ASX 200 Marks Fourth Monthly Gain, Up 2.3% in July

The ASX 200 closed slightly firmer at 8,978 on Friday, clawing back losses from the prior session as strength in tech, non-energy minerals, and utilities offset broader caution. Sentiment was lifted by a rally in U.S. stock futures after Amazon’s upbeat earnings and a rebound in chip stocks on Wall Street Thursday. Gains, however, were capped by weaker factory activity in China, with July’s official PMI underscoring slowing demand from Australia’s key trading partner. Miners gained on higher copper prices, lifting Rio Tinto (1.0%) and South32 (0.8%), while gold producers Evolution Mining (1.8%) also advanced. However, the big four banks fell between 0.1% and 0.4%. Still, Australian equities booked their first weekly gain in a month, up 2.3%, and a fourth straight monthly rise, supported by robust private credit growth in June. Inflation worries also eased after softer June and Q2 readings, reinforcing views that the central bank’s three rate hikes this year are beginning to bite.




