Afternoon Report | ASX recovers after brutal start
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Welcome to the Fear and Greed Business News Afternoon Report for Tuesday the 9th of June 2026. I'm Michael Thompson. Every afternoon we've got the five stories that happened today that you need to know about. Let's get cracking with story number one. The S&P ASX 200 closed down 0.2% today to 8,604 points. It could have been a whole lot worse after falling as much as 1.6%. Earlier in the session when trading resumed after the King's birthday holiday weekend, markets were initially rattled by that stronger than expected US jobs report that was released in the US on Friday. Talked about that on yesterday afternoon's report and then again in this morning's show. That was all about the potential for higher interest rates in the US for longer.
Sentiment improved, though, during the session as technology stocks recovered globally. On the ASX, it was the mining stocks that weighed pretty heavily on the market, though, today. Gold miners fell after the price of gold settled around $4,340 an ounce. Newmont was down almost 5%. Northern Star off 3.3%. Iron ore hovering around $100 a ton.
What happened to the ASX today and why?
The major miners, BHP, Rio Tinto, both fell nearly 2% today. while Fortescue dropped nearly 4%. Technology stocks did also finish a little weaker, though they did recover from larger early losses. WiseTech Global fell 4.6%, Xero eased 1.1%, while Megaport gained 3%. The defensive sectors really outperformed today. Coles and Woolies, for instance, gaining more than 1.5% each. Onto story number two now. There's a fair bit of corporate news around today. Outdoor media company O Media's share price jumped almost 10% after it said that it had received an offer from Bain Capital as part of its process exploring the sale of the company. It's also in discussions with Pacific Equity Partners and I Squared Capital.
Logistics company Cube says its proposed $5.20 a share takeover by Macquarie is progressing after securing approval from the PNG competition regulator. It is, however, still waiting on rulings from the ACCC, the Foreign Investment Review Board, and New Zealand's Overseas Investment Office. So it does sound like there's still a way to go there. Cube's share price remains below the bid level at $5.02 today. And James Hardy says it will vigorously defend a shareholder class action filed in the Supreme Court of Victoria, alleging the building products group misled investors over earnings forecasts. Its share price was down 2.4% today. Under story number three, One Nation leader Pauline Hanson has called for tighter rules on international students, arguing some are exploiting Australia's visa system with no intention of completing their studies.
Under the proposal, foreign students would be required to return to their home country before applying for further study in Australia. Hanson claims that the current system is being abused through course hopping, where students enroll in new courses to remain on bridging visas that allow them to work and live in Australia. She has also accused universities of becoming too reliant on international student revenue and has argued that the system is placing additional pressure on housing and public services. Story number four, turning overseas now, a US Army Apache attack helicopter has crashed near the Strait of Hormuz with both crew members safely rescued, according to reports in the New York Times.
The incident occurred amid, obviously, ongoing tensions in the Middle East following recent exchanges of military strikes between Israel and and Iran. It's not yet clear whether the helicopter was brought down by hostile fire, whether it suffered a mechanical failure or encountered another problem. An investigation is underway. The crash comes after months of military activity around the Strait, where the US has deployed helicopters, fighter aircraft and drones. in response to disruptions to commercial shipping. Finally, story number five, Apple has unveiled a major artificial intelligence upgrade to Siri, promising a more capable digital assistant that can understand personal context, analyze information across devices, and interact more naturally with users.
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