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May 13, 2026
The Markets Brief
ASX Pre-Market · 7:30am AEST
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Opening Note
Wall Street closed mixed on Tuesday, with the Nasdaq falling 0.71% to 26,088.2 as chip stocks suffered a rare technical selloff, while the S&P 500 slipped 0.16% to 7,401.0 and the Dow added 0.11% to 49,760.6. ASX tech names face a soft open at Wednesday's session, but WTI crude surging 2.89% to $102.05 and copper gaining 2.16% to $6.63/lb point to firm conditions for the resources sector. The 2026 Federal Budget, delivered by Treasurer Jim Chalmers on Tuesday night, is the dominant domestic theme, with proposed changes to capital gains tax and negative gearing set to reshape investor strategy across property and financial stocks. The Coalition has pledged to repeal the reforms, injecting policy uncertainty that markets will price through the week. BHP (+2.49%), RIO (+3.13%), and FMG (+2.29%) led Tuesday's session as iron ore rallied on upbeat Chinese data — watch for follow-through at open as overnight copper and oil gains reinforce the commodity bid. WiseTech (WTC) fell 5.87% in Tuesday's session — no news catalyst in today's feed, investors should watch for an announcement at open.
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Markets at a Glance
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Indices
| ASX 200 |
8,670.7 |
▼ -0.36% |
| S&P 500 |
7,401.0 |
▼ -0.16% |
| Dow Jones |
49,760.6 |
▲ +0.11% |
| Nasdaq |
26,088.2 |
▼ -0.71% |
FX
| AUD/USD |
0.7244 |
▼ -0.12% |
| AUD/GBP |
0.5345 |
▲ +0.41% |
| AUD/EUR |
0.6168 |
▲ +0.29% |
| AUD/JPY |
114.0480 |
▲ +0.07% |
Rates
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Commodities
| Gold |
$4,722.60 |
▼ -0.14% |
| WTI Oil |
$102.05 |
▲ +2.89% |
| Copper |
$6.63 |
▲ +2.16% |
Crypto
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ASX Market Movers · Previous Session
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▲ Top Gainers
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IGO
IGO
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$8.80 |
▲ +4.39% |
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NEM
Newmont
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$165.79 |
▲ +4.37% |
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S32
South32
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$4.35 |
▲ +3.57% |
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PLS
Pilbara Minerals
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$6.50 |
▲ +3.50% |
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RIO
Rio Tinto
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$185.42 |
▲ +3.13% |
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ORG
Origin Energy
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$11.62 |
▲ +2.74% |
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BHP
BHP
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$59.78 |
▲ +2.49% |
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FMG
Fortescue
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$21.91 |
▲ +2.29% |
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▼ Top Losers
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WTC
WiseTech
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$39.80 |
▼ -5.87% |
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SEK
Seek
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$13.30 |
▼ -3.97% |
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XRO
Xero
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$80.13 |
▼ -3.52% |
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RMD
ResMed
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$27.60 |
▼ -3.35% |
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TWE
Treasury Wine
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$4.22 |
▼ -3.21% |
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WHC
Whitehaven Coal
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$7.68 |
▼ -2.78% |
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REA
REA Group
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$172.77 |
▼ -2.70% |
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CPU
Computershare
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$29.74 |
▼ -2.68% |
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ASX Focus
Overview
Miners dominated Tuesday's ASX session as iron ore rallied on Chinese data beats, but Fortescue faces scrutiny after a court ordered a record $150m native title payout to the Yindjibarndi people and the budget's CGT reforms create headwinds for property and financial stocks.
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The Guardian
Budget 2026: Coalition pledges to repeal Chalmers' CGT and negative gearing reforms
Treasurer Chalmers' 2026 Budget includes changes to capital gains tax and negative gearing that directly affect property investors and ASX-listed real estate stocks — REA Group fell 2.70% in Tuesday's session. The Coalition has pledged to repeal the reforms, creating policy uncertainty across the property and financial sectors.
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Macro & Policy
Overview
Treasurer Jim Chalmers delivered the 2026 Federal Budget on Tuesday, with capital gains tax and negative gearing reforms the headline policy changes directly affecting ASX investors and property markets.
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The Guardian
Chalmers delivers 2026 budget speech
Treasurer Jim Chalmers handed down the 2026 Federal Budget on Tuesday, anchored by reforms to capital gains tax treatment and negative gearing that target property investors. The budget has drawn mixed reactions, with the Coalition immediately pledging to repeal the key tax measures.
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The Guardian
Investor jitters over Starmer uncertainty drive UK borrowing costs to 28-year high
UK gilt yields hit their highest level in 28 years as political uncertainty around Prime Minister Starmer rattled bond markets, driving sterling lower. The move mirrors broader developed-market yield pressure — the US 10-year Treasury rose 1.20% to 4.46% in the same session, adding to rate headwinds for global equity valuations.
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Commodities
Overview
Iron ore rallied on upbeat Chinese economic data, driving gains across all major ASX miners in Tuesday's session, while copper added 2.16% to $6.63/lb and WTI crude surged 2.89% to $102.05 — a broad commodity bid pointing to a strong resources open.
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Business Recorder
Iron ore rallies on upbeat Chinese data
Iron ore prices rallied after Chinese economic data printed ahead of expectations, supporting the outlook for steel demand and Australian ore export volumes. The move drove BHP (+2.49% to $59.78), RIO (+3.13% to $185.42), FMG (+2.29% to $21.91), and S32 (+3.57% to $4.35) higher in Tuesday's ASX session.
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Taipei Times
China Steel Corp raising prices amid demand and high costs
China Steel Corp is raising prices in response to stronger demand and elevated input costs, signalling that Chinese mills are absorbing higher raw material costs and passing them through. Higher steel prices are broadly positive for Australian iron ore and coking coal exporters including BHP, RIO, and Whitehaven Coal.
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Global Markets
Overview
The Nasdaq fell 0.71% to 26,088.2 after chip stocks suffered a rare technical selloff driven by a bearish key reversal pattern, weighing on ASX-listed tech names with US earnings or sector exposure.
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The Number
$102.05
WTI crude settled at $102.05 on Tuesday — up 2.89% — as Pentagon estimates of $29bn in Iran war costs pushed energy markets higher, lifting ASX energy stocks while adding cost pressure to Australian fuel, transport, and airline sectors.
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