Daily Market Update: 26 May 2026

Australian market lifted by falling oil prices

The S&P/ASX 200 Index (ASX: XJO) rose 0.4 per cent, or 35 points, to 8692 on Monday, with six of 11 sectors higher as softer oil prices and positive offshore leads supported sentiment. Brent crude fell 5.5 per cent to $US97.86 a barrel after US officials signalled progress toward a potential agreement with Iran to reopen the Strait of Hormuz, helping the Australian dollar rise 0.6 per cent to US71.70¢.

Australian miners rally as gold and coal strengthen

Gold and coal miners led gains, with bullion rising 1 per cent to $US4554.65 an ounce as lower oil prices eased inflation concerns. Resolute Mining Limited (ASX: RSG) jumped 9.4 per cent to $1.34, Newmont Corporation (ASX: NEM) added 5.1 per cent to $158.66 and Northern Star Resources Limited (ASX: NST) gained 5.7 per cent to $19.91. Coal stocks also rallied after a fatal mine explosion in China’s Shanxi province lifted coal prices, with Whitehaven Coal Limited (ASX: WHC) up 8.7 per cent to $8.87 and Yancoal Australia Limited (ASX: YAL) rising 7.5 per cent to $7.04. Energy stocks weakened as oil fell, with Woodside Energy Group Limited (ASX: WDS) down 4.2 per cent to $30.74 and Viva Energy Group Limited (ASX: VEA) off 5.6 per cent to $2.18. Among banks, Commonwealth Bank of Australia (ASX: CBA) slipped 0.7 per cent, while National Australia Bank Limited (ASX: NAB), Westpac Banking Corporation (ASX: WBC) and ANZ Group Holdings Limited (ASX: ANZ) rose. Qantas Airways Limited (ASX: QAN) gained 5.8 per cent, Fortescue Limited (ASX: FMG) added 1.7 per cent, Charter Hall Group (ASX: CHC) rallied 6.7 per cent after upgrading guidance, and Adore Beauty Group Limited (ASX: ABY) advanced 6.3 per cent following stronger revenue.

Global equities rise on easing Middle East energy concerns

US markets were closed for Memorial Day, while European equities rose strongly on optimism that the US and Iran could reach an agreement to restore Middle East energy exports. The EURO STOXX 50 Index (STOXX: SX5E) gained 2 per cent to 6139 and the STOXX Europe 600 Index (STOXX: SXXP) added 1 per cent to 632, approaching levels last seen near February’s record highs. Bond-sensitive banks rallied as yields fell, with Banco Santander S.A. (BME: SAN), Banco Bilbao Vizcaya Argentaria S.A. (BME: BBVA) and Deutsche Bank Aktiengesellschaft (ETR: DBK) each rising more than 4 per cent, while lower energy prices supported industrial margins, sending Safran S.A. (EPA: SAF) up 6 per cent and Schneider Electric SE (EPA: SU) 3.5 per cent higher.