The Australian market is higher at lunchtime, and the tone is constructive despite a choppy night on Wall Street. Defensive and value pockets are doing most of the workâbanks, healthcare and materialsâwhile energy cools alongside oil and tech takes a breather. The move lines up with local sector dashboards and the morning live blogs.Â
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A few individual moves help explain the tape. Telix Pharmaceuticals is on the front foot after stronger Q3 revenue, while IperionX trades higher on full-year results. On the flip side, a handful of resources and defence names are easing after recent strength. (Midday leaderboard snapshots show TLX ~+13.7%; IPX ~+9.9%; decliners include NTU, 29M, ASM, EOS.)Â
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Volatility remains low by local standards, consistent with an environment where investors are digesting headlines rather than reacting to them. (Todayâs live dashboards highlight a low VIX reading for the ASX.)
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Overnight, US equities finished mixedâDow up, S&P and Nasdaq downâas trade headlines resurfaced and investors rotated within sectors. AP and Reuters summaries both frame the move as a âpauseâ rather than a break, with tech softness offset by resilience in parts of industrials and financials.Â
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Two other threads coloured sentiment:
Why this matters locally: When Wall Street rotates but doesnât roll over, the ASX often leans on banks and defensives for directionâexactly todayâs mix. The AI-bubble debate can weigh on growth/semis, which helps explain the softer local tech read-through versus the firmer banks/health.Â
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Closer to home, RBA Assistant Governor (Economic) Sarah Hunter used a Sydney appearance to stress that productivity remains a swing factor for the outlookâreminding markets that risks run on both sides of the Bankâs August projections. Separately, Bloomberg noted the RBA has downgraded trend productivity assumptions in those forecasts. Bottom line: nothing in the speech jars with near-term policy expectations, and markets read it as steady-as-she-goes.Â
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The AUD is hovering near US$0.650, basically flat to modestly firmer on the session, with FX boards reflecting a calm day for the major crosses.Â
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Hereâs the simple watch-list for the afternoon and the overnight hand-off:
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