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May 19, 2026
The Markets Brief
ASX Pre-Market · 7:30am AEST
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Opening Note
US markets delivered a mixed session overnight with the S&P 500 essentially flat at 7,403.0, down 0.07%, while the Dow Jones gained 0.32% to 49,686.1 and the Nasdaq slipped 0.51% to 26,090.7. ASX futures point to a muted open following Monday's sharp 1.45% decline that took the ASX 200 to 8,505.3, with rising US 10-year yields at 4.62% likely to keep pressure on rate-sensitive sectors. The RBA's inflation fight remains the dominant local theme after CommBank noted the federal budget improved the long-term fiscal outlook but left the heavy lifting on inflation to monetary policy. TD Securities analysts indicated RBA rate hike timing remains uncertain, keeping markets focused on upcoming domestic data for direction on when the central bank might next move. Watch iron ore miners at open after Rio Tinto fell 3.63%, Fortescue dropped 2.88%, and South32 declined 4.28% on Monday. Energy stocks Woodside and Santos, which gained 2.88% and 2.66% respectively, may see follow-through as WTI oil holds above $102. Lynas Rare Earths extended gains with a 5.46% rise to $18.93, continuing its recent momentum.
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Markets at a Glance
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Indices
| ASX 200 |
8,505.3 |
▼ -1.45% |
| S&P 500 |
7,403.0 |
▼ -0.07% |
| Dow Jones |
49,686.1 |
▲ +0.32% |
| Nasdaq |
26,090.7 |
▼ -0.51% |
FX
| AUD/USD |
0.7171 |
▲ +0.25% |
| AUD/GBP |
0.5334 |
▼ -0.50% |
| AUD/EUR |
0.6150 |
▲ +0.02% |
| AUD/JPY |
113.7900 |
▲ +0.25% |
Rates
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Commodities
| Gold |
$4,570.80 |
▲ +0.53% |
| WTI Oil |
$102.49 |
▼ -0.68% |
| Copper |
$6.34 |
▲ +1.59% |
Crypto
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ASX Market Movers · Previous Session
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▲ Top Gainers
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LYC
Lynas Rare Earths
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$18.93 |
▲ +5.46% |
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CPU
Computershare
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$32.09 |
▲ +3.28% |
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WDS
Woodside
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$32.15 |
▲ +2.88% |
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STO
Santos
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$8.09 |
▲ +2.66% |
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REA
REA Group
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$164.60 |
▲ +1.60% |
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ALD
Ampol
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$35.57 |
▲ +1.48% |
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SEK
Seek
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$13.51 |
▲ +1.12% |
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TNE
Technology One
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$28.64 |
▲ +0.99% |
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▼ Top Losers
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S32
South32
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$4.03 |
▼ -4.28% |
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NEM
Newmont
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$150.79 |
▼ -4.22% |
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GMG
Goodman Group
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$30.12 |
▼ -4.02% |
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AMC
Amcor
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$51.44 |
▼ -3.94% |
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RIO
Rio Tinto
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$179.01 |
▼ -3.63% |
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SGP
Stockland
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$3.83 |
▼ -3.53% |
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COH
Cochlear
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$93.52 |
▼ -2.92% |
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FMG
Fortescue
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$21.95 |
▼ -2.88% |
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ASX Focus
Overview
Iron ore miners Rio Tinto, Fortescue, and South32 led Monday's ASX 200 decline of 1.45%, pressured by commodity weakness, while energy names Woodside and Santos outperformed on elevated oil prices above $102.
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ASX Market Data
Iron ore miners drag ASX lower
Rio Tinto fell 3.63% to $179.01, Fortescue dropped 2.88% to $21.95, and South32 declined 4.28% to $4.03. The falls reflected broader commodity weakness and concerns over Chinese steel demand.
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Macro & Policy
Overview
CommBank noted the federal budget improved Australia's long-term fiscal outlook but left inflation management to the RBA, while TD Securities said rate hike timing remains uncertain.
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TD Securities via Bitcoin World
RBA Rate Hike Timing Remains Uncertain
TD Securities analysts indicated RBA rate hike timing remains uncertain given mixed economic signals. Markets continue to watch incoming data for clarity on the central bank's next move.
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Commodities
Overview
Gold rose 0.53% to $4,570.80 per ounce while copper gained 1.59% to $6.34, though JP Morgan lowered its 2026 gold price forecast citing weak investor demand.
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Mint
Gold rebounds as bond yields stabilise
Comex gold rebounded $27/oz as bond yields stabilised, trading at $4,570.80. The move supports ASX gold miners including Newmont, which fell 4.22% on Monday.
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Business Standard
JP Morgan lowers 2026 gold price forecast
JP Morgan lowered its 2026 gold price forecast amid weak investor demand. The outlook may weigh on ASX gold producers including Newmont and Northern Star.
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Global Markets
Overview
US markets closed mixed with the Dow up 0.32% and Nasdaq down 0.51%, as rising US 10-year Treasury yields to 4.62% kept tech stocks under pressure.
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MarketWatch
Options market signals caution ahead of Nvidia earnings
The options market is flashing warning signs ahead of Nvidia's upcoming earnings report. Australian investors with US tech exposure should monitor the result given Nvidia's influence on global tech sentiment.
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MarketWatch
Oil market reaching 'tipping point'
A Wall Street strategist warned the oil market is reaching a tipping point that could create problems for equities. WTI crude at $102.49 remains supportive for ASX energy stocks but poses inflation risks.
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The Number
$4,570.80/oz
Gold reached $4,570.80 per ounce, reflecting persistent safe-haven demand that supports Australian gold miners despite JP Morgan's lowered price forecast.
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