Afternoon Report | ASX slumps on first day of FY27
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Welcome to the Fear and Greed Business News Afternoon Report for Wednesday the 1st of July 2026. I'm Michael Thompson and every afternoon we've got the five stories that happened today that you need to know about. Let's get cracking. Story number one, the S&P ASX 200 fell 0.6% today on the first day of the new financial year, closing at 8,723 points. Seven of the 11 sectors lost ground. The banks led the market lower. ANZ, Commonwealth Bank, NAB, Westpac, all falling between 1.5% and 2.5%. Not helping was the cotality data showing home values nationally. falling 0.4% in June. The big supermarket stocks also weighed on the market. Coal's off more than 4% after revealing it's in talks to buy veterinary group Green Cross.
Wool is also off around 2%. Some other big movers today.
Why did the ASX fall on the first day of FY27?
Asset managers rallied after reports the Swedish private equity giant EQT It launched a takeover bid for Perpetual. Perpetual shares surged almost 17% before entering a trading halt. Magellan was up 12% after its merger with Baron Joey was completed. Mining stocks were a bit mixed today. One worth mentioning though, South32 jumped almost 10% after agreeing to sell its aluminium assets to Alcoa in a deal worth almost $10 billion. Story number two, the federal government has released a discussion paper on new regulations for the big four accounting firms, which says there is strong and compelling evidence of the need for tougher regulation. The paper also suggests the corporate regulator might be given powers to impose fines on the accounting sector.
Assistant Treasurer Daniel Molino said in recent years, there has been behaviour from some large accounting, auditing and consulting firms in Australia that is not fair and honest. undermining trust and raising broader questions about the resilience of the frameworks meant to uphold market integrity, over the past 18 months, PwC, KPMG and EY have all been caught up in scandals of different natures. Story number three, building approvals have fallen for a third straight month, raising fresh doubts about whether the federal government's housing targets can be met. Figures from the Australian Bureau of Stats today showed that approvals fell 1.1% in May to just over 17,000 dwellings. The decline was driven by a 10.4% drop in approvals for apartments and other non-house dwellings.
Approvals in that category are now down almost 9% over the past year. Master Builders says that the figures leave the government well behind its target of building 1 million homes under the National Housing Accord. Speaking to the Financial Review, the industry group estimates that Australia is already about 91,000 homes behind schedule after just the first two years of the program.
Story number four, Carl Stefanovic's media comeback has hit another hurdle. ARN Media has ended his new radio partnership just weeks after it began.
The Friday afternoon program with Eddie Maguire lasted just two episodes before ARN decided to cut ties with the former Today Show host. The move follows Stefanovic's departure from Nine after backlash over his podcast interview with British right-wing activist Tommy Robinson. According to The Fin, Stefanovic's contract with ARN was worth about $200,000 for the remainder of the year. Eddie Maguire will continue hosting the program, which is expected now to be reshaped around him. And finally, story number five, the US Supreme Court has dealt Donald Trump another major legal setback, striking down his executive order aimed at ending birthright citizenship in In a split decision, the court ruled that the U.S.
Constitution guarantees citizenship to anyone born in the United States, regardless of their parents' immigration status. Conservative Chief Justice John Roberts joined the court's three liberal justices. That's small L liberal, along with conservative Amy Coney Barrett to form the majority. So clearly this was not split along ideological lines, but Donald Trump also secured a significant win in a separate ruling from the Supreme Court, which upheld laws allowing states to bar transgender athletes from competing in girls and women's sport.
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