions (BVS)

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Fedspeak turns more hawkish, Cook flags readiness to hike if inflation persists

[8:56 am] Fed policymakers including Cook, Jefferson, Kashkari and Goolsbee all leaned hawkish at separate events, with markets now pricing ~16bp of hikes by year-end and a full 25bp hike by April 2027.

• Cook said risks remain "tilted toward higher inflation" and she is "prepared to raise rates" if expected disinflation does not appear in a timely manner, flagging that five years above the 2% target risks unanchoring price- and wage-setting behaviour. Also warned a $1.5tn AI investment boom could be another price shock via chip and high-tech equipment costs

• Jefferson said current policy at 3.5-3.75% is "well positioned" and he has "not prejudged the next meeting", expecting tariff and energy effects to fade but with inflation risks still tilted to the upside and signs of labour market weakness

• Kashkari said inflation remains "much too high" and is his top priority, warning the longer it stays elevated the greater the risk expectations become unanchored, in which case the Fed would have to "respond even more aggressively". Followed his Wednesday comment that the Fed could embark on a series of hikes

• Goolsbee warned high AI productivity expectations could lift inflation and rates, with near-term oil and supply chain shocks compounding the problem

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Anthropic to widen access to Mythos-level cyber AI as Opus 4.8 launches

[8:54 am] Anthropic says new safeguards will let it release Mythos-comparable models broadly, while it nears a funding round at a $900 billion valuation that overtakes OpenAI.

• New Opus 4.8 model released, pitched as stronger at agentic coding tasks, with Mythos-comparable cyber-capable models to follow "in the coming weeks" though no firm timeline given.

• Mythos can identify and exploit vulnerabilities in every major operating system and web browser when directed, and was initially restricted to a handful of tech and Wall Street firms via Project Glasswing in April.

• Project Glasswing to be expanded to more US and allied government partners, with Anthropic flagging "swift progress" on safeguards to enable wider release.

Source: Bloomberg

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Bank of Korea turns hawkish as new governor flags rate hikes on Iran-driven inflation

[8:53 am] New Bank of Korea Governor Shin Hyun Song signalled a forceful policy shift after a split hold, with two dissenters favouring a hike and updated guidance pointing to as many as two rises within six months.

• Rates held at 2.5% but in a split decision, with two members dissenting in favour of a hike. Forward guidance shows most projections clustered around 3%, with risk scenarios going as high as 3.25% within six months.

• Shin said "a convincing case could certainly have been made even for raising rates at this meeting"

• 2026 inflation forecast lifted to 2.7% from 2.2%, reflecting Strait of Hormuz-driven energy costs, while 2026 growth was raised to 2.6% from 2% on the semiconductor boom

• Chip exports surged more than 200% year-on-year in the first 20 days of May, with Q1 GDP up 1.7% quarter-on-quarter, the fastest since the pandemic recovery. Shin argued the chip-led upswing is "likely to be more durable than many expect".

• Shin warned the BOK "will not tolerate one-sided moves" in FX, while flagging housing, household credit and import costs as aligned pressures pushing policy toward tightening.

Source: Bloomberg

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US saving rate hits four-year low as war-driven inflation squeezes incomes

[8:52 am] April PCE data showed real spending barely growing and disposable incomes falling for a third straight month, while annual headline inflation hit the highest since 2023.

• Real consumer spending up just 0.1% in April, with headline PCE up 3.8% year-on-year (most since 2023) and core PCE up 3.3%. Monthly core PCE rose 0.2%, slightly below consensus.

• Personal income flat, wages up 0.2%, but real disposable income fell 0.5% for a third straight monthly decline. Saving rate dropped to 2.6%, the lowest since 2022.

• Computer software and accessories prices rose 5% in April, with a recent study co-authored by former Fed Governor Stephen Miran flagging an "unprecedented" contribution to core inflation from the data centre buildout between November and March.

• Q1 GDP revised down to 1.6% annualised from 2% on weaker inventories and consumption

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US and Iran reach tentative deal to extend ceasefire by 60 days

[8:50 am] A tentative agreement would extend the fragile truce while talks continue on Tehran's nuclear program and the reopening of the Strait of Hormuz, though Trump has yet to sign off.

• Deal would extend the ceasefire 60 days and launch further nuclear talks, with Trump reportedly asking for "a couple of days" to consider. VP Vance said the two sides are "going back and forth on a couple of language points" but Iran appears to be negotiating in good faith.

• Bessent reiterated Trump's three red lines remain necessary: reopening the Strait of Hormuz, Iran handing over highly enriched uranium, and ending its nuclear program.

• The reported MOU would make Hormuz shipping "unrestricted", with Iran required to remove all mines within 30 days. Bessent also said Oman has no plans to toll the strait.

• Outstanding sticking points include how much of Iran's $24bn in frozen assets is released and how quickly, with Tehran pushing for all blocked assets to be unfrozen.

• Overnight clashes continued, with US forces downing four Iranian drones aimed at a commercial ship and Kuwait intercepting an Iranian ballistic missile, though both sides say the truce holds.

Source: Bloomberg

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Costco beats on revenue as Middle East war drives record gas volumes

[8:50 am] Final five weeks of the quarter were Costco's top five fuel volume weeks ever, with first-time members joining for gas access.

• Revenue up 11.6% to $70.53bn vs $69.81bn ests (1% beat)

• EPS of $4.93 vs $4.93 ests (in line)

• Adjusted comparable sales up 6.6%, with digital comps up 21% (adjusted 20.8%)

• Paid memberships up 4.1%, web and app traffic up 37%, with top categories pharmacy, home furnishings and gold and jewellery

• Tariff refund claims now being submitted following the Supreme Court decision, with Vachris saying funds will be returned to members "in some form" and reiterating Costco's goal "to be the first to lower prices and the last to raise them"

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Citadel says the "pain trade" is still higher despite record highs

[8:48 am] Citadel's Head of Equities Scott Rubner says performance-chasing and systematic flows have left investors underexposed, with retail now acting as "price setters" alongside institutions in the same mega-cap tech and semis names.

• S&P 500 up nearly 19% from its 30 March low, with the conversation shifting from downside hedges to where the next incremental buyer comes from and whether systematic flows can extend the rally.

• Rubner characterises positioning as "nervous bullishness", warning the market is increasingly dependent on the same leadership cohort, systematic flows and momentum dynamics all working simultaneously.

• Citadel Securities' May retail cash equities volumes tracking about 10% above the January 2021 meme-stock peak, with retail options volumes the second-highest on record behind October 2025.

• Retail options activity in Citadel's semiconductor basket running 2.7x above average, the highest on record and about 15% above the June 2024 peak. Gross options premium in semis is running roughly 5x the historical monthly average.

• Unlike the meme-stock era, retail flows are concentrated in the same semis, AI infrastructure and mega-cap tech names favoured by institutions, reinforcing the narrow leadership.

Source: Bloomberg

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Snowflake, Marvell and Salesforce: All beat earnings as AI demand fuels bullish outlook

[8:44 am] AI-driven demand powered beats across the trio, with Marvell flagging "exceptional" bookings and Salesforce's Agentforce ARR clearing the $1 billion mark.

• +36.4% Snowflake (Q4'26): Revenue up 30% to $1.28bn vs $1.25bn ests (2% beat), EPS of $0.34 vs $0.27 ests (26% beat), adj FCF up 61% to $782m vs $745m ests (5% beat), and RPO up 42% to $9.77bn. FY27 product revenue guided to $5.66bn (27% growth)

• +3.0% Marvell Technology (Q1'27): Revenue up 28% to $2.42bn vs $2.40bn ests (1% beat), adj EPS of $0.80 vs $0.79 ests (in line) and record operating cash flow of $639m. Q2 revenue guided to $2.7bn vs $2.6bn ests (4% beat), implying 35% growth. Management flagged "exceptional AI-related bookings" and significantly raised FY27 and FY28 revenue outlooks, citing 800G/1.6T optics, 51.2T Ethernet switches and custom XPU solutions.

• -0.75% Salesforce (Q1'27): Revenue up 13% to $11.13bn vs ests (in line), non-GAAP EPS up 50% to $3.88 vs ests (24% beat), Agentforce ARR cleared $1bn. FY27 revenue outlook lifted to $45.9-46.2bn

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US stocks climb as yields fall on Iran ceasefire hopes and cooler inflation

[8:38 am] US equities closed higher near session highs as strong software earnings, easing geopolitical risk and falling Treasury yields drove solid gains for Tech and Healthcare stocks.

• US equities finished higher near best levels, led by semis/memory, big tech and software

• S&P 500 (+0.58%), Dow (+0.05%), Nasdaq (+0.91%) and Russell 2000 (+0.57%) all closed at record highs

• The risk-on tone came from US-Iran de-escalation headlines, with reports of a 60-day ceasefire reached but not yet signed off by Trump, plus fading oil futures and a VIX back below pre-conflict levels

• April core PCE rose 0.2% m/m, below March's 0.3%, while markets now price just 13 bp of hikes through year-end

• April durable goods orders jumped 7.9% m/m vs 3.5% ests on transportation, though core capital-goods orders fell 1.1% against a forecast 0.4% rise

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Good morning!

[8:30 am] ASX 200 futures are up 52 pts (+0.60%).

The overnight session in a nutshell:

• S&P 500 (+0.58%), Dow (+0.05%), Nasdaq (+0.91%) and Russell 2000 (+0.57%) closed at fresh records as tech reclaimed leadership

• Snowflake's blowout guidance and a $6bn AWS deal reignited the AI trade (shares up about 36%), while Dell smashed estimates after the bell with revenue up 88%

• US and Iran reportedly agreed to a 60-day ceasefire-extension framework pending Trump's approval, pulling oil off session highs