ne-year inflation expectations edged down to 4.6% from 4.7%, still above the Reserve Bank of Australia’s target band. And a few company updates drove outsized moves: James Hardie rose after announcing US plant closures, Capstone Copper jumped on record quarterly output, and Rio Tinto gained after naming Amazon Web Services as the first customer for its Nuton Technology unit under a two-year collaboration.
Why should I care?
For markets: Chips are still the market’s mood ring.
TSMC’s strong guidance reinforced the idea that demand for advanced chips remains firm, which can buoy tech-heavy benchmarks and broader equities when the sector’s leading. But the same session showed how quickly leadership rotates: easing geopolitical risk pushed oil down, which can weigh on energy stocks even as tech rallies.
The bigger picture: Inflation is cooling slowly, not disappearing.
A dip in inflation expectations is encouraging, but 4.6% is still uncomfortably high relative to the RBA’s 2%–3% goal. That keeps the policy backdrop in play – and it’s why global tech momentum can drive markets day to day, while rates and prices still set the longer-term tone.
