Updated Jul 29, 2026 – 5.08am, first published at 4.53amGo to latestPinned post – 4.50AMBefore the Bell: ASX to rise, S&P 500 presses broadly higherTimothy MooreAustralian shares are poised to open higher, bolstered by broad gains in New York as oil extended its retreat on optimism that the US and Iran are making progress toward a revived peace accord.Rio Tinto’s half-year results are set for release at about 8.30am AEST.ASX 200 futures were up 71 points or 0.8 per cent to 8977 near 4.30am AEST. The S&P 500 was 0.3 per cent higher, paced by gains in consumer staples and health care.Sherwin-Williams, IBM and Salesforce led 24 of the Dow Jones’ 30 components higher.Apple made history on Wall Street once again by becoming the second publicly traded company to reach an intraday market capitalisation above $US5 trillion.So far in 2026, Apple shares have gained nearly 24 per cent, while their advance over the past 12 months has approached 60 per cent, said Antonio Di Giacomo, senior market analyst at XS.com. “From a technical perspective, the new all-time high reinforces the stock’s bullish structure and maintains optimistic sentiment among market participants.”Market highlightsASX 200 futures are pointing up 71 points or 0.8 per cent to 8977.All US prices near 2.30pm New York time.AUD -0.3% to US69.74¢Bitcoin -1.6% to $US63,663On Wall St: Dow +1.1% S&P +0.3% Nasdaq -0.2%VIX -0.29 to 18.38Gold -1.3% to $US4025.23 an ounceBrent oil -5.1% to $US83.90 a barrelIron ore -0.1% to $US97.70 a tonne10-year yield: US 4.60% Australia 4.96%Today’s agendaCompanies reporting results on Wednesday: Rio Tinto, Atlas Arteria, Mineral Resources, Northern Star, Nickel IndustriesJune CPI data is scheduled for release at 11.30am AEST.NAB’s view: “We expect quarterly trimmed mean of 0.9 per cent quarter-over-quarter and 3.7 per cent year-over-year, in line with consensus and a tenth below the RBA’s May SoMP forecast.“For quarterly headline, we expect Q2 headline inflation of 0.7% qoq and 4.0% yoy. Headline inflation looks to be peaking much lower than the RBA feared, but fuel prices are set to rise again in Q3. For the June Monthly CPI, we forecast monthly headline CPI of 4.0% yoy and trimmed mean of 3.7% yoy.”eToro’s Josh Gilbert: “Consensus expects annual headline inflation to accelerate to around 4.4% in the June quarter, up from 4.1% in [the first quarter] and well above the RBA’s 2% to 3% target band. But the figure to watch is trimmed inflation, where expectations are for 3.8%.“We saw headline inflation ease to 4% in May as fuel prices came off the boil, yet trimmed inflation went the other way, hitting 3.6%, the highest since late 2024. That tells us price pressures are digging in across the economy, not just riding on the back of higher energy costs”Top storiesClimate policy at risk of collapse and both sides to blame: Henry | Australia’s climate policy architecture is under siege from the right and the left of the political spectrum, says Ken Henry.KPMG directors failed to use ‘unrestricted’ powers to probe claims | KPMG’s chair-in-waiting Michael Ebeid and other directors were given “full and unrestricted access” to probe misconduct claims. They failed to use the powers.Quadrant, HPS weigh $1.6b recapitalisation for Fitness First owner | Quadrant is exploring a second option in its effort to find a solution for Fitness & Lifestyle: recapitalising $1.6 billion worth of debt.Inside the wild caucus meltdown that sealed Jacinta Allan’s fate | It was variously described by Labor MPs as a debacle, unhinged, wild, sad and chaotic – and the subject of their scorn was the outgoing premier and her allies.Chanticleer: Victoria’s new premier says the five words business wanted to hear | Ben Carroll has promised a break from the past and a new pact with business. But corporate leaders will want proof he’s not all talk. And there’s one key test.