The S&P/ASX 200 Index is set to open lower, with futures down 32 points or 0.37% at 8:30 am AEST. The index shed 5 points or 0.06% last week to close at 8,662, retreating from near-record highs following fresh tariffs announced by US President Donald Trump. While Australia escaped with a relatively modest 10% tariff, sector-specific duties on aluminium, steel, and pharmaceuticals remain a risk.
Sector performance was mixed: Consumer Discretionary (+2.56%), Financials (+1.45%), Industrials (+1.31%), and Consumer Staples (+0.74%) led gains. Materials (-3.92%) and Energy (-1.66%) were key drags. Top performers included DroneShield (+19.80%) and Betmakers (+16%), while Boss Energy (-49.85%) and Syrah Resources (-28.11%) posted sharp declines.
With limited local data scheduled, investor focus shifts to the Reserve Bank of Australia’s 12 August meeting. The market is fully priced for a 25 basis point rate cut, with 60 basis points of cuts expected by year-end. Earnings reports from AMP, QBE and Nick Scali are also due this week.
