🇦🇺 Australia market recap
Cautious2026-07-11😱 Moderate fear driven by US-Iran conflict risks lifting oil prices and weighing on risk assets.
The ASX 200 snapped a four-day losing streak on Friday as copper miners surged, though the index finished the week lower amid US-Iran tensions and a surprise RBA rate hold. 📉🛢️🇺🇸 Resource strength (Materials +1.82%) offset broad weakness across ten other sectors, with markets showing resilience near record levels despite geopolitical fear.
Big news
📰 ASX 200 snaps four-day losing streak as copper miners surge
Materials sector (+1.82%) led recovery; copper prices drive miner gains despite broader market weakness.
📰 RBA holds interest rates unexpectedly, cementing inflation concerns
Rate hold signals persistent inflation; banks steady ASX but dampens risk appetite across non-resource sectors.
📰 Trump announces 35% tariff on Canadian goods starting August 1
Mid-session volatility triggered; trade war fears offset resource strength and pressured global sentiment.
📰 US military threatens attack on Iran if no peace deal reached
Renewed Middle East tensions ratchet up oil prices; gold falls 4.5% as risk assets wobble.
📰 US strikes on Iran reignite wider Middle East conflict fears
Sharp early sell-off on Wednesday; oil lifts while banks and consumer stocks buoyed late recovery.
📰 ASX 200 finishes week down 0.27% after 1.04% prior rally
Market breadth weak: 72% of constituents flat/lower; resilience at record highs despite negative catalysts.
Sector stance
Copper miners surge; Materials +1.82% offsets broad weakness. Standout: copper themes, BHP, Rio.
Banks steady ASX late session; RBA hold limits upside. Standout: CBA, NAB, Westpac.
Oil prices lift amid Iran tensions; energy leads gains. Standout: Woodside, Santos.
Weak across all non-resource sectors; no standout catalysts. Standout: CSL, Cochlear.
Broad decline; travel/leisure volatile on geopolitical fears. Standout: Wesfarmers, Flight Centre.
Defensive but no major upside; dividend plays like Brambles, Breville X today.
Mixed performance; no clear catalyst. Standout: Qantas, Transurban.
Weak metals prices drag tech; AI demand robust but ASX tech lags. Standout: Xero, Appen.
Rate hold pressures valuations; no standout themes. Standout: Goodman, Scentre.
Defensive but limited upside; no major catalysts. Standout: AGL, EnergyAustralia.
Mixed; no clear driver. Standout: Telstra, Spark.
Outlook
Geopolitical risk (Iran) and RBA policy will dominate next week; copper and oil offer tactical upside. Investors should overweight Materials and Energy, underweight tech and consumer, and monitor oil spikes for entry points.