Korea's Chaos Boosts ASX

The S&P/ASX 200 rose for a fourth straight month, up 2.3% for July, its second-best month of 2026, and climbing 1.56% this week. The market found support from softer than expected June inflation data and the RBA reinforcing expectations that the cash rate holds at 4.35% next month. Overseas, tech-heavy Asian markets were crushed, boosting demand for the ASX as a safe haven. South Korea then rebounded with a record intraday surge of 18%, as recovery in AI backed companies SK Hynix and Samsung spilled into a rally across copper and other materials stocks locally.

This week’s best performers

WiseTech Global (ASX:WTC) +20.92%

WiseTech shares jumped after the logistics software giant announced the acquisition of FRDM.ai, an AI-powered supply chain risk platform that draws on more than 6 billion trade records to flag issues like forced labour and sanctions exposure. The deal slots into WiseTech's VerifyWise initiative, extending its compliance tools to full multi-tier supply chains, and builds on a network that already connects more than 500,000 enterprises following its e2open acquisition. It's part of a broader ASX tech rebound this week, with Xero adding 13% as beaten-down software names found buyers again. 

Lovisa Holdings (ASX:LOV) +15.49%

The jewellery retailer staged a sharp reversal after softer than expected June inflation data cut the odds of further RBA rate hikes, sparking a rotation into rate-sensitive consumer discretionary names. Lovisa's growth stock profile made it one of the biggest beneficiaries, with the rally still not enough to pull the stock out of the red, down 25.94% over the past 12 months. Whether the rally sticks depends on the RBA following through and leaving rates unchanged next month.

Viva Energy (ASX:VEA) +14.00%

The fuel and convenience retailer surged after reporting unaudited first-half EBITDA of $770-780 million, more than double the $305 million posted a year earlier, driven by a Geelong Refinery margin that more than doubled to US$21.1 a barrel. Net debt also fell to $1.7 billion from $2.1 billion. Management pointed to a regional shortage of oil supply and refining capacity as the driver, and expects margins to stay above historical averages for the rest of 2026.

This week’s worst performers

Liontown (ASX:LTR) -18.57%

The lithium miner slid despite reporting $137 million of net cash flow for the June quarter, up from $23 million a year earlier, and meeting all of its FY26 production and cost guidance. The issue was price and cost, not volume, with Liontown's average realised sale price coming in below what the market had forecasted, while all-in sustaining costs rose 5% quarter on quarter. Liontown’s cash still climbed to $561 million, up 32% for the quarter, so it looks like investors reacting to weaker prices rather than any real problem with how the mine's running.

DroneShield (ASX:DRO) -16.91%

The counter-drone company tumbled even after announcing $23.2 million in new European military contracts, as markets focused instead on FY26 revenue guidance of $250-270 million, roughly 21% below the $328 million analysts had expected. The stock is now trading 73% below its 52-week high, with half-year results due August 26 the next real test of whether the guidance reset was conservative or an actual slowdown. 

Champion Iron. (ASX:CIA) -12.56%

The iron ore miner, dual-listed on the ASX and Toronto Stock Exchange, fell after Q1 FY2027 revenue at its Quebec-based Bloom Lake mine fell 8.5% year on year to CAD 356.9 million, with net income flipping from a CAD 23.8 million profit to a CAD 41.5 million loss. The company still has a high debt load and big projects like DRPF and Kami to fund, so this quarter's numbers will add pressure on management to show costs are under control.