Daily Overview: 26 June 2026

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published: 2026-06-26

The Day Ahead

Keep a close eye on the ASX open today. While futures have turned positive following a massive beat from Micron, the broader sentiment remains fragile. The market is currently hypersensitive to May jobs data and any signals from the RBA that could justify further rate hikes, especially as household spending unexpectedly rose 1.3% last month.

The overarching theme for the next 24 hours is "AI volatility". From Micron's surge to the geopolitical tensions surrounding Anthropic's restrictions on foreign access, AI is no longer just a tech story—it is a sovereign risk and a primary driver of equity valuations. Expect continued volatility in tech-adjacent stocks as investors weigh the productivity promise against the reality of "techno-nationalism".

In the resources space, watch for reactions to the AEMO's updated blueprint. The admission that wind project approvals are lagging significantly behind targets creates a potential bottleneck for the energy transition that could offset the gains made by the battery boom.

Yesterday's Key Stories

Mining & Resources

  • BHP, Rio Tinto, and Caterpillar have launched a collaborative trial of battery-electric haul trucks at the Jimblebar mine to test the commercial feasibility of decarbonising large-scale operations.
  • Hancock Prospecting invested up to US$100 million in Lumitron Technologies to commercialise X-ray technology for mineral analysis and ore recovery.
  • Mineral Resources (MinRes) ceased operations at the Lucky Bay garnet project, axing 110 jobs and recording a $40 million closure loss due to high costs and Middle East conflicts.
  • Fortescue is facing a landmark class action alleging systemic sexual harassment and assault at its remote Pilbara camps.
  • Ramelius Resources received EPA approval for its Roe gold project in WA, streamlining the path for development to begin in late 2026.
  • Tivan is seeking $50 million in financing, potentially via a joint venture with Sumitomo Corporation, to revive the Molyhil Tungsten Project in the NT.
  • Metso secured two Life Cycle Services agreements worth approximately €60 million for copper and lead-zinc producers in South America and Asia-Pacific.
  • IGO Limited has appointed Ian Rowe as interim CFO as part of a planned leadership succession.
  • Sunstone Metals has engaged four banks to raise capital for its gold and copper projects.

Energy & Infrastructure

  • AEMO reports that a surge in battery installations has reduced the need for 1,435km of new transmission lines, though $106 billion is still required for net zero by 2050.
  • AEMO warned that wind energy approvals are lagging, with only 9GW of the required 18GW currently in the pipeline for 2030 targets.
  • EnergyCo is facing resistance from rural councils in the New England region, who have denied access to town water for the New England Renewable Energy Zone construction.

Macro & Policy

  • Australia's headline unemployment rate fell to 4.4% in May, but the trend rate hit a four-year high, suggesting a long-term upward trajectory.
  • The Albanese Government committed to maintaining capital gains tax and negative gearing exemptions in cases of death or divorce to avoid a "widow's tax".
  • Teal independents Allegra Spender and Zali Steggall have registered a new centrist party, Community Strong Australia, to contest Senate seats.
  • The Bankwest Curtin Economics Centre suggests critical minerals could contribute over $100 billion annually to WA's economy by 2050 if the state shifts toward high-value processing.