Santos Ltd (STO)

26/05/2026

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Morning report 15/06/2026

Macro Monday: SpaceX IPO illustrates how Liquidity could lift “Risk” Assets

SpaceX’s (NASDAQ: SPCX) much-heralded IPO hit the boards on Friday, rewarding the lucky initial buyers with a +19% gain, and turning its founder, Elon Musk, into the world’s first trillionaire. At the same time, the record-breaking IPO created a US$2.2 trillion behemoth, making it one of the largest companies in the world despite investors still debating its path to sustainable profitability.

Weekend report 13/06/2026

Weekend Q&A: Bulls back in control

After a shaky start to the week, the ASX200 finished with a flourish, rallying 2% on Friday to end the week up 1.4% as risk appetite returned. Following several sessions dominated by geopolitical headlines, the ASX delivered its strongest weekly gain in two months as markets embraced the prospect of a US-Iran peace deal and the accompanying pullback in oil prices, which reversed more than US$10/barrel from their weekly highs. The gains were driven primarily by rate-sensitive sectors, with Consumer Staples (+9%), Consumer Discretionary (+8%), Healthcare (+7%) and Real Estate (+5%) leading the charge. The winners' enclosure was also dominated by underperformers as investors went bargain hunting into EOFY, while the laggards had a distinctly gold and uranium flavour.