Highlights

• Asian markets extend gains amid global optimism and Middle East ceasefire

• Santos leads gains on the ASX 200, boosting broader energy sentiment

• Tech and gold miners drive gains while iron ore and bourse operator ASX Ltd drag

Asian equity markets moved broadly higher as regional sentiment remained upbeat, buoyed by supportive cues from Wall Street and cooling geopolitical tensions in the Middle East. Optimism surrounding trade discussions and steady consumer sentiment data out of the US also contributed to the positive tone.

Australian markets joined the regional upswing, supported by strength in gold and technology sectors. The ASX 200 held firm above key levels, reflecting resilience even as iron ore miners and financials posted mixed performances.

Santos Momentum Lifts Energy Sector

Santos Ltd (ASX:STO) continued to draw attention following the confirmation of a takeover proposal led by a consortium linked to Abu Dhabi’s Adnoc. The development strengthened sentiment across energy stocks early in the session. Other names including Woodside Energy (ASX:WDS), Origin Energy (ASX:ORG), and Ampol (ASX:ALD) mirrored initial strength before retreating slightly.

Beach Energy (ASX:BPT), however, showed mild weakness by midday trade. Despite pullbacks in crude oil pricing globally, local energy counters remained in focus amid ongoing corporate activity.

Tech Stocks Extend Uptrend

The technology sector added to recent gains, with Afterpay owner Block (ASX:SQ2), Zip Co (ASX:ZIP), and Xero Ltd (ASX:XRO) trading higher during morning sessions. Appen Ltd (ASX:APX) surged notably, reflecting improved sentiment following broader momentum in US tech equities.

WiseTech Global Ltd (ASX:WTC) was one of the few underperformers in the tech basket, easing modestly despite the upbeat tone.

Gold Miners Glitter Amid Broader Commodities Rebalance

Precious metals counters outperformed as spot gold held near recent highs. Names like Northern Star Resources (ASX:NST), Gold Road Resources (ASX:GOR), and Resolute Mining Ltd (ASX:RSG) gained ground, while Evolution Mining Ltd (ASX:EVN) posted slight weakness.

Newmont Corporation (ASX:NEM) also recorded upward movement, reinforcing broader sector gains in the mining segment.

Iron Ore Miners Ease as Steel Demand Signals Weaken

Iron ore-linked stocks traded lower despite regional market strength. BHP Group Ltd (ASX:BHP), Rio Tinto Ltd (ASX:RIO), Fortescue Metals Group Ltd (ASX:FMG), and Mineral Resources Ltd (ASX:MIN) faced pressure, reflecting caution around steel demand signals from China.

ASX Ltd Drops as Regulatory Scrutiny Intensifies

ASX Ltd (ASX:ASX) extended losses after the Australian Securities and Investments Commission flagged a comprehensive inquiry into its operations. The rare structure of a self-listed market operator attracted renewed scrutiny, prompting questions around governance and industry oversight.

Broader Asia Follows Positive Global Cues

Markets in Taiwan, South Korea, China, and Southeast Asia traded in positive territory. Japan’s Nikkei bucked the trend, retreating on trade rhetoric and weakness in heavyweight financials and exporters.

Uranium, renewables, and electric grid-linked counters saw added interest across Asia as energy transition themes remained prominent in institutional flows. The upbeat tone held steady into mid-session, supported by easing macro concerns and firm US equity leads.