WBC MorningReport29Jul2026

MORNING REPORT Today's economic developments and market movements.

Key themes Data snapshot Oil prices declined notably FX Last 24 hrs Current Change AUS Interest Rate Swaps Last Change

as both the US and Iran TWI 65.3 -0.5% 30 day BBSY 4.40 0.00

refrained from further AUD/USD 0.6975 -0.2% 90 day BBSY 4.60 0.00

attacks, and President Trump AUD/JPY 114.26 -0.2% 180 day BBSY 4.94 0.01 said he would prefer to avoid AUD/GBP 0.5248 -0.3% 1 year swap 4.62 -0.06 further bombing of Iran. AUD/NZD 1.2052 -0.4% 2 year swap 4.58 -0.08 AUD/EUR 0.6122 -0.4% 3 year swap 4.55 -0.08 Ongoing concerns about the AUD/CNH 4.7214 -0.1% 4 year swap 4.55 -0.08 sustainability of AI capex AUD/SGD 0.9011 -0.1% 5 year swap 4.58 -0.08 spending saw chipmaker AUD/HKD 5.4693 -0.2% 6 year swap 4.62 -0.08 stocks continue to fall. AUD/CAD 0.9839 -0.4% 7 year swap 4.67 -0.07 However, a rotation into other EUR/USD 1.1393 0.2% 8 year swap 4.72 -0.07 sectors kept major equity USD/JPY 163.80 0.1% 9 year swap 4.77 -0.07 benchmarks afloat. USD Index 101.38 -0.2% 10 year swap 4.82 -0.07

With lower oil prices signalling less of an Equities Close Change Government Bond Yields Close Change

inflationary impulse, major S&P/ASX 200 8,948 0.6% Australia

government bonds continued S&P 500 7,429 0.2% 3 year bond 4.57 -0.05

to rally. Financial markets Japan Nikkei 62,365 -4.0% 10 year bond 4.96 -0.04

are awaiting today’s FOMC Hang Seng 25,311 0.4% United States

policy decision, with the fed Euro Stoxx 50 6,290 0.1% 3-month T Bill 3.76 -0.05

funds rate expected to remain UK FTSE100 10,871 0.8% 2 year bond 4.29 -0.04

unchanged. VIX Index 18.21 -2.5% 10 year bond 4.61 -0.04 Other (10 year yields) Domestically, investors pared Commodities Current Change Germany 3.10 -0.03 back expectations of the CRB Index 379.19 -1.1% Japan 2.79 0.00 RBA cash rate hike in the Gold 4029.44 -1.1% UK 4.94 -0.05 next meeting following RBA Copper 13732 -0.3% Governor Michele Bullock’s Oil (WTI futures) 79.26 -4.1% Sydney Futures Exchange Current Change comments in her Anika Coal (coking) 223.50 0.3% 10 yr bond 4.99 -0.01 Foundation speech. All eyes Coal (thermal) 133.05 -1.1% 3 yr bond 4.57 0.00 today will be on the latest Iron Ore 97.75 0.0% 3 mth bill rate 4.47 0.00 CPI figures for Q2. ACCU 36.13 -4.3% SPI 200 8,980 0.8% Data as at 7:45am AEST. Change is from the previous trading day (excluding the SFE, which is the change during the night session). Source: Bloomberg.

Past performance is not a reliable indicator of future performance. The forecasts given above are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the forecasts are based are reasonable, the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. The results ultimately achieved may differ substantially from these forecasts.

Mantas Vanagas Today’s key data and events Senior Economist, Westpac Group Time Event Exp Prev P: E: 11:30 AU Monthly CPI Indicator Jun 4.0% 4.0% 11:30 AU Trimmed Mean CPI Q2 0.9% 0.8% 11:30 AU Trimmed Mean CPI Q2 3.7% 3.5% Financial Markets 11:30 AU Headline CPI Q2 0.7% 1.4% Oil prices declined notably as financial markets took signs of 18:30 GB Net Mortgage Lending Jun £3.9b £2.9b easing tensions in the Middle East in stride. Both the US and 4:00 US FOMC Policy Decision 29/07/2026 3.8% 3.8% Iran refrained from further attacks, and President Trump said he would prefer to avoid further bombing of Iran. The focus Times are AEST. All data forecasts are m/m or q/q and seasonally adjusted unless otherwise specified. Forecasts for Australian data are our forecasts and for other countries they are has now turned to talks between Iran and Oman on reopening consensus forecasts. the Strait of Hormuz, which could pave the way for US-Iran negotiations to resume. • Oil prices extended the steep downward trend of the past few days, with the Brent September contract falling below Away from geopolitics, ongoing concerns about the $85 from more than $100 in the second half of last week. sustainability of AI capex spending saw chipmaker stocks The WTI followed a similar pattern, dropping to below $80. continue to sell off. Reports of intensifying…