The Australian share market has fallen below 8,500 points after a US bond sell-off led to further losses on Wall Street.
Oil prices slipped after Donald Trump said he had been an hour away from ordering an attack on Iran before postponing it.
See how the trading day unfolds in our blog.
Disclaimer: This blog is not intended as investment advice.
Wed 20 May 2026 at 4:19pm
Market snapshot
- ASX 200: -1.3% to 8,496 points
- Australian dollar: flat at 71.08 US cents
- Wall Street: Dow Jones (-0.7%), S&P 500 (-0.7%)
- Europe: FTSE (+0.1%)
- Asia: Nikkei (-1.4%), KOSPI (-0.7%), Hang Seng (-0.7%)
- Spot gold: -0.2% to $US4,474/ounce
- Brent crude futures: -0.4% to $US110.88/barrel
- Iron ore: -0.3% at $US109.40/tonne
- Bitcoin: +0.3% to $US77,204
Prices current around 4:19pm AEST
Live updates on the major ASX indices:
Wed 20 May 2026 at 4:15pm
Global wine consumption passes peak: BMI
Global wine consumption is showing signs of structural decline after peaking in 2017, according to the latest report published by BMI, a unit of Fitch Solutions.
“This decline has been driven by three forces, namely younger generations drinking less alcohol overall, competition from spirits, craft beer and low/no-alcohol alternatives, as well as the collapse of expected growth markets,” the report finds.
“Established and historically strong wine markets are seeing consumption decline or flatline, with no prospect of recovery.
“Western Europe (the historical anchor) has fallen from 13.1 billion litres in 2001 to 11.4 billion litres, led by France’s near-halving of per-adult consumption, while North America, the last developed-market growth story, peaked in 2020 and has since reversed sharply, increasingly closing the case for sustained volume growth in mature economies.
The report also says that emerging growth markets exist but lack the scale to offset structural losses from historically large wine markets.
“Latin America, Central & Eastern Europe and Sub-Saharan Africa collectively offer modest gains, but these increments are smaller than the volume individual declining markets like France are losing, meaning the global outlook is one of partial stabilisation at best rather than meaningful recovery.”
Since 2017, global volumes have declined in seven of the eight years to 2025, falling to 23.14 billion litres, BMI says.
“Our forecasts project a partial stabilisation through the late 2020s, with global volumes recovering modestly to around 24.1 billion litres by 2030.
“That recovery, however, is driven almost entirely by population growth in lower-consumption markets rather than any reversal of the per-adult trends visible in established markets.
“On a per-adult basis, global consumption is in structural decline, falling from over 5.4 litres per adult in the early 2000s, down to a forecast 4 litres by 2030.”
Wed 20 May 2026 at 4:01pm
Macquarie shareholders file resolution, questioning oil and gas lending
More than 160 Macquarie Group shareholders have filed a resolution demanding that the group explain its climate strategy and increasing lending to oil and gas, according to the environmental advocacy group Market Forces.
In a statement, the climate group said Macquarie needed to explain “how increasing its fossil fuel lending, slashing its green energy investments and watering down its climate strategy is consistent with its commitment to the goals of the Paris Agreement”.
The advocacy group also said Macquarie had tripled funding for oil and gas in the past four years, and the bank’s retreat from climate action had devastating implications for the environment, communities and the economy.
Morgan Pickett, a banks analyst at Market Forces said: “Shareholders are asking: how can Macquarie claim to support the Paris Agreement while backing companies pursuing massive new fossil fuel expansion?
“It can’t do both.”
“Macquarie is playing a central role in bankrolling a dangerous new fossil fuel frontier, the Beetaloo Basin in the Northern Territory, that could become one of the world’s largest gas fracking developments.”
In an ASX statement, Macquarie confirmed that it had accepted the resolution and would include its response in the Notice of AGM to be published in Jun 2026.
Wed 20 May 2026 at 3:47pm
Apprehension as Dhilmar buys one of Australia’s largest coal mining operations
The purchase of Australian coal mines and community infrastructure by a little-known international mining company is causing concern among workers and Queensland residents.
On Monday Dhilmar Ltd acquired Anglo American’s five steel making coal mines and extensive community infrastructure in a deal worth up to $5.43 billion.
The UK-registered company’s only current mining operation is the Eleonore gold mine in Canada, which it purchased from Newmont in November 2024.
You can read more on the reporting from my colleagues Bryn Wakefield, Yasmine Wright Gittins and Liam O’Connell.
Wed 20 May 2026 at 3:35pm
Brad Banducci departs from Ticketek
Brad Banducci will step down from TEG, Ticketek’s parent company, as its CEO, at the end of this month.
The former Woolworths boss, who joined the company just over a year ago, said he felt it was the right time to “transition leadership of the group”.
TEG’s long-time chief operating officer, Cameron Hoy, has been appointed group chief executive, effective from June 1.
Wed 20 May 2026 at 3:18pm
Former Rex Airlines executive chairman admits to contravening director’s duties
Former Rex Airlines executive chair Lim Kim Hai has admitted to all the allegations of contravening his directors’ duties in the Supreme Court of NSW.
ASIC has taken the beleaguered regional airline and four of its former directors to court over an allegedly misleading ASX announcement and contravening their directors’ duties.
The regulator alleges that an ASX announcement from February 2023 stating the company was “optimistic” about profitability misled investors.
ASIC said, “ASIC and Mr Lim will ask the Court to impose pecuniary penalties and disqualification orders, as well as other orders, against Mr Lim”.
The court will continue hearing against the company and the other three directors.
Four months after the ASX announcement, the company downgraded its outlook to a $35 million for the financial year.
The struggling airline was bought by an American airline holdings company late last year.
Wed 20 May 2026 at 2:59pm
What’s the current inflation rate and what does it mean to you?
What’s the current inflation rate
– Victor
Hi Victor,
Thank you for your question.
The all groups Consumer Price Index (CPI) was 4.6% and trimmed mean inflation was 3.3% in March, according to the latest CPI data released by the Australian Bureau of Statistics.
Like you, many ABC readers have also asked our team other inflation-related questions.
You can find more in my colleague Emily Stewart‘s handy explainer here.
Wed 20 May 2026 at 2:56pm
Market snapshot
- ASX 200: -1.4% to 8,487 points
- Australian dollar: -0.1% at 71.00 US cents
- Wall Street: Dow Jones (-0.7%), S&P 500 (-0.7%)
- Europe: FTSE (+0.1%)
- Asia: Nikkei (-1.7%), KOSPI (-2.1%), Hang Seng (-0.6%)
- Spot gold: -0.5 to $US4,460/ounce
- Brent crude futures: -0.5% to $US110.69/barrel
- Iron ore: -0.4% at $US109.25/tonne
- Bitcoin: -0.4% to $US76,713
Prices current around 2:55pm AEST
Live updates on the major ASX indices:
Wed 20 May 2026 at 2:52pm
ASX extends morning loss falling below 8,500
The ASX 200 has lost 1.4% to 8,487 points, falling below the psychologically significant level of 8,500.
The index is now down 8% from the record high on February 26.
Wed 20 May 2026 at 2:42pm
🎧: The bond market sell-off frenzy
Major sell-offs are rippling across global bond markets as fears of rising inflation mount.
So why is the global bond market behaving this way? And what does this mean for the Australian economy?
Plus, fresh data from the Grattan Institute suggests that Australia is wasting billions of dollars on unused parking spots. What’s going on with capital city car parks?
In the latest ABC Business Daily episode, Daniel Ziffer and Lin Lin break it all down.
Have a listen here.
Wed 20 May 2026 at 2:24pm
Over 20pc surge in FHB demand from Gen Z, new data shows
The expansion of the government’s First Home Buyers (FHB) 5% Deposit Scheme in October 2025 has shifted the needle for the Gen Z cohort, according to Equifax‘s latest data.
The 18-25-year-old cohort showed the strongest increase in mortgage enquiries, surging by 22.8% in Q1 2026, Equifax said.
“Historically, a cohort carrying the weight of HECS debt and navigating a volatile job market, the deposit barrier has become a significant obstacle to entry,” the credit reporting agency noted.
“This new data from Equifax demonstrates that Gen Z buyers, who have long been locked out of the market, are actively responding to policy changes.”
Equifax Q1 Consumer Market Pulse has also found that one-third of FHBs are casting a wider net to enter the property market.
Only 10.9% of relocating FHBs stayed in their local area, with over 80% moving to other parts of their state and 7.1% moving interstate, the report showed.
Demand for the lowest 25% of mortgage loan values grew by 11.8% nationally, significantly faster than top-tier high-value loans.
Wed 20 May 2026 at 2:05pm
NOT READY $7.32 billion for spectrum in contentious sale
Air. Expensive air.
Well really it’s about spectrum, the waves in our air that can carry information.
The public owns them, and regulator ACMA sells them.
A year ago, academics and advocacy group ACCAN rang the alarm on a big shift: the Australian Communications and Media Authority (ACMA) was proposing to not hold auctions for 69 expiring spectrum licences bought for $8.2 billion, and instead renew them for between $5 billion and $6.2 billion.
This could have meant taxpayers could miss out on more than $3 billion if public airwaves are given to companies like Telstra and Optus at cut-price rates.
After a long argy-bargy, ACMA has released the pricing, with a surprising result.
The ACMA has set the total market value for renewing the licences held by three mobile network operators – Telstra, Optus and TPG, and NBN Co. – at at $7.32 billion. The final valuation is lower than the preliminary estimate of $7.34 billion released in December 2025.
This downgrade follows “further public consultation, expert review and refinements to the ACMA’s benchmarking methodology, including additional datasets”.
Wed 20 May 2026 at 1:44pm
Samsung major strike to begin on Thursday
Samsung Electronics management and its labour union failed to reach a deal on Wednesday, setting the stage for 48,000 workers to walk off the job on Thursday.
The strike is expected to threaten the health of South Korea’s economy and likely disrupt the global supply of semiconductors.
Under intense pressure from the government and business groups to avert a strike, the two sides had sought to hash out a deal on bonus payments before the 18-day strike begins.
Samsung said in a statement that the union had made unacceptable demands and that accepting them would have shaken the company’s fundamental principles.
The union demanded that Samsung abolish a cap on bonuses at 50% of annual salaries, allocate 15% of annual operating profit to bonuses, and formalise these changes beyond one year.
Reporting with Reuters
Wed 20 May 2026 at 1:25pm
More travellers come forward as AVG Travels cancellations mount
The fallout is continuing for customers of a Melbourne-based travel company that has cancelled tours or placed them “under review” just days before departure.
Frustrated customers of AVG Travels have been making their way to the company’s St Kilda office, demanding answers and refunds.
The ABC has been contacted by more than 100 travellers since first reporting on the matter on Monday, with some saying their tours were cancelled at the last minute and itineraries changed.
The destinations affected included tours to China, Sri Lanka and South America.
Our national tourism reporter Kristy Sexton-McGrath has more.
Wed 20 May 2026 at 1:03pm
Materials slips along with ASX
As we enter the middle of the trading day, the ASX 200 lost 1.1% to 8,508 points, with the Materials sector the worst performer, down 2.1%
Over the last five days, the index has lost 1.4% and 2.4% year to date.
Among individual stocks, TechnologyOne led the market, up 7.2%, followed by Alcoa, up 3.2%, and Yancoal Australia, up 2.6%.
Predictive Discovery Ltd was the bottom mover, fell 9.3%, followed by Tuas Ltd and 4DMedical Ltd, down 9.2% and 7.9%, respectively.
Wed 20 May 2026 at 12:44pm
Iron ore spot prices drop back below $US110
Iron ore spot prices have dropped back below $US110 per tonne amid concerns about steel demand in China, according to Commonwealth Bank.
These concerns largely stem from China’s weaker-than-expected activity and investment data for April that was released on Monday, the bank says.
“Construction remains the key point of weakness given the ongoing deterioration in China’s property (about 27% of China’s steel demand) and infrastructure (about 29% of China’s steel demand) sectors.
“The pace of contraction in China’s new construction starts, in square metres, accelerated from ‑17%/yr in March to ‑27%/yr in April.”
New construction, which has been declining annually since 2020, is the most steel‑intensive part of the property construction process, CommBank adds.
“Meanwhile, infrastructure investment, which started the year positively, notched a second consecutive decline last month.
“The pace of decline notably accelerated from ‑5.3%/mth in March to ‑8.6%/mth in April.”
Wed 20 May 2026 at 12:24pm
Market snapshot
- ASX 200: -0.9% to 8,530 points
- Australian dollar: -0.1% at 71.00 US cents
- Wall Street: Dow Jones (-0.7%), S&P 500 (-0.7%), Nasdaq (-0.8%)
- Europe: Stoxx 600 (+0.2%), DAX (+0.4%), FTSE (+0.1%)
- Asia: Nikkei (-1.2%), KOSPI (+0.3%), Hang Seng (0.3%)
- Spot gold: flat to $US4,483/ounce
- Brent crude futures: -0.5% to $US110.71/barrel
- Iron ore: -0.3% at $US109.35/tonne
- Bitcoin: -0.3% to $US76,784
Prices current around 12:22am AEST
Live updates on the major ASX indices:
Wed 20 May 2026 at 12:20pm
US dollar at six-week high on rate-hike bets, Iran war uncertainty
The US dollar was steady near a six-week high on Wednesday as investors come to terms with the possible need for higher interest rates to tackle inflation due to the Iran war, pushing the Japanese yen back into the intervention zone.
The uncertainty over when the Middle East war may end has weighed on sentiment, fanned inflation fears and triggered a global bond sell-off, with the yield on the US 30-year Treasury bond hitting its highest level since 2007.
President Donald Trump said the country might need to strike Iran again, but suggested Iran wants a deal to end the war that has roiled markets and sent energy prices soaring.
Meanwhile, the Australian dollar, often seen as a barometer for risk sentiment, was 0.1% lower at 70.97 US cents.
Carol Kong, currency strategist at Commonwealth Bank, said she expected the minutes to be hawkish, pushing the dollar up further, noting that more Fed policymakers have warned about high US inflation since the last Fed meeting in April.
“We continue to expect the FOMC to start a tightening cycle in December,” Ms Kong said.
The fragile ceasefire agreed in April has mostly held, although markets remain worried because the Strait of Hormuz — a key route for global supplies of oil and other commodities — remains effectively closed.
Brent crude futures were at $US110.8 per barrel in early trading, well above the levels before the war started at the end of February.
Reporting with Reuters
Wed 20 May 2026 at 11:58am
Unions council argues for 6pc pay increase at annual wage review
At the Fair Work Commission’s annual wage review, the Australian Council of Trade Unions has argued for a 6% increase for Australia’s lowest-paid workers.
The commission is currently hearing submissions on increasing the minimum wage, where the ACTU has said that wages aren’t keeping up with inflation.
ACTU Secretary Sally McManus said, “We want to see award workers go forward”, but that inflation and low wages were holding them back.
“For workers this is absolutely necessary to keep their heads about water,” she said.
The 6% increase would bring Australia’s lowest-paid workers from roughly $49,000 a year to just under $52,000 per year.
Ms McManus said the federal budget handed down last week was a step in the right direction for workers and that “we applaud the government’s decisions changing taxing on housing”.
Wed 20 May 2026 at 11:42am
ACMA releases pricing for expiring spectrum licences
The Australian Communications and Media Authority (ACMA) has released its preferred pricing for expiring spectrum licences that support fixed wireless broadband and more than 30 million mobile services across Australia.
The ACMA has set the total market value for renewing these licences at $7.32 billion.
The licences are held by Australia’s three mobile network operators — Telstra, Optus and TPG — and NBN Co.
ACMA chair Nerida O’Loughlin said the preferred prices reflect a careful, evidence-based assessment of the value of an important public asset.
“Spectrum is a finite and valuable national resource,” she said.
“The price the ACMA has set follows a rigorous benchmarking process designed to reflect the market value of the spectrum and promote the long-term public interest.”
Ms O’Loughlin added that through the consultation process, the authority heard views that its preferred price was either too high or too low.
“Some stakeholders argued we had discounted the price for industry, while others suggested we had inflated it to raise additional revenue for government.
“Neither claim is correct.
“After all our analysis and testing, we have concluded that $7.32 billion represents the market rate. It is therefore the appropriate return, ultimately to Australian taxpayers, for the use of this valuable public resource.”
