Daily Market Update: 06 July 2026

Gold miners drive ASX higher after weak US jobs data cools rate-hike bets

Australian shares, led by gold miners, surged after weaker-than-expected US jobs data prompted investors to scale back bets on further US Federal Reserve rate rises. The S&P/ASX 200 Index rose 1.4 per cent, or 119.80 points, to 8844.3, with 10 of 11 sectors advancing and the benchmark up 0.9 per cent for the week. Interest rate swaps implied an 18 per cent chance of a July rise, down from around 33 per cent. Gold miners led gains, with Newmont Corporation (ASX: NEM) up 5 per cent to $142.17, Northern Star Resources Limited (ASX: NST) 11.8 per cent to $22.16 and Catalyst Metals Limited (ASX: CYL) 19.2 per cent to $6.09. Healthcare also rose, with CSL Limited (ASX: CSL) up 3.5 per cent to $121.81, Cochlear Limited (ASX: COH) 3.8 per cent to $124.96 and ResMed Inc (ASX: RMD) 4 per cent to $30.50. Banks were mixed: Commonwealth Bank of Australia (ASX: CBA) gained 2.4 per cent to $165.02, while National Australia Bank Limited (ASX: NAB) rose 0.4 per cent to $38.57. Utilities were weakest for a second day, led lower by Origin Energy Limited (ASX: ORG), down 1.2 per cent to $10.36.

Court penalty, insurance warning and regulatory ruling weigh on individual stocks

ASX Limited (ASX: ASX) dropped 1.4 per cent to $51.52 after the Federal Court ordered around $23 million in penalties and costs over misleading statements about a bungled technology upgrade. Suncorp Group Limited (ASX: SUN) fell 3.7 per cent to $18.63 after warning of slower premium growth. PEXA Group Limited (ASX: PXA) tumbled 21.3 per cent to a record low of $8.54 after the NSW regulator recommended a 20 per cent cut to its allowable revenue. Fortescue Limited (ASX: FMG) slid 3.2 per cent to $18.36, while Genesis Minerals Limited (ASX: GMD) jumped 16.7 per cent to $6.29 on strong June-quarter output.

Weak US payrolls and softer dollar underpin global gold rally

The US stock market was closed last Friday, July 3, in observance of the Independence Day holiday. Gold posted an almost 2 per cent weekly gain, its first rise after four weeks of declines, as soft US jobs data cut expectations of a near-term Fed rate rise. South Korean memory giants SK hynix Inc (KRX: 000660) and Samsung Electronics Co Ltd (KRX: 005930) recovered, helping drive a 2 per cent rally in Asian shares. Europe’s utility and technology sectors outperformed to send the STOXX Europe 600 (INDEXSTOXX: SXXP) to a fourth straight week of gains. Underpinning the mood, US nonfarm payrolls rose just 57,000 in June, well below the 110,000 forecast.