The ASX is tipped to open higher ahead of all-important inflation data due out 11:30am AEST, which will be key to the interest rates trajectory.
Globally, chipmaker stocks have been dumped, but the Dow and S&P rose on Wall Street.
Follow the day's financial news and insights from our specialist business reporters on our live blog.
Disclaimer: this blog is not intended as investment advice.
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Wed 29 Jul 2026 at 8:25am
Wed 29 Jul 2026 at 8:25am
Market snapshot
By Michael Janda
- ASX 200 futures: +0.8% to 8,980 points
- Australian dollar: Flat at 69.71 US cents
- S&P 500: +0.2% to 7,429 points
- Nasdaq: -0.2% to 24,877 points
- FTSE: +0.8% to 10,871 points
- EuroStoxx: +0.4% to 647 points
- Spot gold: -0.2% to $US4,020/ounce
- Brent crude: -3.8% to $US85.05/barrel
- Iron ore: +0.1% to $US98.20/tonne
- Bitcoin: +0.1% to $US63,908
Prices current around 8:20am AEST.
Live updates on the major ASX indices:
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Wed 29 Jul 2026 at 8:42am
Wed 29 Jul 2026 at 8:42am
Fast fashion giant Shein under investigation
By Emilia Terzon
Online fast fashion giant Shein is under investigation by the US Federal Trade Commission.
The Chinese-founded company could face significant fines as a result, according to documents filed in connection with its planned Hong Kong IPO.
Shein say it is cooperating with the probe. But it hasn't said why exactly it is under investigation.
More of what the company has said here:
"The outcome of the investigation, whether in settlement or otherwise, may require us to make significant monetary payments that could have a material adverse effect on our financial condition and results of operations."
An FTC spokesperson confirmed on Tuesday the agency is conducting a consumer protection investigation into Shein. The FTC enforces US laws against unfair and deceptive business practices.
Reporting with Reuters.
Wed 29 Jul 2026 at 8:21am
Wed 29 Jul 2026 at 8:21am
Aussie dollar settles under US 70 cents ahead of CPI release
By Emilia Terzon
The local currency dropped against the greenback yesterday as the RBA's governor gave a public appearance and comments to journalists about interest rate settings.
It's currently sitting at 69.73 US cents.
Here's a morning note from CBA:
Pricing for an August interest rate hike by the Reserve Bank of Australia (RBA) has dropped from around 30% to 20% after Governor Bullock delivered a balanced assessment that stopped short of clearly signalling an August rate hike yesterday.
However, today's Australian Q2 26 CPI can alter RBA pricing again (11:30am Sydney time). Our Australian economics team expect the policy‑relevant quarterly trimmed mean CPI to have risen by 0.9%/qtr in Q2 26, with its annual rate edging higher to 3.7%.
The risks are skewed to a stronger than expected trimmed mean CPI, giving a modest boost to AUD/USD.
Key Event
Wed 29 Jul 2026 at 8:18am
Wed 29 Jul 2026 at 8:18am
Lack of explosions drives oil down, stocks up, but tech still on the nose
By Michael Janda
The continued pause in active hostilities between Iran and the US in and around the Strait of Hormuz had markets continuing to hope for the best overnight.
Brent crude was down close to 4% to about $US85 a barrel, while the major US share indices generally gained, especially the blue chip Dow, which was up 1%.
"US-Iran negotiations — if they exist — remain shrouded in the fog of war. However, with a continued pause in trade of explosives, crude oil has retreated," writes Ken Crompton, NAB's head of rates strategy.
The Nasdaq didn't fare as well, as nervousness persists about the rapid rise of Chinese AI and the potential for it to render some of the West's massive investments uncompetitive.
"The risk positive moves overnight followed a particularly turbid session for tech-heavy Asian bourses yesterday — the Nikkei down nearly 4% and the KOSPI down 11%," Crompton notes.
"Tech stocks were again roiled by renewed fears of the circularity of vendor-customer investment, advances in China's local chipmaking capabilities and models, as well as the overall achievability of capex programs."
The Nasdaq finished down 0.2%, with Intel down nearly 6%, as investors also nervously await the latest financial results from some big US tech names.
Stay with us for the latest on the local share market when it opens at 10am AEST and also the key June quarter inflation data out at 11:30am, which will probably determine whether interest rates rise a fourth time this year the next time the RBA meets in just under a fortnight.
