🇦🇺 Australia market recap
Cautious2026-07-13😱 Moderate fear driven by US-Iran tensions reigniting and oil surge to $80, offset by Macquarie's profit windfall.
The ASX 200 ended flat amid soaring oil prices nearing $80 and soft bank earnings, while US-Iran tensions triggered a sharp one-day wipeout of $50bn in market value. Macquarie Group delivered a record FY26 profit, offsetting broader earnings weakness as nearly 25% of ASX 200 firms missed expectations. Sentiment is cautious with AI exposure lagging, but super returns are recovering.
Big news
📰 US-Iran tensions reignite, triggering sharpest ASX one-day decline in seven weeks and $50bn wipeout
Broad market sell-off; energy sector gains as oil nears $80; financials pressured by geopolitical risk.
📰 Macquarie Group posts second-biggest annual profit for FY26, lifting financials amid soft bank earnings
Positive for financial sector; offsets weakness in major banks with soft earnings growth.
📰 Oil prices soar towards $US80, boosting ASX energy stocks despite flat market close
Energy sector outperforms; Woodside Energy up 4.2% in 7 days; inflation and rate concerns rise.
📰 Nearly 25% of ASX 200 companies report worse-than-expected earnings in August earnings season
Earnings disappointment weighs on sentiment; only 20% beat expectations, 55% in line.
📰 Ten Cap warns on ASX amid lack of exposure to booming AI trade and soft bank growth
Highlights structural gap in ASX vs global tech; pressures growth and tech-linked sectors.
📰 Australian superannuation returns rose sharply in April, recovering March's decline
Supports long-term equity demand; positive for diversified portfolios and financial sector stability.
Sector stance
Oil near $80; Woodside Energy up 4.2%; strong cash flows and geopolitical premium.
Macquarie profit offsets soft bank earnings; ANZ up 2.2%; rate uncertainty lingers.
Mining stocks fell most over the week; demand concerns amid global slowdown.
Defensive appeal amid volatility; no major earnings surprises or M&A activity.
Earnings misses common; consumer spending pressured by oil and rate fears.
Stable cash flows; defensive but limited upside in cautious sentiment.
Mixed earnings; infrastructure spending supports but geopolitical risk weighs.
ASX lacks AI exposure; Ten Cap warns on tech gap; underperforms global peers.
Stable dividends; no major catalysts or M&A in current environment.
Rate uncertainty and commercial property stress limit upside; defensive but weak.
Defensive yield; stable but limited growth in cautious market.
Outlook
Geopolitical risk and oil volatility will dominate short-term ASX moves, while earnings disappointments may persist into August. Investors should favor energy and defensive sectors, hedge against rate uncertainty, and avoid tech-heavy exposure until AI clarity emerges.