ASX 200 Live: Monday, May 11, 2026
Welcome to our live coverage of the ASX 200, where we'll be bringing you the latest news and updates throughout the day. Stay tuned for a high volume of posts pre-market and periodic updates as the day progresses. We'll wrap up the blog around 2:00 pm AEST.
Market Highlights
- Elevra Lithium: Agrees to sell its entire interest in the Ewoyaa Lithium Project in Ghana to Huayou for $71 million in cash. This provides a clean exit from the project, with completion subject to Ghanaian regulatory approvals.
- Inghams: Reaffirms FY26 guidance, with core poultry volumes and pricing slightly higher year-on-year. However, Middle East geopolitical developments are causing material cost increases. Operating cost growth is expected to be offset by savings from labour, procurement, and site operations initiatives.
- CSL: Lowers FY26 guidance, with revenue and NPATA falling short of market expectations. Significant non-cash impairments are expected across FY26-27, including CSL Vifor intangibles and under-utilised property, plant, and equipment.
- The Lottery Corp: CEO and chairman buy shares after the Victorian Lottery licence extension. The deal is seen as strategically positive, removing overhang and extending the weighted average remaining licence term.
Market Sentiment
- Bullish: Diplomatic solution to the US-Iran conflict, AI compute demand, solid macro backdrop, retail investors back in the fray, and healthier earnings breadth.
- Bearish: Near-term Iran resolution complications, froth concerns, physical supply disruption, consumer resilience cracking, lagged inflation impact, and AI-related layoffs accelerating.
Oil Prices
- Brent crude is up 4.1% to US$104.41 a barrel in early trade, following Trump's rejection of Iran's peace proposal. Prices are still down around 8.5% from last Monday.
Iran Conflict
- A drone attack briefly set a commercial ship ablaze in the Persian Gulf, as markets await Iran's response to Trump's proposal to end the war and reopen the Strait of Hormuz.
- Saudi Aramco CEO warns that the oil market will only normalise in 2027 if trade and shipping remain curtailed.
- US forces struck two empty Iranian oil tankers, with Iran calling it a ceasefire violation.
Trump-Xi Summit
- Trump's visit to China is expected to deliver a modest step toward stability in the world's most important bilateral relationship. The US seeks PRC support for an Iran agreement and Chinese commitments for significant US goods purchases.
Fed Rate Cuts
- Goldman Sachs delays its Fed rate cut forecasts by one quarter, citing energy-driven inflation as stickier than anticipated amid the ongoing Iran conflict.
US Consumer Sentiment
- US consumer sentiment hits a fresh record low of 48.2, as the Iran war keeps energy prices elevated and squeezes household budgets. Sentiment is unlikely to rebound until Middle East supply disruptions are resolved.
US Jobs Data
- April jobs data came in stronger than expected, with non-inflationary wage growth. This could give the Fed more confidence to cut rates later this year.
US Equities
- US stocks ended Friday near session highs, driven by a semi-led tech rally. The S&P 500 and Nasdaq logged fresh record closes, despite Iran tensions clouding the weekend.
