ASX Today: Late Recovery Limits Losses as Rate Concerns Persist

Samso Market Close Report | Thursday, September 24, 2026

Australian shares recovered some of their early losses on Thursday but finished lower as elevated global bond yields, weaker metals prices and expectations of further interest-rate increases weighed on sentiment.

The S&P/ASX 200 closed 0.72% lower at approximately 8,702 points, improving from a decline of more than 1% during morning trading. The All Ordinaries fell 0.66% to approximately 8,897 points.

Energy outperformed, while materials and real estate were among the main drags. The Australian dollar traded near US70.38 cents late in the local session.

ASX today: Key Highlights

• ASX 200 closes 0.72% lower, despite recovering from its morning lows.

• Unemployment rises to 4.6%, while employment increases by 39,500.

• Rate-rise expectations remain elevated, with late-session pricing indicating a 96.5% probability of an increase next week.

• Energy outperforms, while resources and property shares weaken.

• FTSE 100 opens lower, with attention turning to US unemployment claims and housing figures.

Unemployment rises without shifting rate expectations

Australia’s August labour force report showed unemployment reaching 4.6%.

Employment nevertheless increased by 39,500, comprising a 45,800 rise in part-time positions and a 6,300 decline in full-time employment. Participation increased to 67.1%, meaning more people entered the labour force.

The report did little to alter expectations for the Reserve Bank’s next decision. At 3.27pm AEST, ABC reported that LSEG pricing implied a 96.5% probability of a rate increase next Tuesday.

The Australian dollar initially slipped after the release before returning to its pre-release level.

Energy supports the market as miners retreat

Energy shares benefited from the overnight rebound in crude above US$100 a barrel. Brent remained above US$102 during the early afternoon, although it had eased from its overnight highs.

The sector’s strength provided only a partial offset to losses elsewhere. Copper’s retreat from near-record levels weighed on miners, including BHP, while gold, lithium and rare-earth companies also featured among the decliners.

The weakness was widespread during the session: around midday, 148 ASX 200 constituents were lower, with all but two sectors in negative territory.

Premier advances while Zip and Nine weaken

Premier Investments stood out following its full-year results, leading the market’s gainers through the session despite concerns about softer retail conditions.

Zip was among the largest decliners, while Nine Entertainment also fell sharply. ABC reported that UBS analysts had flagged near-term revenue challenges for Nine following the introduction of an advertising-supported subscription tier.

Small caps also ended a volatile session lower, giving back some of their recent gains. Their recovery from the opening lows did not extend far enough to produce a positive finish.

Asian markets diverge

Japanese shares rallied as Tokyo reopened after an extended holiday break. Technology and artificial-intelligence-related stocks helped the Nikkei 225 gain approximately 1.7% during the session.

Hong Kong and mainland Chinese equities weakened as higher US yields weighed on growth stocks. South Korean markets remained closed for the Chuseok holiday.

FTSE 100 opens lower in London

London’s market also began under pressure.

At 8.06am BST, equivalent to 5.06pm AEST, the FTSE 100 was down 33.09 points, or 0.31%, at 10,672.17.

The index opened at 10,705.47 and touched 10,666.91 during its opening minutes, compared with Wednesday’s close of 10,705.26.

The early decline extended the cautious global tone. Oil remained an important influence given the FTSE’s exposure to major energy companies, alongside movements in gilt yields and sterling.

What to watch before Wall Street opens

The next scheduled US releases will provide further evidence on employment conditions and housing demand:

• Initial unemployment claims: 8.30am US Eastern time, or 10.30pm AEST on Thursday.

• August new home sales: 10am US Eastern time, or midnight AEST entering Friday.

These follow Wednesday’s stronger US business activity report, which helped push the 10-year Treasury yield above 5% and weighed on Wall Street.

Federal Reserve commentary will also remain in focus as investors assess the likelihood of additional rate increases.

Samso Concluding Comments

The recovery from the morning lows reduced Thursday’s losses, but the closing result still reflected pressure across much of the market. Energy offered support without generating a broader turnaround.

Australia’s employment figures added nuance to the economic picture: unemployment increased alongside employment and participation. Markets continued to price a high likelihood of further tightening.

The next test comes offshore. US employment and housing figures, and the bond market’s response, will help shape the lead for Friday’s Australian session.

Samso Market Update | Thursday, September 24, 2026 | 2pm AEST

Australian shares recovered some of their morning losses by 2pm on Thursday as investors assessed rising unemployment against continued pressure from global bond yields and inflation concerns.

The S&P/ASX 200 was down 69.80 points, or 0.80%, at 8,695.50, recovering almost 50 points from its morning low of 8,645.70.

The All Ordinaries declined 0.75% to 8,889.10, while the Small Ordinaries fell 0.74% to 3,397.70. Energy remained a source of support, but selling continued across most major sectors.

ASX today: Key Highlights

• ASX 200 pares its decline to 0.80%, improving from a 1.16% fall at 11.20am.

• Unemployment reaches 4.6%, despite employment increasing by 39,500.

• Santos and Viva Energy advance, supported by the overnight oil rebound.

• Zip tumbles 13.62%, while gold and lithium companies remain under pressure.

• Small Ordinaries recovers more than 26 points from its session low.

Unemployment rises as participation increases

Australia’s seasonally adjusted unemployment rate reached 4.6% in August, according to the Australian Bureau of Statistics.

Employment increased by 39,500, comprising a 45,800 rise in part-time employment and a 6,300 decline in full-time employment. The participation rate increased 0.2 percentage points to 67.1%, while underemployment eased 0.1 percentage points to 6.2%.

The figures presented a mixed picture. More people found work, but the labour force expanded faster than employment, lifting unemployment. Monthly hours worked increased 0.7%.

The ABS also noted potential effects from changes to survey collection and recommended trend estimates as the best measure of underlying labour-market conditions.

Energy stocks provide support

Energy remained one of the few positive sectors following the overnight rebound in crude prices. Healthcare and consumer discretionary shares also performed comparatively better.

Santos rose 1.90% and Viva Energy gained 1.42%.

Among other large-cap gainers, Washington H. Soul Pattinson climbed 7.32%, Mercury NZ advanced 4.15%, Reece added 2.07% and Ansell rose 2%.

Materials, financials, information technology, communication services, utilities and real estate remained in negative territory.

Gold and lithium shares retreat

Resources companies featured prominently among the fallers following overnight commodity weakness and the sharp rise in global bond yields.

Westgold Resources declined 4.16%, PLS Group dropped 4.07% and Lynas Rare Earths lost 3.41%.

Greatland Resources fell 3.31%, Perseus Mining declined 3.14%, IGO retreated 2.67% and Northern Star Resources traded 2.50% lower.

Zip’s decline deepens as mid-caps diverge

Zip was the standout mid-cap decliner, falling 13.62%, compared with an 8.71% decline in the late-morning snapshot.

Core Lithium lost 7.74%, Nine Entertainment declined 7.24%, Macquarie Technology Group fell 6.71% and Liontown Resources dropped 5.95%.

Several companies moved strongly against the broader market. Premier Investments gained 8.42%, MA Financial Group advanced 7.08% and Sunrise Energy Metals rose 6.14%.

Small caps recover from opening lows

The Small Ordinaries recovered to 3,397.70 after touching 3,371.40 earlier in the session, leaving it slightly ahead of the larger benchmarks on a percentage basis.

Altech Batteries surged 50%, Celsius Resources gained 37.5% and Arrow Minerals advanced 30%.

At the other end of the market, 3D Energi slumped 36.36%, extending its late-morning decline.

Samso Concluding Comments

The recovery from the morning lows has reduced the scale of the sell-off, but weakness remains widespread.

The employment report offers no simple signal for interest rates. Rising unemployment and fewer full-time jobs sit alongside higher participation, employment and hours worked. Those details matter when assessing the Reserve Bank’s next decision.

For the remainder of the session, the immediate test is whether buying broadens beyond energy and selected companies sufficiently to sustain the recovery into the close.

Samso Market Update | Thursday, September 24, 2026 | 11.20am AEST

The Australian sharemarket fell more than 1% on Thursday morning as surging global bond yields and renewed inflation concerns triggered widespread selling. Energy producers provided some support following an overnight rebound in oil prices.

At approximately 11.20am AEST, the S&P/ASX 200 was down 101.60 points, or 1.16%, at 8,663.70, recovering slightly from a session low of 8,645.70.

The All Ordinaries declined 1.10% to 8,857.70, while the Small Ordinaries fell 0.85% to 3,393.90. Smaller companies continued to outperform the larger benchmarks despite joining the market retreat.

ASX today: Key Highlights

• ASX 200 falls 1.16%, with selling across most major sectors.

• Energy producers advance, supported by Brent crude above US$103 a barrel overnight.

• Resources shares weaken, including Lynas, PLS Group and several gold producers.

• Zip drops 8.71%, featuring among the sharpest mid-cap declines.

• Small Ordinaries recovers from its opening low, while Altech Batteries rises 50%.

Rising bond yields weigh on Australian shares

The local decline followed a difficult Wall Street session as the US 10-year Treasury yield climbed to approximately 5.1%, reaching levels last seen in 2007.

Stronger US business activity and accelerating business costs reinforced concerns about persistent inflation and further monetary tightening. The S&P 500 fell 0.8%, the Dow Jones lost 0.7% and the Nasdaq declined 1.1%.

Higher yields increase borrowing costs and reduce the present value investors assign to future earnings, creating particular challenges for growth companies.

Energy stocks rise as oil rebounds

Energy was a rare area of strength after November Brent crude rose 3.9% overnight to US$103.08 a barrel amid unresolved Middle East supply concerns.

Ampol gained 1.59%, Viva Energy added 1.11%, Santos rose 1.07% and Woodside Energy advanced 0.84%.

Outside energy, Washington H. Soul Pattinson led the large-cap gainers with a 5.27% rise. Mercury NZ climbed 4.53%, while TechnologyOne added 1.62%, moving against the weaker technology backdrop.

Resources and technology shares retreat

Materials were among the weaker sectors following overnight declines in several commodities. Spot gold fell approximately 1.6%, copper lost 0.7% and iron ore eased 0.3%.

Lynas Rare Earths declined 4.02%, PLS Group dropped 3.83% and IGO lost 2.88%.

Gold producers also retreated. Westgold Resources fell 3.63%, Greatland Resources declined 2.95% and Regis Resources lost 2.32%.

NEXTDC dropped 3.72%, while Qantas Airways traded 2.30% lower.

Mid-cap selling intensifies

Several mid-cap companies recorded substantially larger declines than the benchmark.

Zip fell 8.71%, Core Lithium dropped 7.74% and Nine Entertainment lost 7.24%. FireFly Metals declined 4.86%, Vulcan Energy Resources retreated 4.82% and Alkane Resources fell 4.64%.

The losses extended across financial technology, media and resources, reflecting the breadth of the morning’s selling.

Small caps recover from early lows

The Small Ordinaries was down 29 points at 3,393.90, having recovered from an early low of 3,371.40.

While the index gave back some of its recent gains, individual companies continued to record substantial advances. Altech Batteries surged 50%, Arrow Minerals gained 30%, SKK Holdings added 17.65% and OFX Group rose 17.03%.

Among the decliners, 3D Energi fell 25.45%, with several other microcaps also recording double-digit losses.

What to watch next

Australia’s August labour force figures are scheduled for 11.30am AEST, shortly after this market snapshot. Employment, unemployment, participation and hours worked will provide fresh evidence for investors assessing the domestic interest-rate outlook.

The release could influence trading through the afternoon, alongside movements in bond yields and oil prices.

Samso Concluding Comments

Energy’s advance has provided limited protection against a broad market decline. The recovery from the morning lows shows some buying interest, but most major areas of the market remain under pressure.

Small caps are holding up comparatively better, although individual gains should be assessed against company announcements and trading volumes. The next test is whether the employment figures help stabilise sentiment or reinforce concerns about tighter monetary policy.

Samso Morning Report | Thursday, September 24, 2026 | 9 pm

Australian shares are set for a sharply weaker opening, with ASX futures pointing to a fall of approximately 1.1% after surging US Treasury yields unsettled Wall Street and rebounding oil prices renewed inflation concerns.

Before market open, ASX futures were down 101 points at 8,709, following Wednesday’s modest gain in the S&P/ASX 200.

For investors watching the ASX today, the immediate focus is on technology shares, energy producers and Australia’s August employment figures, due at 11.30am AEST.

Key Highlights

• ASX futures decline approximately 1.1%, signalling a difficult opening.

• US 10-year Treasury yields reach their highest levels since 2007.

• Nasdaq falls 1.1%, reversing some of the recent technology rally.

• November Brent crude rebounds to US$103.08 a barrel.

• Australian employment figures headline today’s domestic calendar.

Wall Street falls as bond yields climb

The US 10-year Treasury yield rose to approximately 5.10% from 4.96%, briefly approaching 5.14%—levels last seen in 2007.

The rise followed a preliminary survey showing US business activity expanding at its fastest pace in more than five years. Business costs also increased at their quickest rate in four years, reinforcing concerns about persistent inflation.

The Dow Jones Industrial Average fell 0.7% to 51,511.59, the S&P 500 declined 0.8% to 7,706.03 and the Nasdaq Composite lost 1.1% to 26,936.04.

Federal Reserve Governor Michael Barr said further policy adjustments would probably be necessary to bring inflation back to target, reinforcing expectations of additional tightening after last week’s rate increase.

Traders assigned a greater-than-50% probability to a rate increase at each of the October and December meetings.

Individual stocks moved sharply. Palo Alto Networks gained 4.97%, CrowdStrike advanced 4.91% and Veeva Systems rose 3.97%. Paychex fell 8.77%, Expedia lost 7.72% and Airbnb declined 7.56%.

Oil rebounds as Iran negotiations remain unresolved

November Brent crude rose 3.9% to US$103.08 a barrel, reversing part of its recent retreat. The more actively traded December contract gained 2.8% to US$98.12.

These prices refer to different delivery months. Both contracts advanced as negotiations involving the United States and Iran failed to produce a concrete breakthrough.

Brent remains substantially above its pre-conflict level of approximately US$72 a barrel, maintaining pressure on fuel costs and the inflation outlook.

For the Australian market, the rebound provides a potentially supportive lead for Woodside Energy and Santos, although their shares will also face the broader selling pressure indicated by futures.

Gold weakens as the Australian dollar trades below US71 cents

At around 7am AEST, spot gold was down 1.6% at approximately US$4,287 an ounce, providing a weaker overnight lead for Australian gold producers.

Iron ore was down 0.3% at US$95.80 a tonne, while the Australian dollar traded near US70.39 cents. Australia’s 10-year government bond yield was approximately 5.35%.

European and Asian markets lose ground

European equities generally weakened. Germany’s DAX fell 0.7% to 25,410.63 and France’s CAC 40 declined 0.4% to 8,123.41. London’s FTSE 100 was virtually unchanged at 10,705.26.

In Asia, the Shanghai Composite lost 0.4% to 3,936.52, the Shenzhen Composite declined 0.5% to 2,525.92 and Hong Kong’s Hang Seng fell 1% to 24,834.12.

India’s Sensex gained 0.4% to 74,828.25. Japanese cash markets were closed for the Autumnal Equinox holiday.

ASX enters Thursday after a modest gain

The S&P/ASX 200 finished Wednesday at 8,765.30, up 7.50 points, or 0.09%.

Smaller companies continued to outperform. The Small Ordinaries added 0.14% to 3,422.90, extending its five-session advance to 1.48%.

Micro-X was a standout, rising 60%, alongside substantial gains in SRJ Technologies and Po Valley Energy.

That recent strength now faces a less supportive global backdrop, particularly for companies sensitive to funding costs and investor appetite for risk.

What to watch on the ASX today

Australia’s August labour force report is scheduled for 11.30am AEST, covering employment, unemployment, participation and hours worked. June-quarter national finance and wealth figures are due at the same time.

The employment release will provide fresh evidence on domestic economic conditions as investors assess the interest-rate outlook. Its implications could influence trading beyond the initial response to Wall Street.

Technology shares face a weaker Nasdaq lead, while gold producers must contend with the overnight bullion decline. Energy stocks may attract attention following the rebound in crude.

Samso Concluding Comments

Higher oil prices and rising bond yields affect the market through different channels. Energy costs put pressure on business margins and household spending, while higher yields challenge equity valuations and increase financing costs.

The opening indication is weak, but the session will also depend on whether energy and resources can provide support and how investors interpret the employment figures. Those developments will offer a clearer picture than the futures indication alone.