Market Brief: BHP Gains as CBA Fades in Corporate Power Shift
Summary
A significant shift in market leadership is underway in Australia, with BHP Group poised to overtake Commonwealth Bank (CBA) as the nation’s most valuable company. This reflects a broader global trend of capital moving from financial stocks towards commodities and hard assets.
Key Points
- Leadership Change: CBA’s market value premium has eroded over six months, while BHP’s demand has surged, putting it days away from reclaiming the top spot.
- Broader Trend: The contest symbolizes a global shift in “smart money” from financials to commodities and hard assets, driven by the energy transition and geopolitical instability.
- Gold’s Rise: Central banks, led by China, are aggressively buying gold, reducing holdings of US debt. Global annual central bank gold purchases now exceed 1,000 tonnes.
- Market Impact: The gold price has more than doubled in two years, making Australian gold miners top market performers.
市场简报：必和必拓势头强劲，联邦银行在市值争夺战中失色
摘要
澳大利亚市场领导地位正发生重大转变，必和必拓集团即将超越联邦银行，成为该国市值最高的公司。这反映了全球资本从金融股向大宗商品和硬资产转移的更广泛趋势。
关键点
- 领导权变更：过去六个月，联邦银行的市值溢价逐渐被侵蚀，而必和必拓需求激增，几天内将重新夺回榜首位置。
- 更广泛的趋势：这场竞争象征着全球“聪明资金”因能源转型和地缘政治不稳定，正从金融板块转向大宗商品和硬资产。
- 黄金的崛起：以中国为首的各国央行正在积极购买黄金，减持美国债务。全球央行年度黄金购买量现已超过1000吨。
- 市场影响：黄金价格在过去两年翻了一倍多，使澳大利亚金矿商成为市场表现最佳板块之一。
Original Article Link: https://www.abc.net.au/news/2026-01-18/bhp-popular-with-investors-as-cba-loses-market-favour/106238676