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May 22, 2026
The Markets Brief
ASX Pre-Market · 7:30am AEST
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Opening Note
The ASX enters Friday on the back of a broadly flat Wall Street session, with the S&P 500 closing at 7,445.7 (+0.17%) and the Nasdaq at 26,293.1 (+0.09%). The muted US finish offers little offshore lift, but yesterday's strong ASX 200 close at 8,621.7 (+1.47%) reflects domestic momentum — particularly in miners and energy — that may carry early support into today's open. Rising US 10-year yields at 4.59% (+0.31bp) add a headwind for rate-sensitive growth and technology names. Australia's unemployment rate jumped to 4.5%, triggering a sharp repricing of RBA rate expectations. Traders have cut bets on further rate hikes following the data, with economists revising forecasts across the board. This is the dominant domestic theme: softer labour market data reduces the RBA's urgency to tighten, supporting rate-sensitive sectors including banks and REITs. Watch IGO, which surged 7.46% to $9.07 on Thursday on copper's 0.44% gain to $6.34 and broader lithium sector sentiment — any follow-through in base metals overnight supports further upside. REA Group (-3.67% to $158.47) and Xero (-2.31% to $76.54) deserve attention as the rising US 10-year yield of 4.59% continues to pressure high-multiple growth and property-linked tech stocks.
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Markets at a Glance
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Indices
| ASX 200 |
8,621.7 |
▲ +1.47% |
| S&P 500 |
7,445.7 |
▲ +0.17% |
| Dow Jones |
50,285.7 |
▲ +0.55% |
| Nasdaq |
26,293.1 |
▲ +0.09% |
FX
| AUD/USD |
0.7155 |
▲ +0.00% |
| AUD/GBP |
0.5320 |
▲ +0.04% |
| AUD/EUR |
0.6155 |
▲ +0.08% |
| AUD/JPY |
113.6940 |
▲ +0.08% |
Rates
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Commodities
| Gold |
$4,543.30 |
▲ +0.30% |
| WTI Oil |
$97.43 |
▼ -1.71% |
| Copper |
$6.34 |
▲ +0.44% |
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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$9.07 |
▲ +7.46% |
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TWE
Treasury Wine
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$4.53 |
▲ +3.66% |
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AMC
Amcor
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$53.28 |
▲ +3.60% |
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JBH
JB Hi-Fi
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$71.95 |
▲ +3.35% |
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RIO
Rio Tinto
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$181.68 |
▲ +3.19% |
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BHP
BHP
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$59.10 |
▲ +3.09% |
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QAN
Qantas
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$8.71 |
▲ +3.08% |
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MIN
Mineral Resources
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$69.26 |
▲ +2.90% |
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▼ Top Losers
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REA
REA Group
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$158.47 |
▼ -3.67% |
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XRO
Xero
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$76.54 |
▼ -2.31% |
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TNE
Technology One
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$29.16 |
▼ -2.28% |
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WDS
Woodside
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$31.83 |
▼ -2.06% |
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RHC
Ramsay Health
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$37.71 |
▼ -1.51% |
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CAR
CAR Group
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$25.54 |
▼ -1.05% |
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ORG
Origin Energy
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$11.10 |
▼ -0.98% |
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AGL
AGL Energy
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$9.02 |
▼ -0.77% |
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ASX Focus
Overview
Australia's unemployment rate jumping to 4.5% is repricing RBA rate expectations, dragging on growth stocks like Xero (-2.31%) and REA Group (-3.67%) while supporting miners — IGO (+7.46%), BHP (+3.09%), and Rio Tinto (+3.19%) — as copper and commodity prices held firm.
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Australian Financial Review
Traders cut bets on RBA rate rises after shock jobs data
Market pricing on RBA rate hikes was revised sharply lower following the 4.5% unemployment print, per AFR. The data shift is directly influencing rate-sensitive ASX sectors including banks, REITs, and high-multiple tech stocks.
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Australian Financial Review
Former Telstra chief to chair Sharon AI ahead of float
Sharon AI has appointed former Telstra chief executive as chair as the company prepares for an ASX float. The appointment signals a push to bolster corporate governance credentials ahead of the listing process.
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Macro & Policy
Overview
Australia's unemployment rate jumped to 4.5%, prompting traders and economists to cut forecasts for further RBA rate hikes in a significant repricing of domestic monetary policy expectations.
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Commodities
Overview
Iron ore futures fell to a three-week low on rising supply and weak Chinese steel demand, with China's iron ore output also down 1% in early 2026 — a combined signal of demand-side pressure that weighs directly on BHP, Rio Tinto, and Fortescue.
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Global Markets
Overview
US equities were broadly flat overnight — S&P 500 at 7,445.7 (+0.17%), Dow at 50,285.7 (+0.55%), Nasdaq at 26,293.1 (+0.09%) — while the US 10-year yield rose 0.31% to 4.59%, maintaining pressure on growth and rate-sensitive stocks globally.
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MarketWatch
Quantum stocks soar as Trump administration looks to be buying in
Quantum computing stocks surged on reports of Trump administration interest in the sector, adding a new US tech theme to monitor for ASX-listed technology investors. The move is a signal of continued policy-driven momentum in deep-tech categories with limited direct ASX exposure but relevant for sentiment in the local tech sector.
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MarketWatch
Walmart sees slowing sales growth amid consumer pressure
Walmart reported slowing sales growth and warned of a profit miss, with consumers cutting discretionary spending including fuel as prices remain elevated. For Australian investors, the data reinforces a cautious outlook on global consumer demand relevant to ASX retail and consumer discretionary exposures including JB Hi-Fi and Wesfarmers.
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The Number
4.5%
Australia's unemployment rate jumped to 4.5%, a shock result that has repriced RBA rate hike expectations and reshapes the outlook for rate-sensitive ASX sectors including banks, REITs, and growth stocks heading into Friday's open.
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