Welcome to our live ASX coverage for Thursday, September 4. We’re excited to trial this new format. Expect a high volume of posts pre-market and more periodic updates throughout the day. Today's live blog will wrap up around 2:00 pm AEST. Be sure to refresh manually for the latest updates — and let us know how we can make it even better.

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Where will we go next?

[1:55 pm] The market's had a little bounce after a four-day skid. But where will we go next?

Wednesday's 1.82% selloff marked the first meaningful move below the 20-day (red) and first touch of the 50-day (green) since April. A bounce is nice, but ideally, we see some more strength above the 50-day and some sideways action.

ASX 200 daily chart (Source: TradingView)

Still, we're working out way through the start of September, the worst month of the year for equities, against a backdrop of soaring long-dated yields, a potential US government shutdown, high expectations of 50 bps worth of Fed cuts by year end and more. We'll just have to see where the dust settles over the next few weeks. That's all for Thursday.

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Household spending hits highest annual growth since November 2023

[12:45 pm] Household spending rose 0.5% month-on-month in July, following rises of 0.3% in June and 1.0% in May.

Robert Ewing, ABS head of business statistics, said: "Household spending rose for the third month in a row in July, and has now gone up nine times in the last 10 months ... Household spending is 5.1 per cent higher than the same time last year. This is the highest annual growth since November 2023."

Household spending, current price, seasonally adjusted (Source: ABS)

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Aussie exports surge

[12:42 pm] Australia's goods trade surplus widened to $7.31 billion in July, up from $5.37 billion in June and well-above market expectations of $5.0 billion. This marks the largest surplus since February 2024, largely driven by stable iron ore production and prices.

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Uranium stocks broadly higher

[11:39 am] Local uranium names mostly 2-5% higher. No major overnight catalyst, though the Global X Uranium ETF (URA) ticked 1.7% higher.

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Post-reporting season lull

[11:13 am] Not a whole lot happening out there. Companies are done reporting, with no new information left to deliver and analyst are done running the ruler. Might fall asleep at the desk at this rate.

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Small caps making moves

[11:05 am] Here are the small caps ($200m to $1bn market cap) making moves in early trade.

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ASX 200 bounces

[10:24 am] The S&P/ASX 200 is up 65 points (+0.75%) following Wednesday’s worst one-day selloff since 7 April, led by a rebound in Financials and Tech — the same sectors that had lagged the most yesterday. Notable gainers include CBA (+1.6%), Westpac (+1.6%) and Xero (+2.9%)

ASX 200 daily chart (Source: TradingView)

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ASX 200 gainers and losers in early trade

[10:06 am] Capstone Copper rallied amid broad strength among copper miners, Xero bounced after falling ~8% in the last four sessions while top losers include a few defensive names like TPG, Mercury NZ and Nib.

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Ricegrowers issues FY26 outlook

[9:34 am] Ricegrowers reaffirmed its FY26 guidance for top and bottom line growth at its AGM.

However, the company flagged "some challenges experienced in FY25 remain current and may persist for the rest of the year, potentially moderating the Group’s growth." This included:

• Intensified competition from lower-priced offerings across several key markets, placing pressure on revenue and margins;

• Weak AUD and PGK, affecting the cost of imported products; and

• Other inflationary pressures on costs, including possible upfront costs related to executing the 2030 Growth Strategy.

Source: ASX Announcement | Company page: Ricegrowers (SGLLV)

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IAG's acquisition of RAC raises competition concerns

[9:28 am] The ACCC has raised preliminary competition concerns over IAG’s proposed acquisition of RAC Insurance (RACI) in Western Australia, where both supply motor and home & contents insurance.

RACI is the leading insurer in WA with a strong brand and market share, and the ACCC warns the deal could substantially lessen competition. The acquisition may allow IAG to raise premiums, reduce product quality, and limit rivals’ access to cost-effective repair services.

This marks a complete U-turn from prior comments on 22 May, where the ACCC said:

• It will not oppose the acquisition.

• The review found that alternative insurers, including Suncorp, Allianz, QBE, Youi, Auto & General, and Hollard, would continue to provide competitive pressure post-acquisition.

• RACQI has not been a strong competitor, losing market share since 2019, with generally higher prices and limited differentiation in coverage or service.

IAG shares rallied 5.7% on the day of the RAC takeover announcement (15 May) and also gained 2.7% on the day of the first ACCC release (22 May). Today's comments could place downward pressure on the stock.

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Iress CEO to step down

[9:14 am] Iress CEO will step down as of 4 September, with Andrew Russell appointed as the new CEO, effective 17 November. Russell previously held executive roles at Bravura Solutions and Class Limited.

"We see this update as a positive given Mr Russell is very well regarded by small cap investors," said E&P’s Olivier Coulon, "overall, we'd expect the stock to perform well today."

• At Class, he expanded the TAM by entering the Document Management space and secured a significant premium in a scrip deal with HUB24.

• At Bravura, he stabilised the business, improved systems, renegotiated contracts, cut costs, and drove Cash EBITDA margins to high teens by FY25.

Source: ASX Announcement | Company page: Iress (IRE)

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ASX August activity report: Trade volumes surge

[9:05 am] Some interesting numbers from the market operators monthly activities report (non-price sensitive).

• Total average daily value traded rose 24% year-on-year to $8.74bn ($61.26bn for the month).

• Volatility eased to 0.5% from 0.8% a year ago, while futures volatility averaged 10.8, down 17% y/y.

• Total capital quoted increased 29% to $4.58bn.

• Cash market activity was strong, with average daily trades up 46%

Source: ASX Announcement | Company page: ASX (ASX)

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Fedspeak flags labour market risks

[9:03 am] Nothing new from Fed speakers, mostly slightly dovish and flagged potential labour market softness.

• Musalem: Said policy is modestly restrictive and appropriate, but sees rising downside risks in the labor market alongside potential persistence in above-target inflation.

• Bostic: Argued labor market is slowing enough to justify ~25bp of easing this year, though stressed flexibility depending on inflation and jobs data.

• Kashkari: Warned inflation is still too high and labor market is cooling, but sees scope for gradual rate cuts without triggering a recession.

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Oil prices fall as OPEC mulls another output hike

[8:55 am] Brent crude fell 2.4% to US$67.30 overnight after reports said OPEC+ may consider fresh supply hikes at its weekend meeting, though a pause in October remains possible. The group has already committed to significant increases this year, yet analysts say the market remains tighter than expected due to overproduction limits on some members and Ukrainian strikes on Russian refineries, which have knocked 15–20% of fuel production offline.

Still, the broader trend is bearish, with expectations of a supply glut by 2026, doubts over future US sanctions policy, and hedge funds holding their least bullish crude positioning in nearly two decades.

Energy was the worst performing S&P 500 sector overnight, down 2.30%. This could drive some negative flows for local names like Woodside, Karoon and Beach Energy today.

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S&P 500 higher, but not really

[8:50 am] The S&P 500 snapped a two-day losing streak, up 0.51% overnight. Though most of these gains were driven by Alphabet (+9.0%) and Apple (+3.8%).

In contrast, the Equal-weight S&P 500 (RSP) — which gives every company the same ~0.2% weight, finished the session 0.15% lower. This indicates relatively weak breadth, which was evidenced by the Dow and Russell 2000 both finishing slightly lower.

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Alphabet and Apple rally on antitrust ruling

[8:45 am] The US antitrust ruling against Google was far less severe than feared, requiring data-sharing and limits on exclusivity but avoiding structural remedies like a Chrome divestiture.

Google can continue its $20 billion annual revenue-sharing deal with Apple, boosting Apple’s higher-margin Services segment and easing investor concerns.

Alphabet and Apple shares rallied 9.0% and 3.8% respectively, with the decision seen as a broader positive for Big Tech by reducing antitrust overhangs at a time when sentiment has been pressured by valuations, yields, AI doubts, and capex concerns.

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Stocks trading ex-dividend today

[8:42 am] This is probably the longest list of ex-dividend stocks you’ll come across.

Acumentis Group (ACU) – $0.002, Adrad Holdings (AHL) – $0.021, Argo Global Listed Infrastructure (ALI) – $0.055, Atlas Pearls (ATP) – $0.014, Aussie Broadband (ABB) – $0.024, Beacon Lighting Group (BLX) – $0.039, Big River Industries (BRI) – $0.02, Clinuvel Pharmaceuticals (CUV) – $0.05, Coles Group (COL) – $0.32, Eagers Automotive (APE) – $0.24, Generation Development Group (GDG) – $0.01, Globe International (GLB) – $0.10, Ironbark Capital (IBC) – $0.013, Karoon Energy (KAR) – $0.024, Laserbond (LBL) – $0.008, Meridian Energy (MEZ) – $0.128, Microequities Asset Management Group (MAM) – $0.02, Schaffer Corporation (SFC) – $0.45, Servcorp (SRV) – $0.14, Sky Network Television (SKT) – $0.122, Symal Group (SYL) – $0.059, TPG Telecom (TPG) – $0.09, Viva Energy Group (VEA) – $0.028, Vitura Health (VIT) – $0.002, Wotso (WOT) – $0.013

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Good morning!

[8:32 am] ASX 200 futures are up 31pts (+0.35%) after the market tumbled 1.82% on Wednesday, its worst one-day selloff since April.

If you’re new to the blog – catch up quick via today’s Morning Wrap.