Markets live updates: ASX falls below 8,600 level while oil rebounds to $US96 a barrel

The Australian share market experienced a decline on May 28, 2026, with the ASX 200 falling 1.4% to 8,592 points by 4:15pm AEST. Oil prices, however, rose sharply by 2.7% to $96.89 per barrel, reversing earlier losses. The broader market saw mixed performance, with the Dow Jones gaining 0.4% and the S&P 500 remaining flat, while Asian markets mostly declined, including the Nikkei (-0.7%) and Hang Seng (-1.4%). Economists analyzed the latest data, noting that while capital expenditure (capex) rose 6.5% quarterly and 14.6% annually—led by machinery and data center equipment—productivity gains and structural investments remained weak. Commonwealth Bank’s Belinda Allen revised GDP growth downward to a preliminary estimate of 0.2%, citing offsetting net export impacts and subdued building investment. Meanwhile, real estate activity surged ahead of upcoming auctions, with Sydney and Melbourne accounting for 84% of scheduled listings—1,078 and 1,199 auctions, respectively—representing a 16.3% increase from the prior week. Smaller markets like Canberra and Perth saw declines, with only 79 and 11 auctions scheduled, respectively. The federal government also introduced proposed scam laws targeting tech giants, aiming to combat fraudulent activities. The day’s trading concluded with spot gold down 1.9% to $4,374 per ounce and Bitcoin losing 3% to $72,882, reflecting broader market volatility. Analysts attributed the ASX’s underperformance to cautious investor sentiment amid mixed economic signals, while oil’s rebound was linked to geopolitical or supply concerns. The Reserve Bank of Australia and global central banks will continue monitoring these trends as they assess economic stability.