The Australian share market opened marginally higher on Thursday as energy gains supported the index amid weakness in mining and technology. The S&P/ASX 200 rose 0.06 per cent to 9,003 points in early trade, recovering from Wednesday’s 0.7 per cent fall to 9,030 points.
The benchmark index remains 9.71 per cent higher year-on-year and 2.73 per cent stronger for the month as investors continue to assess global economic signals, commodity prices, and corporate announcements. 
ASX 200 on rise since morning
Wall Street Weakness Weighs on Sentiment
Wall Street closed lower overnight as investor caution returned on renewed US-China trade tensions and disappointing earnings from major US technology firms. The Dow Jones fell 0.7 per cent, the S&P 500 declined 0.5 per cent, and the Nasdaq slipped 0.95 per cent as investor sentiment turned cautious ahead of the Federal Reserve meeting.
Australian futures pointed to a 17-point dip earlier in the morning, reflecting cautious positioning after the overnight sell-off in tech-led US markets.
NYSE at closing
BHP Holds AGM Amid Iron Ore Talks
BHP held its annual general meeting on Thursday, sidestepping direct commentary on ongoing iron ore contract negotiations with China. The miner’s shares traded lower in early trade, falling 2.5 per cent, as investors continued to monitor developments in China, where discussions on long-term supply agreements remain delicate.
Rio Tinto and Lynas Rare Earths also eased, down more than 1 per cent each, while Fortescue Metals edged lower ahead of releasing its first-quarter production results.
Energy Sector Lifts as Oil Prices Surge
The energy sector outperformed, climbing 2.8 per cent to hit its highest level since late September as global oil prices surged on renewed supply constraints. Woodside Energy rose 3.4 per cent to trade at multi-week highs, and Santos gained 2.1 per cent following a sharp overnight lift in crude benchmarks. Brent crude advanced 3.1 per cent to US$63.20 a barrel, while WTI climbed 3.4 per cent to US$59.17.
Ampol shares also advanced 4.3 per cent to A$31.26 after a series of bullish analyst upgrades, contributing strongly to the day’s energy-led momentum.
Gold Prices Stabilise After Sharp Drop
Gold prices steadied after a volatile week that saw the metal fall 6.6 per cent to US$4,067 per ounce on Tuesday, its steepest single-day drop in 12 years. Bargain hunters returned to the sector, helping gold miners recover modestly in morning trading.
The S&P/ASX All Ordinaries Gold Index recorded a 9.5 per cent loss earlier in the week as selling pressure wiped billions from market capitalisation. Market analysts attributed the correction to profit-taking after record highs, with Alexander Stahel, a Swiss investor, noting, “A drop of more than 5% is rare. In theory, it would be once in hundreds of thousands of trading days”.
Financials and Healthcare Provide Support
Financials and healthcare sectors provided underlying strength to the morning session. CSL rose 1.5 per cent and Sonic Healthcare gained 1.3 per cent, leading the healthcare rebound following months of underperformance. Bendigo and Adelaide Bank climbed 0.63 per cent to A$12.68, while ANZ Group remained steady after touching an all-time high last week on rate cut optimism.
Market participants continued to position around upcoming quarterly inflation data and the Reserve Bank of Australia’s next move. RBA Governor Michele Bullock emphasised during her Sydney speech that inflation may remain “stickier than hoped,” signalling a measured stance on rate cuts.
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Corporate Activity Dominates News Flow
In corporate developments, Macquarie Group remained in focus after Monday’s 5.1 per cent decline following the CFO’s abrupt departure and AGM backlash from shareholders. Fortescue reported record iron ore shipments earlier in the week and signalled improved cost efficiency in its latest operational update.
Lynas shares advanced 5 per cent after signing a new supply agreement with Korean firm JS Link, underscoring resilient demand for critical minerals. However, Karoon Energy fell 2.8 per cent despite positive production guidance, reflecting selective investor interest in resource stocks.
Broader Asia-Pacific Markets Mixed
Across Asia, regional markets traded in mixed fashion. Japan’s Nikkei weakened by 1.08 per cent amid leadership transitions while China’s Shanghai Composite rose 1.36 per cent, supported by stable manufacturing output and export resilience.
Risk sentiment remained subdued in global equities as investors weighed shifting macroeconomic trends, including developments in US trade relations and anticipation of European rate decisions later this month.
Outlook for the Coming Session
Analysts expect the ASX 200 to remain range-bound through the session as traders await critical earnings from Whitehaven Coal and Newmont Corporation. Both companies’ results could steer resource-sector sentiment heading into the following trading day.
Market expectations suggest that the index may remain supported above the 9,000-point level in the near term, with a forecast range between 8,844 and 9,283 by quarter’s end. Trading volumes continue to reflect cautious optimism as the market balances sector rotation and geopolitical uncertainties.
