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The ASX bounced strongly today, recovering most of yesterday’s selloff as oil prices pulled back and fears of an imminent escalation in the Middle East eased slightly. A modest improvement in the tone around negotiations was enough to spark a rebound in risk appetite with the market opening firmer and consolidating through the session.
The ASX 200 endured a tough start to the week, falling ~1.5% on broad-based selling, which saw more than 85% of the main board close lower. Only the energy sector closed higher on the day, as the US-Iran ceasefire hangs by a thread, keeping Oil prices high.
The ASX opened lower and looked weak throughout the session today, with the 8500 level providing some support through the afternoon, though there were few real signs of a meaningful bounce. Rising oil prices and another sharp move higher in bond yields continued to weigh heavily on sentiment as markets grapple with the prospect of higher for longer outlook on rates.
Despite Friday’s pullback, US equities still enjoyed their 7th consecutive week of gains, although the rally has become increasingly concentrated on the stock and sector level. Eight of the 11 S&P 500 sectors have fallen so far this month, with most of the upside concentrated in “Big Tech” – just four stocks are responsible for more than half of the S&P 500’s gains this year. Even as key equity sectors wobbled and yields advanced, financial markets stayed firm into Thursday, helped by strong corporate earnings.
The ASX200 fell 1.3% last week, with market sentiment softened by Tuesday’s Budget and disappointing trading updates from ASX heavyweights CBA and CSL – as the saying goes, the trend’s your friend, with the previous market darling CSL, now down -43%, in 2026. As we all know, the budget played a dominant role last week, with the influential “Big Four Banks” retreating by an average of close to 6% on fears around Australia’s pivotal housing market. It’s a good job the big miners enjoyed a great week, despite surrendering some of their gains on Friday. BHP Group (ASX: BHP) and RIO Tinto (ASX: RIO) posted fresh all-time highs, both advancing +4% by Friday’s close.
The ASX finished the week on a softer note, with the index dragged lower by a sharp reversal in the miners following a strong run in commodity-linked names. Materials had been the market’s engine room recently, helped by record highs in copper and gold, but profit-taking arrived today as copper eased on signs higher prices are starting to bite into Chinese demand, while gold also softened as traders reassessed the outlook for US rates following hotter inflation data during the week.
The ASX200 continued to feel soggy on Thursday, although it did ultimately reverse earlier losses into the close, ending the session up +0.1%, even though ~55% of the main board retreated. A bounce by the banks, led by Commonwealth Bank (ASX: CBA), combined with another positive session by BHP Group (ASX: BHP), was enough to see the main board eke out a small gain, with the index again attracting buyers around the 8600 level, albeit in a very selective manner.
The ASX snapped a 4 session losing streak today and although the market lost momentum through the middle of the session, buyers gradually re-emerged into the close with the index finishing modestly higher.
The ASX 200 retreated for its fourth consecutive day on Wednesday, ending the post-budget session down 0.5%, courtesy of a -10.4% plunge by Commonwealth Bank (ASX: CBA), which took almost 100-points off an index that only closed down 40-points.
The ASX slipped for a fourth straight session today as a sharp selloff in CBA following a softer quarterly weighed heavily on the broader market, with the market also digesting the implications of last night’s Federal Budget and its proposed changes to negative gearing and capital gains tax concessions.
