Market update: 30 June 2026
Australian shares edged lower this week, with the ASX 200 down 0.7%, following a weaker lead from global markets, softer commodity prices and profit-taking in bank stocks. Gains in consumer and healthcare shares were outweighed by declines across technology, resources, telecommunications and financials. The Australian dollar slipped below US$0.69 as the US dollar strengthened on expectations that US interest rates could remain higher for longer. Despite the softer market performance, Australia’s labour market remained resilient, with employment increasing by 40,300 in May and the unemployment rate easing to 4.4%.
US markets finished mixed, with the Nasdaq falling 4.6% and the S&P 500 down 2.0%, while the Dow Jones gained 0.6%. Large technology and AI-related companies came under pressure as investors reassessed valuations. The US Federal Reserve reinforced expectations that interest rates may stay higher for longer, as inflation remains persistent. Economic data painted a mixed picture, with business activity and first quarter GDP both improving, while lower oil prices reflected easing concerns around supply disruptions. Meanwhile, Micron delivered a strong revenue forecast, highlighting continued demand for AI-related technology.
European markets finished little changed, with the STOXX 600 ending the week flat. A positive start to the week faded after technology stocks sold off on concerns that AI-related valuations had become stretched. On a positive note, the latest European Central Bank survey showed consumer inflation expectations eased to a three-month low, suggesting inflation pressures may be moderating.
Japanese shares declined, with the Nikkei down 2.7%. Early gains in AI-related technology stocks gave way to broader profit-taking as global technology shares weakened. At the same time, inflation in Tokyo accelerated for the first time in eight months, reinforcing expectations that the Bank of Japan could continue raising interest rates. The weaker yen also kept the possibility of government intervention in focus.
Chinese markets also moved lower, with the Shanghai Composite falling 1.5% and the Hang Seng down 5.2%. An early rally in AI and semiconductor stocks reversed as the regional technology sell-off gathered pace, with Hong Kong particularly affected by weakness in large internet companies. The People’s Bank of China left its key lending rates unchanged for a 13th consecutive month while introducing a new short-term liquidity framework.
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This blog has been issued by Instreet Investment Limited (ACN 128 813 016 AFSL 434776) as Responsible Entity of the Raiz Invest Australia Fund (ARSN 607 533 022) and has been prepared without taking into account your objectives, financial situation or needs. Before acting on such information, you should
This blog has been issued by Instreet Investment Limited (ACN 128 813 016 AFSL 434776) as Responsible Entity of the Raiz Invest Australia Fund (ARSN 607 533 022).
Raiz Invest Australia Limited (ABN 26 604 402 815) (Corporate Authorised Representative of Instreet Investment Limited ABN 44 128 813 016, AFSL 434776) is the promoter of Raiz Invest Super, a Division of AMG Super. The Product Disclosure Statement (PDS), Member Guide and Target Market Determination (TMD) are issued by Equity Trustees Superannuation Limited (AFSL 229757, RSE Licence No L0001458) as Trustee of AMG Super.
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