Market Wrap / BHP boost

Positive global investor sentiment flowed into the local market following record earnings results from the US banks and lower than expected inflation.

The S&P/ASX200 opened strongly before losing momentum into the afternoon with the index closing up 0.37% to finish at 8841 points.

The resources sector did the heavy lifting, led by BHP, which rose 3.5%, in its biggest one day gain since April. It was boosted by the prospect of storms affecting production at Chile's copper miners. Fellow copper miner Rio Tinto rose 1.2% after second-quarter Pilbara iron ore shipments came in ahead of expectations, although it missed market forecasts on copper.

Among the gold miners, Evolution fell 3.4% despite meeting its FY26 production and cost guidance, while Kingsgate Consolidated jumped 15.5% having restored some operations at its mine in Thailand.

Energy was the weakest sector on profit taking with Woodside down 1.3%.

Macquarie Group shares rose 1.6% to a record high of $257.

Webjet rose 5% as Nicole Sheffield, former Wesfarmers OneDigital MD, was appointed CEO.

Overseas, China's GDP missed market forecasts, falling to a 3-1/2-year low of 4.3% in the second quarter, on weak domestic demand.

Johnson & Johnson, Morgan Stanley and BlackRock are among the US companies reporting earnings results tonight.