The ASX shook off a weak start to finish firmly higher today, extending its recent recovery as investors continued rotating out of energy and into resources, financials and growth exposures. The market opened lower before steadily improving through the session, with buying increasing into the afternoon as optimism around US-Iran agreements accelerated with a proper framework and further details of the deal expected imminently.
The Reserve Bank of Australia (RBA), as expected, left interest rates at 4.35%, although Michelle Bullock warned that inflation remains too high. The central bank now faces a delicate balancing act, weighing stubbornly high inflation against mounting signs of softness across the labour market, consumer spending and housing sectors.
The ASX 200 rallied another +1.3% on Monday, following reports that the US and Iran have agreed on the terms of a peace deal. The index extended its advance for June to more than +2%, taking it back within ~3% of its February all-time high, ironically just before the US-Iran conflict erupted. Gains were fairly broad-based, with 70% of the main board advancing.
SpaceX’s (NASDAQ: SPCX) much-heralded IPO hit the boards on Friday, rewarding the lucky initial buyers with a +19% gain, and turning its founder, Elon Musk, into the world’s first trillionaire. At the same time, the record-breaking IPO created a US$2.2 trillion behemoth, making it one of the largest companies in the world despite investors still debating its path to sustainable profitability.
For the 3rd consecutive session, the ASX200 opened on its lows only to defy the bears and news headlines to drive higher. If it weren't for the “Big Four Banks” tumbling ~2%, the index would have closed up on the day, with the four pillars taking more than 40-points off an index that only slipped 20-points.
The ASX 200 enjoyed another solid performance on Wednesday, trading lower in the first hour before again pushing up throughout the session to finish the day up +0.6%. The local bourse has delivered consecutive strong intra-day performances, despite headwinds from overseas markets, with US S&P futures trending lower while we pushed higher, daring us to question if the ASX has finally regained its mojo?
The ASX showed impressive resilience on Tuesday, reversing early triple-digit losses to finish down just 0.21%, in a near carbon copy of the previous week's price action. The broader market was healthier than the index implied, with fewer than 40% of stocks on the main board closing lower. However, the heavyweight miners continued to cause a significant drag, with BHP alone effectively accounting for all of the ASX200's decline. As June 30 approaches, some profit-taking and performance reversion are beginning to emerge across one of the market's standout-performing sectors.
We read an interesting article in the Australian Financial Review (AFR) over the weekend, by Macquarie’s Viktor Shvets, around how to “play broken bubbly markets”. It was a good read by the well-respected Global Strategist, but the paragraph that caught our attention was around liquidity, one of the reasons MM has remained bullish towards global equities in 2026 - remember most major indices have enjoyed a solid albeit volatile year.
The ASX200 retreated on Thursday as geopolitical concerns returned to the forefront, with fresh hostilities between the US and Iran offsetting recent optimism around peace negotiations. At the same time, investors took the opportunity to bank gains in the high-flying mining sector, which has supported the market through May.
The ASX 200 traded above 8800 on Wednesday for the first time in four weeks as the miners and energy stocks pushed the index up +0.6% despite less than 45% of the main board closing higher. From a performance perspective, it was very much a case of “same story, different day” with BHP’s +2.4% advance, posting new all-time highs again, contributing ~60% of the main board's advance.
The Reserve Bank of Australia (RBA), as expected, left interest rates at 4.35%, although Michelle Bullock warned that inflation remains too high. The central bank now faces a delicate balancing act, weighing stubbornly high inflation against mounting signs of softness across the labour market, consumer spending and housing sectors.
The ASX 200 rallied another +1.3% on Monday, following reports that the US and Iran have agreed on the terms of a peace deal. The index extended its advance for June to more than +2%, taking it back within ~3% of its February all-time high, ironically just before the US-Iran conflict erupted. Gains were fairly broad-based, with 70% of the main board advancing.
SpaceX’s (NASDAQ: SPCX) much-heralded IPO hit the boards on Friday, rewarding the lucky initial buyers with a +19% gain, and turning its founder, Elon Musk, into the world’s first trillionaire. At the same time, the record-breaking IPO created a US$2.2 trillion behemoth, making it one of the largest companies in the world despite investors still debating its path to sustainable profitability.
For the 3rd consecutive session, the ASX200 opened on its lows only to defy the bears and news headlines to drive higher. If it weren't for the “Big Four Banks” tumbling ~2%, the index would have closed up on the day, with the four pillars taking more than 40-points off an index that only slipped 20-points.
The ASX 200 enjoyed another solid performance on Wednesday, trading lower in the first hour before again pushing up throughout the session to finish the day up +0.6%. The local bourse has delivered consecutive strong intra-day performances, despite headwinds from overseas markets, with US S&P futures trending lower while we pushed higher, daring us to question if the ASX has finally regained its mojo?
The ASX showed impressive resilience on Tuesday, reversing early triple-digit losses to finish down just 0.21%, in a near carbon copy of the previous week's price action. The broader market was healthier than the index implied, with fewer than 40% of stocks on the main board closing lower. However, the heavyweight miners continued to cause a significant drag, with BHP alone effectively accounting for all of the ASX200's decline. As June 30 approaches, some profit-taking and performance reversion are beginning to emerge across one of the market's standout-performing sectors.
We read an interesting article in the Australian Financial Review (AFR) over the weekend, by Macquarie’s Viktor Shvets, around how to “play broken bubbly markets”. It was a good read by the well-respected Global Strategist, but the paragraph that caught our attention was around liquidity, one of the reasons MM has remained bullish towards global equities in 2026 - remember most major indices have enjoyed a solid albeit volatile year.
The ASX200 retreated on Thursday as geopolitical concerns returned to the forefront, with fresh hostilities between the US and Iran offsetting recent optimism around peace negotiations. At the same time, investors took the opportunity to bank gains in the high-flying mining sector, which has supported the market through May.
The ASX 200 traded above 8800 on Wednesday for the first time in four weeks as the miners and energy stocks pushed the index up +0.6% despite less than 45% of the main board closing higher. From a performance perspective, it was very much a case of “same story, different day” with BHP’s +2.4% advance, posting new all-time highs again, contributing ~60% of the main board's advance.
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