Daily Market Update: 18 June 2026

Shares hit highest since April as oil slides and BHP sets record

Australian shares advanced to their highest level since April on Wednesday as BHP Group Limited (ASX: BHP) hit a record high and oil prices fell to a three-month low ahead of an expected US-Iran peace deal. The S&P/ASX 200 Index (INDEXASX: XJO) rose 0.5 per cent, or 48.6 points, to 8966.3 — its best close since April 15. President Donald Trump said the Strait of Hormuz could fully reopen by Friday, easing an energy crisis that has stoked inflation and kept alive the risk of further Reserve Bank of Australia rate rises. Brent crude fell to a three-month low of $79 a barrel, down 15 per cent in four sessions, with SPI Asset Management’s Stephen Innes warning the fall could see markets strip out the inflation shock they had just begun to re-price.

Tech and travel lead, energy lags

Rate-sensitive tech rallied, with WiseTech Global Limited (ASX: WTC) up 4.1 per cent to $38.30 and Xero Limited (ASX: XRO) up 3.5 per cent to $74.58. Gold steadied near $US4330 an ounce, lifting Newmont Corporation (ASX: NEM) 2.7 per cent to $154.25 and Pantoro Gold Limited (ASX: PNR) 8.2 per cent to $3.05. BHP Group Limited (ASX: BHP) rose 0.6 per cent to a record $65.59, while Fortescue Ltd (ASX: FMG) slid 1.1 per cent to $20.32 as Singapore iron ore fell below $US100 a tonne. Travel stocks soared after the government lifted “do not travel” advice on several Middle Eastern countries, with Web Travel Group Limited (ASX: WEB) up 11.1 per cent to $3.01 and Flight Centre Travel Group Limited (ASX: FLT) up 5.3 per cent to $12.44. Macquarie Group Limited (ASX: MQG) rose 1.2 per cent to a record $251.93, while energy lagged as Woodside Energy Group Limited (ASX: WDS) fell 3.6 per cent to $28.96 and Karoon Energy Limited (ASX: KAR) sank 13.4 per cent to $1.42.

Wall Street falls as Fed flags possible hikes

US stocks closed lower after the US Federal Reserve held rates but signalled possible hikes this year, with the S&P 500 Index (INDEXSP: .INX) down 1.2 per cent, the Nasdaq 100 Index (INDEXNASDAQ: NDX) down 1 per cent and the Dow Jones Industrial Average (INDEXDJX: .DJI) off 507 points. Half of FOMC members projected at least one hike as inflation gauges firmed, while new chairman Kevin Warsh withheld a dot, signalling intent to reshape policy. Magnificent Seven stocks led losses, with Meta Platforms, Inc. (NASDAQ: META) down 4.2 per cent and Microsoft Corporation (NASDAQ: MSFT) down 3.6 per cent, though chipmakers including Micron Technology, Inc. (NASDAQ: MU), up 2.2 per cent, extended their rally.