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June 09, 2026
The Markets Brief
ASX Pre-Market · 7:30am AEST
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Opening Note
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Market Bias
Mixed — rising US yields offset tech gains
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ASX Read
Modest upside capped by miners, yields, and oil drop
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Main Driver
US 10-year yield at 4.55% pressures rate-sensitives
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The ASX faces a mixed open after Wall Street delivered a split session overnight, with the S&P 500 gaining 0.30% to 7,405.7 and the Nasdaq adding 0.86% to 25,929.7, but the Dow slipping 0.16% to 50,786.0. The rally in tech is partially offset for Australian investors by a 5-basis-point rise in the US 10-year yield to 4.55% — a level that continues to weigh on rate-sensitive domestics — and a sharp 2.29% decline in WTI crude to $91.41 following Iran's announcement of an end to military operations against Israel, relieving the geopolitical risk premium. The crude selloff is the sharpest near-term implication: energy names face selling pressure at the open. Conversely, the healthcare sector's Friday momentum — CSL +5.75%, Cochlear +5.63% — may find modest continuation on the Nasdaq's overnight strength. Miners remain under pressure with iron ore and lithium proxies already sold down Friday; elevated US yields provide no relief for the sector. The AUD/USD is steady at 0.7047, offering little buffer.
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Market Tape
| S&P 500 +0.30% to 7,405.7; Nasdaq +0.86% to 25,929.7 — tech-led US gains support ASX healthcare and growth names at the open | | ASX 200 closed Friday at 8,625.1 (-0.70%) — prior session weakness in miners and lithium names sets a cautious baseline | | WTI crude -2.29% to $91.41 on Iran ceasefire — direct headwind for ASX energy stocks; US 10-year yield +5bps to 4.55% pressures banks and REITs | | Gold +0.24% to $4,350.40 and copper +0.64% to $6.33 — modest copper lift offers marginal support to diversified miners, but insufficient to reverse Friday's losses in BHP, RIO |
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The Read
| The Nasdaq's 0.86% overnight gain provides a constructive read-through for ASX healthcare and technology names, but rising US yields at 4.55% cap any broad-market advance for rate-sensitive banks and REITs. | | WTI crude's 2.29% fall — driven by Iran's cessation of hostilities — is the key commodity transmission channel today, directly pressuring ASX energy producers while easing broader inflation risk that had been supporting gold and copper. |
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Stocks In Play
| CSL — extended Friday's 5.75% surge to $97.91 on Nasdaq strength; healthcare sector momentum and growth-stock tailwind from tech rally warrant attention at open | | COH (Cochlear) — gained 5.63% to $100.45 Friday; Nasdaq's +0.86% overnight move provides potential continuation catalyst for high-multiple healthcare names | | MIN (Mineral Resources) — fell 5.08% to $67.57 Friday amid broad lithium and mining sector selling; no recovery catalyst with US yields elevated and WTI crude lower |
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Markets at a Glance
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Indices
| ASX 200 |
8,625.1 |
▼ -0.70% |
| S&P 500 |
7,405.7 |
▲ +0.30% |
| Dow Jones |
50,786.0 |
▼ -0.16% |
| Nasdaq |
25,929.7 |
▲ +0.86% |
FX
| AUD/USD |
0.7047 |
▼ -0.04% |
| AUD/GBP |
0.5276 |
▼ -0.02% |
| AUD/EUR |
0.6107 |
▼ -0.15% |
| AUD/JPY |
112.8610 |
▼ -0.10% |
Rates
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Commodities
| Gold |
$4,350.40 |
▲ +0.24% |
| WTI Oil |
$91.41 |
▼ -2.29% |
| Copper |
$6.33 |
▲ +0.64% |
Crypto
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ASX Market Movers · Previous Session
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▲ Top Gainers
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CSL
CSL
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$97.91 |
▲ +5.75% |
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COH
Cochlear
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$100.45 |
▲ +5.63% |
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RMD
ResMed
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$27.64 |
▲ +4.30% |
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COL
Coles
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$22.21 |
▲ +1.88% |
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ASX
ASX Ltd
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$47.68 |
▲ +1.53% |
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RHC
Ramsay Health
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$36.62 |
▲ +1.52% |
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SHL
Sonic Healthcare
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$19.34 |
▲ +1.47% |
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GPT
GPT Group
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$4.74 |
▲ +1.28% |
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▼ Top Losers
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MIN
Mineral Resources
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$67.57 |
▼ -5.08% |
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PLS
Pilbara Minerals
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$5.91 |
▼ -3.75% |
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IGO
IGO
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$8.98 |
▼ -3.02% |
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LYC
Lynas Rare Earths
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$18.16 |
▼ -2.94% |
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S32
South32
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$4.63 |
▼ -2.53% |
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BHP
BHP
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$61.24 |
▼ -2.48% |
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FMG
Fortescue
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$20.53 |
▼ -2.33% |
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RIO
Rio Tinto
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$184.58 |
▼ -1.86% |
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What Moves Markets
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Iran announces end of military operations against Israel — Why it matters: ASX energy stocks (Woodside, Santos) face direct selling pressure as the geopolitical risk premium that supported crude unwinds, with WTI dropping 2.29% to $91.41 — What to watch: WTI crude holding above or breaking below $90/bbl would determine the depth of the energy sector selloff
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RBA tipped to pause as inflation risks persist — Why it matters: ASX banks, REITs, and rate-sensitive consumer stocks face continued valuation pressure if the RBA holds while US yields remain elevated at 4.55%, compressing the interest rate differential — What to watch: Any shift in RBA forward guidance language or Australian inflation data that reopens the door to further cuts
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OPEC approves another output hike for July — Why it matters: A further supply increase adds structural downside to crude prices, compounding the Iran ceasefire-driven selloff and pressuring ASX-listed energy names and diversified miners with oil exposure — What to watch: Whether WTI crude stabilises above $90/bbl or accelerates lower on combined OPEC supply and geopolitical demand signals
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ASX Focus
Overview
ASX healthcare names CSL and Cochlear dominate the local agenda after surging 5.75% and 5.63% respectively on Friday, with the Nasdaq's 0.86% overnight gain providing a potential continuation backdrop, while the broader index remains constrained by elevated US yields at 4.55% and a sharp crude oil selloff following Iran's ceasefire announcement.
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ASX Market Data
CSL surges 5.75% as healthcare leads ASX gainers
CSL rose 5.75% to $97.91 on Friday, leading the ASX 200 higher alongside Cochlear (+5.63% to $100.45) and ResMed (+4.30% to $27.64) in a broad healthcare sector rally. The move aligns with improving sentiment toward high-multiple growth stocks, a dynamic reinforced by the Nasdaq's 0.86% overnight gain.
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ASX Market Data
Lithium and mining stocks sold down sharply on Friday session
Mineral Resources fell 5.08% to $67.57 and Pilbara Minerals dropped 3.75% to $5.91 in Friday's session, with the selling extending across BHP (-2.48% to $61.24), Fortescue (-2.33% to $20.53), and Rio Tinto (-1.86% to $184.58). The broad-based resources selloff reflects elevated US yields and softening commodity sentiment, with no recovery catalyst evident in overnight data.
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AFR / Google News
ASX to drop as Fed fears send Asia's tech giants tumbling
The AFR flagged Federal Reserve rate fears as a drag on Asian technology equities, with the US 10-year yield rising to 4.55% adding pressure to growth and rate-sensitive names across the region. The read-through for the ASX is a continued cap on valuation expansion in technology and high-multiple healthcare, even as the Nasdaq posts overnight gains.
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Macro & Policy
Overview
The RBA is tipped to pause its easing cycle as inflation risks persist, with the US 10-year yield rising 5 basis points to 4.55% overnight reinforcing the global rates-higher narrative that constrains the RBA's room to move.
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Investor Daily / Google News
RBA tipped to pause as inflation risks persist
The RBA is expected to hold rates at its next meeting as persistent inflation risks limit the case for further easing, according to market commentary. The pause expectation aligns with overnight US 10-year yields rising to 4.55%, maintaining upward pressure on Australian mortgage rates and dampening the rate-cut tailwind for banks and consumer discretionary stocks.
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Commodities
Overview
WTI crude fell 2.29% to $91.41 after Iran announced an end to military operations against Israel, unwinding the geopolitical risk premium in oil and directly pressuring ASX energy producers, while OPEC's approval of a further output hike for July adds structural supply-side downside.
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OilPrice.com / Google News
OPEC approves another oil output hike for July
OPEC approved a further increase in oil output for July, adding supply-side pressure to crude markets already reeling from the Iran ceasefire-driven selloff that took WTI down 2.29% to $91.41. For ASX investors, the combined demand and supply signals create a bearish near-term backdrop for Woodside and Santos, while also reducing input cost pressures for energy-consuming industrials.
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HDFC Sky / Google News
Gold and Silver ETFs slide amid rising Fed rate-hike bets; silver funds lead losses
Gold and silver ETFs sold off as rising Fed rate-hike bets drove precious metals lower, with gold holding at $4,350.40 (+0.24% in the session data) but silver funds dropping sharply on the prospect of higher-for-longer US rates. For ASX-listed gold producers, the modest gold price resilience at $4,350.40 provides limited support, though the broader direction of Fed expectations remains the key valuation risk.
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Global Markets
Overview
Iran's announcement of an end to military operations against Israel drove a 2.29% decline in WTI crude to $91.41 and supported a Wall Street rally, with the S&P 500 gaining 0.30% and the Nasdaq rising 0.86%, though a 5-basis-point rise in the US 10-year yield to 4.55% capped the advance and creates the dominant cross-asset tension for Australian investors this morning.
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MarketWatch
BofA sees 'red flags' in the US stock market
Bank of America has flagged red flags in US equities, raising caution around valuation and positioning at current S&P 500 levels of 7,405.7. For Australian investors with US equity exposure or in ASX companies with US earnings, the signal reinforces the case for selectivity over broad index risk.
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MarketWatch
An inflation storm is brewing in the Pacific Ocean — and your portfolio isn't ready
MarketWatch warns of building inflationary pressures in the Pacific region, a direct concern for Australian investors given the RBA's already-constrained easing cycle and the exposure of ASX consumer and retail stocks to persistent domestic price pressures. The warning compounds the existing rates-higher narrative, with the US 10-year yield already at 4.55% and the RBA tipped to pause.
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The Number
4.55%
The US 10-year Treasury yield rose to 4.55% overnight, the dominant cross-asset signal for Australian investors today — it caps rate-sensitive ASX sectors including banks, REITs, and high-multiple healthcare, and reduces the probability of near-term RBA cuts by keeping the global rates-higher narrative firmly intact.
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