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May 14, 2026
The Markets Brief
ASX Pre-Market · 7:30am AEST
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Opening Note
Overnight US markets split along growth and value lines: the Nasdaq gained 1.20% to 26,402.3 and the S&P 500 added 0.58% to 7,444.2, while the Dow slipped 0.14% to 49,693.2. The AUD strengthened 0.25% to 0.7262 against the USD, reflecting broad risk-on sentiment as markets digested Kevin Warsh's confirmation as Federal Reserve chair. For the ASX, Wednesday's session closed at 8,630.4, down 0.46%, dragged lower by the banking sector selloff triggered by Labor's budget changes to negative gearing and capital gains tax. At Thursday's open, technology and materials names may find support from the Nasdaq rally and US-China trade optimism, but elevated US 10-year yields — at 4.48% after rising four basis points — remain a headwind for rate-sensitive sectors. The dominant Australian story is Labor's budget changes to negative gearing and capital gains tax, which triggered the sharpest banking sector selloff in recent memory. CBA fell 10.43% to $153.67, Westpac dropped 2.84% to $35.57, ANZ lost 1.62% to $34.57, and NAB fell 1.50% to $36.86, as markets repriced bank earnings against expectations of weaker property investment volumes and softer mortgage growth. The Coalition has pledged to repeal the measures, but with the budget less than a week old, near-term policy uncertainty remains elevated for the sector. Watch Aristocrat Leisure (ALL), which surged 13.28% to $51.94 — the session's largest single-stock move — for follow-through or profit-taking at open. BHP (+2.91% to $61.52), Fortescue (+2.78% to $22.52), South32 (+3.22% to $4.49), and Whitehaven Coal (+2.21% to $7.85) are also key: each stands to benefit if Trump's first day in Beijing produces concrete US-China trade signals, which would directly support iron ore and bulk commodity prices.
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Markets at a Glance
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Indices
| ASX 200 |
8,630.4 |
▼ -0.46% |
| S&P 500 |
7,444.2 |
▲ +0.58% |
| Dow Jones |
49,693.2 |
▼ -0.14% |
| Nasdaq |
26,402.3 |
▲ +1.20% |
FX
| AUD/USD |
0.7262 |
▲ +0.25% |
| AUD/GBP |
0.5363 |
▲ +0.39% |
| AUD/EUR |
0.6195 |
▲ +0.47% |
| AUD/JPY |
114.4310 |
▲ +0.29% |
Rates
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Commodities
| Gold |
$4,697.10 |
▼ -0.13% |
| WTI Oil |
$101.00 |
▼ -0.08% |
| Copper |
$6.62 |
▼ -0.41% |
Crypto
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ASX Market Movers · Previous Session
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▲ Top Gainers
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ALL
Aristocrat
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$51.94 |
▲ +13.28% |
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SGP
Stockland
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$4.00 |
▲ +4.44% |
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CAR
CAR Group
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$26.91 |
▲ +3.42% |
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S32
South32
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$4.49 |
▲ +3.22% |
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BHP
BHP
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$61.52 |
▲ +2.91% |
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FMG
Fortescue
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$22.52 |
▲ +2.78% |
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IGO
IGO
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$9.01 |
▲ +2.39% |
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WHC
Whitehaven Coal
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$7.85 |
▲ +2.21% |
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▼ Top Losers
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CBA
CommBank
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$153.67 |
▼ -10.43% |
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WTC
WiseTech
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$38.53 |
▼ -3.19% |
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WBC
Westpac
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$35.57 |
▼ -2.84% |
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AMC
Amcor
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$53.90 |
▼ -2.44% |
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ANZ
ANZ
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$34.57 |
▼ -1.62% |
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NAB
NAB
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$36.86 |
▼ -1.50% |
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REA
REA Group
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$171.00 |
▼ -1.02% |
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COH
Cochlear
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$100.06 |
▼ -0.98% |
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ASX Focus
Overview
CBA fell 10.43% to $153.67 on Wednesday as Labor's budget changes to negative gearing and capital gains tax triggered a broad banking sector selloff, with Westpac (-2.84%), ANZ (-1.62%), and NAB (-1.50%) all declining sharply.
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The Guardian
CBA leads banking rout as budget CGT and negative gearing changes hit sector
CBA fell 10.43% to $153.67 on Wednesday — its steepest single-session decline in recent memory — as Labor's budget changes to negative gearing and capital gains tax raised market concerns about reduced property investment volumes and slower mortgage demand. Westpac (-2.84% to $35.57), ANZ (-1.62% to $34.57), and NAB (-1.50% to $36.86) also sold off sharply as investors repriced earnings expectations across the major lenders.
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Financial Review
Trump in Beijing lifts ASX miners; BHP, Fortescue, South32 all gain
ASX mining stocks rallied on Wednesday as Trump's arrival in Beijing and demands for China to open its market to US business raised hopes of a US-China trade thaw that would support commodity demand. BHP gained 2.91% to $61.52, South32 added 3.22% to $4.49, and Fortescue rose 2.78% to $22.52 — all sensitive to iron ore and bulk commodity prices tied to Chinese industrial activity.
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Financial Review
Fundies warn retail sector a 'graveyard' despite SkinKandy IPO buzz
Fund managers are warning that the Australian retail sector faces structural headwinds despite investor interest in the upcoming SkinKandy IPO. The caution reflects ongoing pressure on consumer discretionary stocks from elevated cost-of-living conditions and softening household spending.
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Macro & Policy
Overview
Labor's 2026-27 federal budget changes to negative gearing and capital gains tax are the defining Australian macro event, triggering a sharp repricing of the banking sector and an immediate Coalition pledge to repeal both measures.
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The Guardian
Coalition vows to repeal Labor's 'toxic' negative gearing and capital gains tax budget changes
Labor's 2026-27 budget includes changes to negative gearing and capital gains tax that the Coalition has pledged to repeal, describing them as "toxic" for property investors. The announcement triggered an immediate selloff across the banking sector — CBA fell 10.43% — as markets priced in lower property investment activity and weaker mortgage growth for the major lenders.
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The Guardian
US Senate confirms Kevin Warsh as Federal Reserve chair, replacing Jerome Powell
Kevin Warsh was confirmed by the US Senate as the new Federal Reserve chair on Wednesday, replacing Jerome Powell. His confirmation comes as April US inflation data is applying immediate pressure to raise rates — US 10-year yields rose four basis points to 4.48%, tightening the global rate environment for Australian investors.
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Commodities
Overview
OPEC crude production fell 1.7 million barrels per day in April, providing a supply floor under WTI oil at $101.00, while gold held near record levels at $4,697.10/oz despite India hiking import tariffs on precious metals to 15%.
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Anadolu Ajansı
OPEC crude production drops 1.7 million bpd in April
OPEC crude production fell by 1.7 million barrels per day in April, tightening global supply and providing a floor under WTI oil, which closed at $101.00 on Wednesday. For the ASX, sustained high oil prices support the revenue outlook for Woodside and Santos, while reinforcing the inflationary pressures that are keeping global central banks in a tightening posture.
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Discovery Alert
India raises gold and silver import tariffs to 15% in 2026
India has raised import tariffs on gold and silver to 15%, dampening demand from the world's second-largest gold consumer. Gold closed at $4,697.10/oz on Wednesday, down 0.13%, with the tariff change representing a medium-term headwind for gold prices and ASX-listed gold miners.
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Global Markets
Overview
The Nasdaq rose 1.20% to 26,402.3 and the S&P 500 gained 0.58% to 7,444.2 overnight, but Kevin Warsh's confirmation as Federal Reserve chair and April's inflation surprise pushed US 10-year yields four basis points higher to 4.48%.
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MarketWatch
April's inflation spike leaves Warsh and the Fed zero excuses not to raise rates
April US inflation came in higher than expected, immediately piling pressure on newly confirmed Federal Reserve chair Kevin Warsh to raise rates at the next opportunity. US 10-year yields climbed to 4.48% on Wednesday — a direct headwind for rate-sensitive ASX sectors including banks, REITs, and infrastructure, which are already under pressure from domestic budget uncertainty.
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The Number
-10.43%
CBA's single-session fall on Wednesday — its steepest in recent memory — driven by Labor's budget changes to negative gearing and capital gains tax, which markets read as a direct headwind for property investment volumes and bank mortgage growth.
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