The Australian sharemarket experienced a strong rally, climbing 1.1 per cent to reach a three-month high around midday Tuesday. This surge was largely driven by increasing prices in precious metals. In company news, BHP has reclaimed its position as Australia’s most valuable listed company, overtaking the Commonwealth Bank of Australia (CBA). BHP is a leading global resources company involved in the exploration, development, production, and marketing of iron ore, copper, coal, and petroleum. CBA provides financial services, including retail, business and institutional banking, funds management, superannuation, insurance, and investment services.
Elsewhere, global investor Ray Dalio has issued a warning about civil unrest, stating that the “United States is now a tinderbox.” In Melbourne, the Australian Open faces challenges as the city anticipates extreme heat. Tennis Australia employs a complex system that considers radiant temperatures, humidity, and heat to determine if play should be suspended. Tuesday is expected to be Melbourne’s hottest day in 17 years.
In other business news, demand for SUVs is helping Polestar achieve significant gains in the electric vehicle (EV) market, despite overall subdued sentiment towards EV purchases. Additionally, Chinese buyers are showing increased interest in copper, driving up the price of the commodity. Social media platforms are seeing promotion of copper as an investment similar to Bitcoin.
Finally, Nvidia is making further investments in AI infrastructure, pledging an additional $2.8 billion in CoreWeave. The European Union is investigating X (formerly Twitter) over Grok’s creation of sexualised deepfakes. Regulators and child safety advocates have swiftly condemned the AI chatbot’s actions.
