Thursday 11th June – ASX 200 makes strong recovery off lows – US futures turn positive – BHP and RIO rally – Gold falls – CSL rises

11 Thursday Jun 2026

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The ASX 200 staged a remarkable comeback to finish down only 20 points at 8633 (-0.2%) after falling nearly 100 points in early trade. A stronger US futures market helped, as did a calming in the oil price and the absence of any collapse in Korea.

Once again, though, we saw sector rotation, with the banks still under pressure. CBA fell 2.4%, WBC dropped 2.6%, and MQG eased 0.7%. The Big Bank Basket fell to $260.43 (-2.3%). Other financials performed slightly better, and insurers continued to do well, with QBE the star of the show, up 3.7%. REITs also gained, with CHC up 2.8% and SGP rising 3.3%. Industrials were a mixed bag. The rally in WES continues, and retail stocks held firm, with TLS up 0.4% and both WOW and COL continuing their strong winning streaks.

Technology was once again very much on the nose, with tax-loss selling and ongoing pessimism surrounding SaaS business models. XRO fell 3.6%, WTC dropped 2.8%, and NXT was hit hard as well. Healthcare was a mixed bag of lollies, with CSL continuing to push higher, gaining another 4.2%. However, RMD fell 0.9%, while SIG continued to drift lower on concerns about a UK expansion push.

Meanwhile, resources recovered some poise, although the move lacked conviction. BHP rose 1.0%, and some lithium names improved, with PLS rising alongside LTR, which enjoyed a strong day, up 4.2%. Gold stocks also found some support, with EVN up 2.1% and RMS also edging higher. Oil and gas stocks were stronger, with WDS up 1.6% and STO jumping 2.0%. While coal stocks recovered, uranium stocks continued to struggle.

In corporate news, LLC rose 4.6% following the appointment of a new CEO and the maintenance of guidance between 28 cents and 34 cents. NST fell slightly as Elliott Investment Management called for further board changes. SXL dropped 4.4% after the company downgraded its full-year earnings outlook and announced 300 job cuts. AAI fell 8.3% following a warning about its Middle East operations.

In economic news, the CBA said the RBA is likely to keep rates on hold for the first time this year. Australian wages rose 0.8% in May, with consistent growth recorded over the last 18 months.

Asian markets weaker. Japan flat, Hong Kong down 1.0%, and China down 0.7%. South Korea fell slightly.

US futures: Dow up 88 and Nasdaq up 150. Oil up 1.0%. Europe opening easier. ECB expected to hike rates today.

HIGHLIGHTS

  • Winners: CXO, TUA, OPH, LIN, EQR, KAR
  • Losers: LRV, AAI, LGF, OBM, BC8, SXE, SLC
  • Positive Sectors: Oil and gas. Supermarkets. REITs. Insurance.
  • Negative Sectors: Banks. Tech. Gold miners.
  • ASX 200 Hi 8670 Lo 8555
  • Big Bank Basket: Lower at $260.43 (-2.3%)
  • All-Tech Index: Down 1.1%
  • Gold: Drops to $5847
  • Bitcoin: Rises to US$62850
  • 10-year yields: Falls to 4.89%
  • AUD: Lower at 70.08c.

MARKET MOVERS

  • CXO +8.3% demerger plans
  • TUA +5.9% rally continues.
  • LTR +4.2% lithium bounces.
  • CSL +4.2% buyers flood back in.
  • QBE +3.7% new NED.
  • LLC +4.6% new CEO.
  • KLV +16.3% appoints CIO.
  • NVX +9.5% delivers mass production AAM sample.
  • MEI +10.3% Caldeira pilot plant delivers.
  • LRV -15.8% acquisition and placement.
  • AAI -8.3% Middle East issues.
  • LGF -7.7% weekly NTA
  • DTR -3.7% falls continue.
  • SXE -4.3% falling again.
  • Yesterday’s Hero: BST +70.3% second day for this IPO. Doing well still.
  • Speculative Stock of the Day: Nothing, but BST.

ECONOMIC AND OTHER NEWS

  • Australian wages rose 0.8% in May, maintaining the consistent growth recorded over the past 18 months, according to the latest Commonwealth Bank Wage and Labour Insights.
  • Annual wage growth for May was steady at 3.1% a year, unchanged from April and despite a spike in the unemployment rate to 4.5% in April.
  • Commonwealth Bank head of Australian economics Belinda Allen says the Reserve Bank of Australia will decide against lifting interest rates for the first time this year, following three consecutive increases.
  • CommSec, had 30,000 different accounts bid for SpaceX stock. Goldman Sachs will do SpaceX share allocations on Friday and Australia’s punters expect to be notified of their allocations late the same day.
  • As SpaceX’s rockets get cheaper, the use case has gone from just government customers to commercial satellites to its network of Starlink satellites. It is all about cost per kilogram to launch stuff into space.
  • ECB expected to hike rates today.
  • China cancels high-level meetings with EU.
  • Oracle to spend $70bn on data centre build-out in coming year.
  • OpenAI is reportedly considering cutting prices for paid access to its AI models, the WSJ reported on Wednesday. The ChatGPT developer is anticipating similar price cuts from rival Anthropic.
  • Thoma Bravo founder Orlando Bravo said fears of an AI-driven “SaaSpocalypse” are over, calling AI an “enormous tailwind” for software companies

And finally….

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