29 June 2026 | Weekly Snapshot

Saward Dawson > Wealth Advisory Insights > Weekly Snapshot > 29 June 2026

Did you know?

Two weeks ago, SpaceX completed the largest IPO in history — raising US$85 billion at a US$2 trillion valuation on the Nasdaq.

To put that in context, it’s bigger than the entire Australian Securities Exchange by market capitalisation. Founded in 2002 by Elon Musk with the goal of making humanity multi-planetary, SpaceX quietly became one of the most extraordinary businesses ever built. Its secret? Reusable rockets slashed launch costs by 70%, letting it self-fund a global satellite internet service — Starlink — that now has 10.3 million subscribers across 160 countries and generated US$11.4 billion in revenue last year. That recurring subscription income funds rockets, AI ambitions, and a Mars programme simultaneously. The valuation implies investors believe all three will work. At 73 times sales, its arguably priced for perfection.

Market Movements

The ASX All Ords slipped 0.7% to close at 8,964 — a minor pullback that keeps the index mildly negative year-to-date at -0.6%. The real action was offshore, and not in a good way.
Tech led the selling. The NASDAQ fell 3.3% for the week, its worst week in several months, while the S&P 500 dropped 1.6% to 7,354. Both indices remain well in the green for 2026 — up 7.4% and 8.8% respectively. Europe was the bright spot: the STOXX 50 gained 0.7% and the FTSE added 0.7%, while Germany’s DAX was flat.

Domestically, the sector story was mixed. Consumer Staples (+3.2%) and Utilities (+2.1%) led the week — classic defensives catching a bid as tech sold off. Resources dropped 3.9%, consistent with the commodity weakness described below. Healthcare was a standout performer on the week, up 3.0%, though it remains brutally negative on the year at -24.1%, still wearing the weight of the CSL Vifor saga. Energy fell 3.7% with oil prices falling another 7.6%. The US and Iran Memoradum of Understanding (MOU) that reopens the Strait of Hormuz was the biggest driver.

In individual names, Ramsay Health Care was the week’s highlight — up 8.4% and now +25.4% for the year. Pro Medicus added another 8.2%, though it remains -14.5% CYTD as the earlier de-rating continues to weigh. Liontown was down (-12.6%) as lithium sentiment shifted out of favour against a modest pullback in lithium prices.

Commodities had a rough week across the board. Gold slipped 2.5% to US$4,078 and is now -5.7% year-to-date — unusual for gold given the macro backdrop, and worth watching for signs of forced selling or a USD unwind. Oil fell 7.6% to US$71.99, now up 18.3% CYTD but clearly pulling back from recent highs. Copper and iron ore both edged lower. The Australian dollar fell 1.6% to US$0.69, sitting +3.4% for the year.

On rates, the RBA held steady at 4.10% — no surprise there. Australian 10-year bonds rallied slightly, with the yield ticking down 0.7% to 4.75%. Across the Pacific, US 10-year yields fell 4.3% to 4.37%, a meaningful move that explains some of the equity rotation.

Australian May jobs data was solid with employment rising 40,300 vs. the 30,000 expected and our unemployment rate fell to 4.4% from 4.5% in April. Our May inflation data showed headline inflation easing to 4.0% year on year from 4.2% in April, below market expectations of 4.4%. In monthly terms, the CPI fell 0.7%, the first monthly decline since August 2025, largely reflecting the halving of the fuel excise from 1 April and lower global oil prices.

Portfolio Movements

WiseTech founder under new police investigation

WiseTech had a sharp fall on Monday following AFR reports that the Australian Federal Police are investigating Executive Chairman Richard White over allegations related to a visa application and the alleged exploitation of a woman’s immigration and financial circumstances.
WiseTech said it is not aware of any investigation as outlined in the media reports.
WTC is a small position in the portfolio, deliberately so, but the governance issues have been greater than what we would have expected and remains a significant overhang. We will await WTC’s FY results in August to complete our review of the company and its position in the portfolio.

Apple and Microsoft announce hardware price hikes as AI demand impacts component supply

Apple and Microsoft both announced price increases on iPads and MacBook products, citing unprecedented increases in memory and storage component costs driven by AI infrastructure demand. Microsoft separately raised prices on Xbox hardware.
The price increases reflect broader cost pass-through from the AI-driven memory shortage, a theme highlighted by Micron’s blowout quarterly report and consistent with Broadcom’s strong recent semiconductor results.
For consumers and the Fed, the price increases likely add further pressure to the already-elevated inflation environment.

Worley downgrades FY26 earnings — Middle East conflict and AUD headwinds

Global engineering firm Worley (WOR) advised that the adverse impact of the Middle East conflict on its FY26 underlying EBITA has worsened, with the estimate now up to $60 million, up from the previous guidance of $30 to $40 million. No project cancellations have occurred, but customers continue to delay the commencement and award of new projects.
They also noted a second headwind from the strengthening Australian dollar in the second half that is estimated to reduce FY26 reported underlying EBITA by a further $50 million.
Worley acknowledges the recent MoU and ongoing talks to end the Middle East conflict and reopen the Strait of Hormuz, but notes that uncertainty continues.

The Week Ahead

Tuesday 30 June — China’s official PMI slipped to 50.0 in May — exactly on the expansion/contraction waterline — with new orders dipping below 50 at 49.9. Consensus: 50.1 | Prior month: 50.0 | Prior year (Jun 2025): 49.5. A sub-50 print would be the first outright contraction since February and would likely pressure the AUD and iron ore.
Wednesday 1 July — Australian building approvals fell 3.4% in April after a 10.5% drop in March, though remain 10.2% above year-ago levels. Consensus: +2.0% MoM. US ISM Manufacturing hit 54.0 in May — its highest since May 2022 — but prediction markets are pricing the June print back below 50, with the Iran conflict’s oil effect and fading restocking cited. Consensus: 49.5
Thursday 2 July — US Non-Farm Payrolls (June) Consensus is 172,000 — which would put the Q2 three-month average above 150,000, well above the 73,000 Q1 average. Unemployment rate expected unchanged at 4.3%.

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Saward Dawson Wealth Advisors Pty Ltd, a Corporate Authorised Representative of Akambo Pty Ltd t/a Accountants Private Advice

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