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May 11, 2026
The Markets Brief
ASX Pre-Market · 7:30am AEST
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Opening Note
Australian investors return from the weekend to a positive US lead. Wall Street closed Friday with the S&P 500 up 0.84% to 7,398.9 and the Nasdaq surging 1.71% to 26,247.1, after the ASX 200 fell 1.51% to 8,744.4 in its own Friday session. The Nasdaq's outperformance points to a recovery in Australian technology names at Monday's open. Pimco warned Friday that an escalation of the Iran conflict could force the Federal Reserve to raise rates — a meaningful shift from easing expectations — as Trump's rejection of Iran's peace proposal kept WTI oil at $95.42/bbl and gold at $4,730.70/oz. Bank of America separately ruled out Fed cuts before 2027, a signal that the higher-for-longer rate environment is hardening. WiseTech (WTC, -4.63% Friday) and the major banks Westpac (WBC, -2.93%) and NAB (NAB, -2.91%) are in focus; Nasdaq gains support a partial tech rebound, while copper's 2.76% rise to $6.30/lb on Friday favours diversified miners at open.
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Markets at a Glance
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Indices
| ASX 200 |
8,744.4 |
▼ -1.51% |
| S&P 500 |
7,398.9 |
▲ +0.84% |
| Dow Jones |
49,609.2 |
▲ +0.02% |
| Nasdaq |
26,247.1 |
▲ +1.71% |
FX
| AUD/USD |
0.7229 |
▲ +0.28% |
| AUD/GBP |
0.5322 |
▲ +0.09% |
| AUD/EUR |
0.6148 |
▲ +0.06% |
| AUD/JPY |
113.0200 |
▼ -0.02% |
Rates
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Commodities
| Gold |
$4,730.70 |
▲ +0.66% |
| WTI Oil |
$95.42 |
▲ +0.64% |
| Copper |
$6.30 |
▲ +2.76% |
Crypto
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ASX Market Movers · Previous Session
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▲ Top Gainers
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CAR
CAR Group
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$26.22 |
▲ +2.86% |
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TNE
Technology One
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$27.99 |
▲ +2.00% |
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COH
Cochlear
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$99.89 |
▲ +1.70% |
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REA
REA Group
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$176.89 |
▲ +1.38% |
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SHL
Sonic Healthcare
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$18.94 |
▲ +1.12% |
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SEK
Seek
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$14.00 |
▲ +0.43% |
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AMC
Amcor
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$54.86 |
▲ +0.24% |
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NEM
Newmont
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$160.35 |
▲ +0.18% |
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▼ Top Losers
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WTC
WiseTech
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$42.27 |
▼ -4.63% |
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ORI
Orica
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$21.73 |
▼ -3.42% |
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SGP
Stockland
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$3.96 |
▼ -3.18% |
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ASX
ASX Ltd
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$58.23 |
▼ -3.18% |
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GPT
GPT Group
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$4.68 |
▼ -3.11% |
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IAG
IAG
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$7.28 |
▼ -3.06% |
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WBC
Westpac
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$37.44 |
▼ -2.93% |
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NAB
NAB
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$38.36 |
▼ -2.91% |
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ASX Focus
Overview
Australian banks and REITs led Friday's ASX selloff — Westpac (-2.93%), NAB (-2.91%), Stockland (-3.18%), and GPT (-3.11%) — as rate-hike risk from US-Iran tensions resurfaced and weighed on rate-sensitive sectors.
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Australian Financial Review
Big super chiefs' covert government push threatens up-start rivals
Australia's largest superannuation funds are lobbying government for rule changes that would entrench incumbents and disadvantage smaller rivals competing for retirement savings flows. The move has direct implications for ASX-listed financial services and platform companies operating in the superannuation market.
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AD HOC NEWS
IGO Ltd battery metals miner rallies on strong quarterly earnings
IGO Ltd rallied after reporting strong quarterly earnings, with the ASX-listed battery metals miner benefiting from energy transition demand for lithium and copper. The result signals improving conditions for ASX battery minerals producers after a prolonged sector downturn, with copper's Friday gain of 2.76% providing further tailwind.
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Australian Financial Review
The hot small-cap at the centre of a $20m Greenland mining mystery
An Australian small-cap miner has become the centre of a $20 million dispute over Greenland mining rights, drawing regulatory scrutiny and investor attention. The company's shares have been volatile amid questions over the legitimacy of the underlying asset claims.
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Macro & Policy
Overview
Pimco warned that an Iran war escalation could force the Federal Reserve to raise rates, reversing easing expectations and lifting the risk premium across global fixed income and equities — the dominant macro development heading into Monday's ASX open.
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Financial Times (via Google News)
Iran war could prompt Federal Reserve to raise rates, Pimco says
Pimco warned that a full-scale Iran war could force the Fed to raise rates to combat an oil-driven inflation spike, reversing the rate-cutting cycle. Trump's Friday rejection of Iran's peace proposal keeps the scenario live, with WTI oil already at $95.42/bbl.
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Mal Financial News (via Google News)
Bank of America rules out interest rate cuts before 2027
Bank of America strategists now expect the Federal Reserve to hold rates through all of 2026, with no cuts before 2027, citing sticky inflation and elevated geopolitical risk. For Australian investors, the extended higher-for-longer outlook prolongs pressure on rate-sensitive ASX sectors — REITs, utilities, and bank net interest margins.
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The Guardian
Full nationalisation of British Steel expected in King's speech
The UK government is set to announce full nationalisation of British Steel, marking a significant state intervention in heavy industry that will reshape global steel supply dynamics. Australian iron ore exporters supplying steelmaking inputs face a shifting demand picture as state ownership changes procurement and production economics.
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Commodities
Overview
Copper surged 2.76% to $6.30/lb on Friday — the largest single commodity move in the session — directly supporting ASX-listed diversified miners and battery metals producers heading into Monday's open.
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Times of India (via Google News)
Gold, silver outlook: Precious metals likely to remain range-bound amid US-Iran peace talks
Analysts forecast gold and silver will trade in a narrow band while US-Iran negotiations remain active, with gold holding at $4,730.70/oz supported by persistent geopolitical risk premium. The range-bound outlook limits near-term upside for ASX gold miners including Newmont (NEM), even as the elevated price floor supports earnings.
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Global Markets
Overview
The Nasdaq rose 1.71% to 26,247.1 on Friday and the S&P 500 gained 0.84% to 7,398.9, driven by a narrow cohort of large-cap technology stocks, as markets absorbed Iran geopolitical risk and resilient corporate earnings.
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MarketWatch
As Nvidia earnings draw closer, here are 5 things investors need to watch
Nvidia's upcoming earnings report is the key event risk for global technology equity positioning, with AI spending momentum and data centre demand in focus after the Nasdaq's 1.71% Friday gain. Australian tech investors and funds with US growth equity exposure face a binary event that could reprice the sector in either direction.
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The Number
$4,730.70/oz
Gold closed at $4,730.70 per ounce on Friday, reflecting the sustained geopolitical risk premium from the US-Iran standoff — the elevated floor directly supports earnings for ASX-listed gold miners and signals that markets are not pricing a near-term resolution.
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