Bank earnings confirmed strong net interest margins with modest credit loss provisions. Market consensus shifted to expect 75bps of RBA rate cuts through 2026. China announced targeted stimulus for property sector, providing some relief to resource stocks.

ASX benefited from record equity capital raising volumes and derivatives trading activity. Operating leverage from higher activity flows supported margin improvement. At $135, the exchange operator benefits from volatility and capital markets animation.

APA climbed on inflation-adjusted infrastructure revenues and strong pipeline. At $8.70, the essential services play offers yield with capital protection.

MIN climbed 5% on lithium and rare earth price strength from battery metal supply tightness. The company's self-funding expansion supports future production growth. At $48, exposure to battery metal boom offers growth optionality.

Post-spring market transitions toward quieter winter months with selective buyer participation. Year-end property investment decisions accelerate among institutional buyers.

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