Hey Superheroes,
Records everywhere and yet markets can’t quite relax. The ASX 200 closed at a fresh record on Wednesday 5 August at 9,227.8 points. Thursday’s session extended the run of record highs, with the index climbing to 9,286 in early trade before closing near Wednesday’s level. Gold held above $4,100 an ounce through the week on ongoing Middle East tension and uncertainty around the Strait of Hormuz. The S&P 500 closed above 7,700 and the Dow above 54,000 for the first time on Tuesday 4 August.
But beneath the record closes, unease is building. Fed Chair Kevin Warsh’s refusal to give forward guidance after the 29 July FOMC meeting triggered the S&P 500’s worst selloff on a Fed decision day since December 2024 and pushed the Cboe Volatility Index above 20. Dollar hedging costs jumped as traders struggled to price the path of rates without the usual signals from the chair. Warsh called it a “family fight.” Markets called it a headache.
Here’s what else moved this week.
Atlassian sticks the landing: A 35% after-hours surge on a profitable quarter
In a reporting season where investors have been quick to punish any hint of spending over earnings, Atlassian (NASDAQ:TEAM) delivered exactly what the market wanted: a profitable quarter, a CEO buying stock and cloud growth that beat expectations.
The numbers
Atlassian reported Q4 FY2026 revenue of $1.766 billion, up 28% year on year, beating the consensus estimate of $1.660 billion. Cloud revenue rose 31% to $1.213 billion. GAAP diluted EPS swung to $0.55 from a loss of $0.09 a year earlier, with Q4 net income of $211 million against a $28 million loss in the prior comparable period. Shares surged roughly 35% in after-hours trading.
The CEO buy-in
Co-founder and CEO Mike Cannon-Brookes announced plans to acquire $250 million of Atlassian stock on-market. For a stock that was still down roughly 29% year to date before the result, a $250 million insider buy from the founder signaled strong internal support.
The guidance
FY27 revenue growth guidance was set at approximately 13%, down from 26% in FY26, with subscription ARR growth expected to moderate to about 18% from 23%. On the surface that looks like a slowdown. Analysts noted the guidance was above prior consensus and that cloud growth acceleration justifies the premium.
What the numbers don’t tell us
The circa 35% after-hours move is a reaction to a beat against a deeply depressed setup. Atlassian was down nearly 29% year to date before this result, meaning the stock needed to deliver something exceptional to move the needle. It did. Whether the FY27 growth deceleration becomes a conversation in three months’ time depends on how the broader software sector navigates the AI infrastructure spending cycle.
Iron ore’s weekend warning: BHP faces a two-day Port Hedland strike
Port Hedland is back in the news. Three weeks after the first stoppage notice, BHP (ASX:BHP) is facing a more serious escalation this weekend.
The action
Unions representing about 450 Port Hedland operators and maintenance workers filed notices for a loading ban on 8 August and a full stoppage from 5:30am AWST on 9 August, after more than seven months of wage talks have failed to reach agreement.
What workers are seeking
Workers are seeking pay parity with inland mine site employees who secured a 16% wage increase over four years. The pay gap for comparable roles is estimated at up to $40,000 a year. That is the central sticking point, and it has been for months.
Where talks stand
BHP said it will present an updated pay proposal at the next meeting on 18 August, the same day it reports annual results. Enforceable wage protections are the key unresolved issue. The fact that BHP is holding its annual results presentation on the same day as the next scheduled negotiation is an unusual coincidence that may add pressure to both.
What to watch
Port Hedland handles roughly half of Australia’s iron ore exports. A one-day stoppage is manageable with buffer stock. A pattern of rolling stoppages is not. The 18 August meeting and BHP’s annual results on the same day create a natural deadline. If a deal isn’t reached by then, the industrial calendar gets complicated quickly.
Some other things we’re shining the Spotlight on:
AMP PROFIT JUMPS A THIRD IN FIRST HALF
AMP (ASX:AMP) reported underlying net profit after tax up 33% to $174 million for the first half of 2026, above the top end of its own $170 to $180 million guidance and well ahead of consensus of about $142 million. Shares rose almost 6% to $2.31 approaching a 52-week high, as the company declared a 3.0 cent interim dividend and flagged a further $150 million on-market buyback for the second half.
SPACEX LOCKUP EXPIRY ADDS TO SELLING PRESSURE
Roughly 911.5 million SpaceX (NASDAQ:SPCX) shares became tradable on 6 August in an unlock worth more than $100 billion, the largest since the company’s IPO. The stock was already down about 43% from its post-listing peak of $201.80, sitting around $114 as the unlock landed. The largest lockup expiry in IPO history arriving into a stock already in a significant drawdown made for a difficult session.
PINNACLE PROFIT RISES 31% ON RECORD INFLOWS
Pinnacle Investment Management (ASX:PNI) reported FY26 net profit after tax of $176.7 million, up 31.5%, with a final dividend of 31 cents franked to 65%. Aggregate funds under management across affiliates rose $50 billion to $229.4 billion, though performance fees fell 23% to $35.6 million as the fee mix shifted toward net inflows over performance.
