Australia Shares Soar After Wall Street Rally, Iran Deal Hopes

2026-06-12 00:43 By Farida Husna 1 min. read

Australian stocks surged 140 points, or 1.6%, to 8,773 on Friday morning deals, reversing weakness in the prior session and hitting their highest level in a week.

The rally tracked overnight solid gains on Wall Street after President Trump signaled the U.S.

was close to sealing a deal with Iran, with a signing possible this weekend in Europe alongside VP JD Vance.

Optimism also mounted that the Reserve Bank could pause cash rate hikes at next week’s policy meeting after three hikes this year.

Meanwhile, consumer inflation expectations eased to 5.5% in June, the lowest since March.

Broad-based strength lifted all sectors, led by non-energy minerals, process industries, producer manufacturing, and financials.

The big four banks advanced between 0.9% and 1.6%.

Standout movers included BHP Group (2.6%), Evolution Mining (6.2%), PLS Group (5.2%), and Qantas Airways (4.5%).

With weekly gains of about 1.7% so far, local markets are on track for a steep rise after weakness in the prior period.



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Australia Shares Soar After Wall Street Rally, Iran Deal Hopes
Australian stocks surged 140 points, or 1.6%, to 8,773 on Friday morning deals, reversing weakness in the prior session and hitting their highest level in a week. The rally tracked overnight solid gains on Wall Street after President Trump signaled the U.S. was close to sealing a deal with Iran, with a signing possible this weekend in Europe alongside VP JD Vance. Optimism also mounted that the Reserve Bank could pause cash rate hikes at next week’s policy meeting after three hikes this year. Meanwhile, consumer inflation expectations eased to 5.5% in June, the lowest since March. Broad-based strength lifted all sectors, led by non-energy minerals, process industries, producer manufacturing, and financials. The big four banks advanced between 0.9% and 1.6%. Standout movers included BHP Group (2.6%), Evolution Mining (6.2%), PLS Group (5.2%), and Qantas Airways (4.5%). With weekly gains of about 1.7% so far, local markets are on track for a steep rise after weakness in the prior period.
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ASX 200 Pares Early Drop
The ASX 200 edged down 20 points, or 0.2%, to close at 8,633 on Thursday, reversing gains in the prior session as weakness in consumer durables, logistics, and financials weighed on sentiment. Concerns over Australia’s slowing economy also grew after Westpac said home loan applications averaged 30,000 per month in the fiscal third quarter starting April, down from 33,000 in the prior quarter, underscoring the impact of global instability and domestic tax changes. Still, early weakness was trimmed amid stronger U.S. stock futures, following Washington’s announcement that strikes against Iran had concluded. Traders anticipated next week’s Reserve Bank meeting, hoping for a pause after three rate hikes this year. Meanwhile, consumer inflation expectations fell to 5.5% in June, the lowest since March. The four major banks fell between 1.1% and 2.1%, while notable laggards included Sigma Healthcare (-2.9%), Goodman Group (-2.8%), South32 (-2.3%), and Northern Star Resources (-1.2%).
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Australian Stocks Follow Wall Street Lower
Australian shares slipped 79 points, or 0.9%, to 8,574 in early Thursday trade, unwinding the prior day’s rebound as U.S. futures weakened after Wall Street’s sharp slide Wednesday on inflation worries and renewed Middle East tensions. Locally, signs of a cooling economy grew after Westpac reported average monthly mortgage applications have fallen about 18% since late 2025, reflecting uncertainty and looming tax changes. Meanwhile, Australia's business sentiment improved in May but remained firmly negative, due to concerns over the impact of elevated borrowing costs. Still, losses were tempered by hopes the Reserve Bank may pause cash rates next week after three hikes this year. Most sectors retreated, led by non-energy minerals, logistics, process industries, and financials. Lynas Rare Earths dropped 3.6%, followed by Northern Star Resources (-3.0%), and Evolution Mining (-2.5%). Mining giant BHP Group slipped 1% while the four big banks declined between 0.9% and 1.8%.
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