Softer Inflation Takes RBA August Hike Off the Table as Healthcare and Consumer Stocks Rally
Paper Mandate Market & Portfolio Commentary | 29 July 2026
Fund Status:
Bal Start: $1,114,145
Bought None
Sold: None
Bal End: $1,108,613
Cash: $107,175
Overnight Markets
The US market rallied in part, where the Dow Jones (+1.03%) and the S&P 500 (+0.21%) moved higher. But the Nasdaq fell -0.22% particularly because of the semiconductor subsector (-2.67%). This was highlighted by Samsung dropping -13.4% and the Philadelphia Semiconductor Index falling -4.8%. The rampant circular-financing and new Chinese lithography machine developments rattled the AI names. However, broader sentiment was okay, the US 10 Year Treasury yields were down to 4.60% and oil also fell on US/Iran talks. The strongest sectors were Healthcare (+2.33%), Consumer Staples (+1.96%), and Materials (+1.66%).
Australian Market
The ASX 200 had another strong session, jumping 1.02% as cooler inflation data provided a boost to sentiment. Australia’s June-quarter CPI came in at 3.8% (below the 4.0% expected), effectively taking the threat of an August rate hike off the table. A rising tide lifts all boats, but particularly the rate sensitive sectors: Healthcare (+4.2%), Consumer Discretionary (+2.4%), and Staples (+2.3%).
Portfolio Commentary
The portfolio value dropped -0.50%. Tech names like MP1 dropped -8.40% due to global tech deleveraging, while SKS ( -6.59%) and Zip (-3.52%) continued to see post rally pullbacks. Discretionary retail Lovisa jumped +7.88% and JBH rose +4.67%, as the softer CPI reduced rate hike anxieties. We also saw tech rally with XRO (+4.11%) and 360 (+3.66%) both up. Our newer position, MVF also caught a bid (+2.24%). Coles (+2.48%) and JDO (+2.14%) also had nice rises.
Investment Activity
Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.