Afternoon Report | Miners, banks sold off
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Welcome to the Fear and Greed Business News Afternoon Report for Monday, the 6th 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 jump into story number one. The S&P ASX 200 fell 0.2% today. to 8,831 points. The miners and the banks were sold off, though healthcare was the standout performer. CSL climbed 2% to its highest level in two months and Telex Pharmaceuticals added 3%. As I mentioned, not a great day for the miners. That was despite stronger copper and aluminium prices. BHP was off almost 1%. Liontown Resources down nearly 3%. Genesis Minerals dropped more than 4% after it launched a $5.6 billion takeover bid for Volt Minerals, whose shares jumped almost 12%.
The major banks were weaker today. Commonwealth Bank edged lower after warning that a slowing housing market was now the biggest risk to Australia's economy, while ANZ and Westpac also declined. Tech stocks, though, rebounded. WiseTech Global surged more than 7%, and Xero gained almost 2%. Story number two, China has fired a submarine-launched ballistic missile into the South Pacific in a move that Australia says is destabilizing for the region. Beijing described the test as routine military training and said that regional governments were notified in advance The missile, which was fitted with a simulated warhead, was launched by a Chinese nuclear submarine and reportedly hit its designated target in international waters.
Foreign Minister Penny Wong was briefed after Australia received notice from the Chinese embassy. The test came shortly after Australia signed a new mutual defence treaty with Fiji. Story number three, IFM Investors has tightened its grip on Atlas Arteria, lifting its stake in the toll road operator to more than 63% as its takeover offer nears the finish line. The $7.4 billion hostile bid closes tomorrow evening, despite Atlas Arteria's board continuing to urge shareholders to reject the the $5.10 a share cash offer. IFM is expected to launch a strategic review once the deal is complete. With a particular focus on Atlas Arteria's stake in the Chicago Skyway toll road, the asset manager has been critical of previous arrangements struck with the Ontario teacher's pension plan, which owns the remaining stake in the asset.
Story number four, one out of Canberra, Prime Minister Anthony Albanese has apologised after making comments about Kylie Minogue during a game on a podcast. The PM was asked on the Bush Deep comedy podcast to play Shag Marry Date involving Kylie Minogue, Nicole Kidman and Rhonda Birchmore. After noting that he had only recently married, the PM eventually answered Kylie clearly and then all of the above. He later issued a statement apologizing unequivocally for the comments. The remarks were criticised by female parliamentarians, including Zali Stegall and Coalition frontbencher Sarah Henderson, who said that the Prime Minister should have declined to participate, rather, in the game. Government ministers defended Labor's broader record on women's equality, while acknowledging, though, that the comments had caused controversy.
And finally, story number five. Speaking of controversy, U.S. President Donald Trump's intervention in a World Cup suspension has raised a few eyebrows after U.S. striker Filaran Balogun was cleared to play in the round of 16 match against Belgium. Balogun had been facing an automatic one-match ban after receiving a red card in the United States' win over Bosnia. But Filaran FIFA suspended the ban for a one-year probationary period, making him available for one of the biggest matches in U.S. soccer history. The decision, though, came after Trump reportedly urged FIFA President Gianni Infantino to review the case. Belgium's football federation, of course. Belgium, the ones that the US are going to be playing against, said that it was astonished and was considering its options.
Arguing the ruling raised serious questions about fair play. And that is it for the afternoon report for Monday, the 6th of July.
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