Australian markets prepared for a higher open on Friday, July 31, 2026, tracking Wall Street's sharp rebound after upbeat earnings from Amazon lifted investor sentiment and pushed Nasdaq futures higher in overnight trading.
ASX Tracks the Global Tech Rally
S&P/ASX 200 futures pointed to gains at the open, following a week in which U.S. technology stocks led a broad market recovery. The global semiconductor rally that lifted SK Hynix and Samsung in Seoul has positive read-through for ASX-listed tech and mining services companies with exposure to the AI supply chain.
Australian technology names including WiseTech Global and Xero have underperformed their U.S. peers this year as the rotation into AI infrastructure favoured American hyperscalers. The July 31 rebound offers a potential catch-up trade if global risk appetite sustains into August.
Housing Finance Headlines
Australian housing finance data remained a focal point for domestic investors. After years of rate hikes, the RBA's policy stance and mortgage lending trends determine whether the property market can sustain its recovery. New loan commitments and investor lending volumes are watched closely as leading indicators for bank earnings and consumer confidence.
Major banks including Commonwealth Bank, Westpac, and NAB have benefited from net interest margin stability, but face headwinds if global rate expectations push Australian bond yields higher. Fixed mortgage rates track global yield moves, creating a direct link between Fed and BoE decisions and Australian household budgets.
Rate Sensitivity and Crypto Exposure
Australia's spot Bitcoin ETFs on the ASX and Cboe Australia provide regulated access for super funds and retail investors. Bitcoin's flat performance near $64,000 despite the equity rally suggests Australian crypto holders are watching the same macro variables as global markets: ETF outflows, Fed hawkishness, and month-end rebalancing.
The RBA's next decision will be shaped by both domestic inflation data and the global rate environment set by the Fed and BoJ. For the broader context, see our global markets roundup and Australia commodity export analysis.