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May 18, 2026
The Markets Brief
ASX Pre-Market · 7:30am AEST
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Opening Note
Wall Street closed Friday with broad losses — the S&P 500 fell 1.24% to 7,408.5, the Nasdaq dropped 1.54% to 26,225.1, and the Dow shed 1.07% to 49,526.2 — as rising US 10-year yields (up 3.00% to 4.59%) and escalating Iran war concerns drove a risk-off session. Australian investors returning from the weekend face a negative open, with the AUD/USD off 0.98% to 0.7154 adding currency headwind across the ASX. Iran war uncertainty is the dominant macro theme, with WTI crude sustaining above $100 at $101.02 and analysts flagging a potential $300 billion economic shock from the conflict. Domestically, proposed CGT changes from Treasurer Chalmers drew a public backlash from technology founders over the weekend — a live policy risk for ASX-listed software names that outperformed Friday, including Xero (+8.13% to $79.67) and WiseTech Global (+3.65% to $38.01). BHP ($60.46) and Rio Tinto ($185.75) face fresh selling after copper slid 2.12% to $6.30, while Pilbara Minerals ($6.01) and Mineral Resources ($64.77) — which fell 5.80% and 7.68% respectively on Friday — remain exposed to the commodity downturn; Santos ($7.88) and Ampol ($35.05) may hold relative support with oil above $100.
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Markets at a Glance
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Indices
| ASX 200 |
8,630.8 |
▼ -0.11% |
| S&P 500 |
7,408.5 |
▼ -1.24% |
| Dow Jones |
49,526.2 |
▼ -1.07% |
| Nasdaq |
26,225.1 |
▼ -1.54% |
FX
| AUD/USD |
0.7154 |
▼ -0.98% |
| AUD/GBP |
0.5362 |
▼ -0.43% |
| AUD/EUR |
0.6153 |
▼ -0.55% |
| AUD/JPY |
113.3680 |
▼ -0.87% |
Rates
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Commodities
| Gold |
$4,561.90 |
▼ -1.25% |
| WTI Oil |
$101.02 |
▼ -1.32% |
| Copper |
$6.30 |
▼ -2.12% |
Crypto
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ASX Market Movers · Previous Session
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▲ Top Gainers
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XRO
Xero
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$79.67 |
▲ +8.13% |
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WTC
WiseTech
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$38.01 |
▲ +3.65% |
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RHC
Ramsay Health
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$37.56 |
▲ +3.47% |
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CPU
Computershare
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$31.07 |
▲ +3.43% |
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WHC
Whitehaven Coal
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$7.97 |
▲ +3.24% |
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TNE
Technology One
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$28.36 |
▲ +3.09% |
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ALD
Ampol
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$35.05 |
▲ +2.88% |
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STO
Santos
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$7.88 |
▲ +2.74% |
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▼ Top Losers
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MIN
Mineral Resources
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$64.77 |
▼ -7.68% |
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PLS
Pilbara Minerals
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$6.01 |
▼ -5.80% |
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S32
South32
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$4.21 |
▼ -5.18% |
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NEM
Newmont
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$157.44 |
▼ -4.11% |
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RIO
Rio Tinto
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$185.75 |
▼ -3.24% |
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AGL
AGL Energy
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$9.09 |
▼ -2.88% |
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IGO
IGO
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$8.51 |
▼ -2.85% |
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BHP
BHP
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$60.46 |
▼ -2.58% |
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ASX Focus
Overview
ASX miners bore the brunt of Friday's selling — Mineral Resources fell 7.68% to $64.77, Pilbara Minerals 5.80% to $6.01, and BHP 2.58% to $60.46 — driven by copper's 2.12% decline and Iran war-driven risk aversion; the commodity rout extends into Monday's open.
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Australian Financial Review
Chalmers' CGT Changes Threaten Startup Investment, Critics Say
Proposed capital gains tax changes by Treasurer Jim Chalmers have drawn sharp criticism from technology sector leaders, who argue the reforms will undermine venture capital investment and startup formation. The policy uncertainty is a direct risk for ASX-listed technology companies including Xero (+8.13% Friday to $79.67) and WiseTech Global (+3.65% to $38.01), whose Friday gains could face reversal if sentiment deteriorates.
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Australian Financial Review
Fortescue Faces Scrutiny Over Cultural Heritage Compliance
A former Rio Tinto executive says Fortescue received insufficient regulatory consequences for cultural heritage destruction, reigniting ESG and governance scrutiny across the Australian mining sector. The comments land as ASX miners are already under pressure from falling commodity prices — copper at $6.30 (-2.12%) and lithium names including Pilbara Minerals (-5.80% Friday to $6.01).
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Australian Financial Review
Bracket Creep to Persist Under Labor or Coalition, Analysis Shows
Analysis shows Australian workers face ongoing bracket creep regardless of which party governs, steadily eroding real disposable income over time. For ASX-listed consumer and retail companies, persistent bracket creep constrains household spending capacity — a structural headwind for discretionary retailers already navigating elevated inflation.
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Macro & Policy
Overview
The Iran war is the dominant global macro development, with analysts estimating a potential $300 billion economic shock that threatens to sustain oil above $100, push mortgage rates higher, and complicate the RBA's inflation outlook as Australian investors return to markets Monday.
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MarketWatch
Iran War Could Deliver $300 Billion Economic Shock
Analysts estimate the Iran conflict could generate a $300 billion economic shock, driving mortgage rates higher and squeezing wages through sustained energy price inflation with WTI crude at $101.02. For Australia, higher global oil prices and tighter US financial conditions — the 10-year yield at 4.59% — reinforce pressure on the RBA to hold rates and add cost-of-living stress for Australian mortgage holders.
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The Guardian
Tech Founders Publicly Protest Albanese Government's Tax Changes
Australian technology founders mounted a public campaign over the weekend against proposed tax changes they argue will deter venture capital and startup growth. The backlash adds domestic policy uncertainty for ASX-listed technology companies at a time when global macro conditions — rising yields and Iran war risk — are already unfavourable for growth stocks.
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The Guardian
Coles and Woolworths Found to Synchronise Promotions, Data Reveals
New data shows Coles and Woolworths routinely align promotional activity across product categories including food, personal care, and frozen goods — a pattern likely to attract renewed ACCC scrutiny. For ASX investors, regulatory risk is a live overhang for both COL and WOW at a time when household cost-of-living remains a political flashpoint.
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Commodities
Overview
Oil is the lead commodity — WTI crude held above $100 at $101.02 (-1.32%) as the Iran conflict sustains energy price pressure — while copper's 2.12% slide to $6.30 directly threatens earnings across ASX mining heavyweights including BHP, Rio Tinto, and South32.
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News Ghana / Google News
OPEC Holds Demand Forecast as Oil Markets Tighten
OPEC has maintained its global oil demand forecast even as supply conditions tighten, underpinning elevated crude prices with WTI at $101.02. For ASX investors, sustained oil prices support Santos (+2.74% Friday to $7.88) and Whitehaven Coal (+3.24% to $7.97), while adding to inflation risk for the broader Australian economy.
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MarketWatch
Iran War Sustains Oil Above $100 as Energy Markets Reprice
The Iran conflict has become the primary driver of energy market pricing, keeping WTI crude at $101.02 and embedding upside risk into oil for as long as hostilities continue. For Australian investors, elevated oil prices support ASX energy names but also raise input costs for transport, logistics, and manufacturing companies across the index.
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Global Markets
Overview
Friday's US session delivered a broad risk-off selloff — the S&P 500 lost 1.24% to 7,408.5, the Nasdaq fell 1.54% to 26,225.1, and the Dow dropped 1.07% to 49,526.2 — as the US 10-year yield climbed to 4.59% and Iran war fears weighed on equities globally.
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MarketWatch
Rising US Yields Drive Wall Street Selloff; S&P 500 Falls 1.24%
The US 10-year Treasury yield rose 3.00% to 4.59% on Friday, compressing equity valuations and driving the S&P 500 down 1.24% to 7,408.5 in a broad risk-off session. Higher US yields typically weigh on AUD/USD — now at 0.7154 (-0.98%) — and pressure ASX growth and rate-sensitive stocks including REITs and technology names.
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MarketWatch
Nvidia Props Up S&P 500 Earnings Growth Amid Concentrated Market
Nvidia remains the primary driver of S&P 500 aggregate earnings growth, with analysts noting the index's headline result depends heavily on a handful of AI-exposed mega-cap names. For Australian investors with US equity exposure, this concentration means any Nvidia earnings disappointment could disproportionately reprice the broader market — a risk to monitor as earnings season continues.
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The Number
4.59%
The US 10-year Treasury yield, which rose 3.00% on Friday to reach 4.59% — the primary catalyst behind Wall Street's broad selloff and a direct pressure point for ASX rate-sensitive sectors including REITs, growth stocks, and banks as Australian investors return Monday.
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