ASX 200 Snaps 4-Day Losing Streak, Closes 0.5% Higher on July 10

Australia’s sharemarket broke a four-day losing streak on Friday, July 10, with the S&P/ASX 200 Index climbing 43.5 points, or 0.5 per cent, to close at 8,806. Miners led the rebound after tumbling more than 4 per cent during the week, while banks steadied. The index still ended the week lower as a global rally in artificial intelligence and chip stocks bypassed the local exchange.

Miners and gold drive the bounce

Materials became the strongest sector as Morgans upgraded its copper forecast, lifting South32 by 5.2 per cent to $4.02. Rio Tinto rose 3.8 per cent to $164.49 and BHP climbed 2.5 per cent to $58.28. Evolution Mining added 3.4 per cent to $11.63 as gold steadied at $US4,118 per ounce.

Banks stabilise after weak week

Financials improved 0.6 per cent, notching the sector’s best daily close in nine weeks. The big four banks recovered: National Australia Bank climbed 0.8 per cent to $39.61, Commonwealth Bank 0.5 per cent to $168.86, Westpac 0.9 per cent to $36.54, and ANZ 0.8 per cent to $36.05. Westpac economist Luka Belobrajdic said sentiment had not turned bearish, with markets treating Middle East escalation as managed risk.

Australia misses the AI rally

While the Nasdaq Composite surged 1.3 per cent and Europe’s Stoxx 600 gained 0.78 per cent, the ASX lagged on weak AI exposure. Moomoo market strategist Michael McCarthy noted Australia’s low presence in chip and AI industries meant the local bourse missed global momentum. Healthcare dragged, with Pro Medicus dropping 6.3 per cent to $197.07 after a 33 per cent jump in the past month, and CSL falling 2.1 per cent to $122.89.

Oil and uranium support energy transition

Energy stocks fell 0.2 per cent as oil retreated to $US76.04 per barrel on bets the worst US-Iran conflict had passed. However, uranium stocks surged after Australia and India finalised a long-term uranium export agreement. Paladin Energy rose 4.1 per cent to $10.06 and Deep Yellow climbed 7.4 per cent to $1.44, signalling investor appetite for clean energy commodities.

Final Thoughts

The ASX 200 bounced on commodity strength and bank recovery, but Meyka’s C+ grade and neutral technicals (RSI at 48.71, ADX showing no trend) suggest limited upside. With the index trailing global AI momentum, investors should watch whether the rebound holds or fades into next week.

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