US sharemarkets eased overnight, pulling back from recent record highs as policy uncertainty weighed on sentiment despite a broadly steady economic backdrop. The S&P 500 slipped 0.19%, the Dow Jones Industrial Average fell 0.8%, and the Nasdaq Composite edged 0.1% lower. Financial stocks led the decline, with JPMorgan Chase dropping more than 4% even after beating earnings expectations, as weaker investment banking fees and renewed regulatory concerns unsettled investors. Other banks and payments stocks also moved lower, dragging on the broader financial sector, while technology shares were mixed, with Microsoft finishing down.
Markets had earlier drawn modest support from softer-than-expected core inflation data for December, reinforcing expectations that the Federal Reserve will remain cautious, with rate cuts still anticipated from mid-year. However, a series of policy proposals from President Donald Trump, including calls for caps on credit card interest rates and renewed criticism of the Federal Reserve, added to volatility and tempered risk appetite. In Australia, shares are expected to open little changed, with SPI futures down 5 points to 8,779, as investors await local job vacancy data and offshore releases including China’s trade figures and key US economic reports.
In company news,
Monadelphous lands $300m Rio Tinto maintenance contract
Engineering contractor Monadelphous Group (ASX:MND) has secured a major long-term maintenance services contract with Rio Tinto, valued at about $300m over five years. The contract covers fixed plant and shutdown services across Rio Tinto’s Pilbara iron ore operations and extends a relationship that has lasted more than three decades. Management said the award reinforces Monadelphous’ position as a leading maintenance provider to the resources sector and adds to earnings visibility through the second half of the decade.
Pantoro drilling supports new open pit at Norseman
Producer Pantoro Gold (ASX:PNR) said drilling at the Daisy South deposit has confirmed high-grade extensions to mineralisation, supporting plans to develop a new open pit alongside the Gladstone Everlasting operation at its Norseman gold project. Recent results included multiple high-grade intercepts, with mine design and planning now underway and Daisy South expected to be mined concurrently over the next two years. Management said the approach could improve fleet efficiency and extend open-pit mine life as Pantoro continues to scale production at Norseman.
Rumble hits 30.7g/t gold as Western Queen drilling extends resource
Gold explorer Rumble Resources (ASX:RTR) reported multiple high-grade gold intercepts from diamond drilling at its Western Queen project in Western Australia, including a standout 5.8m at 30.72g/t gold beneath historical underground workings. Drilling at Western Queen South also returned a series of consistent high-grade hits, with most holes intersecting the predicted mineralised position, supporting the potential for further resource growth. The program also intersected tungsten mineralisation, pointing to possible upside in the project’s tungsten resource, with further assay results due later in January.
