Market Wrap / seven-week low

Australian shares fell to a near seven-week low on Monday, with the S&P/ASX 200 down 1.5% to 8,505 points, as weaker company earnings and outlooks weighed on sentiment.Adding to the negative tone was weak data from China, which showed the world's second largest economy slowed broadly in April as exports failed to offset weakening domestic demand. Fixed-asset investment fell 1.6% in the first four months of 2026 after a 1.7% rise in Q1, while April retail sales rose just 0.2%, missing forecasts.

Industrials led the decline after Brambles plunged 19%, its biggest fall in 24 years, following a downgrade to its 2026 earnings guidance. Elders tumbled 22% on a first-half earnings miss, while Tuas slumped 62% after Singapore regulators suspended review of the proposed Simba–M1 merger.

ALS fell 2.7% on a cautious outlook, while Qantas and Worley also traded lower.

In contrast, Pro Medicus rose after securing a seven-year, $90 million contract with US healthcare group Beth Israel Lahey Health. Mayne Pharma edged higher after reporting strong demand for its DistributeRx platform.

In the energy sector, Santos rose 2.7% after achieving first oil from its Pikka Phase 1 project in Alaska.

Mining stocks were weaker, with BHP down 2.7%, while gold miners Newmont and Northern Star also declined. Northern Minerals dropped 4% after Treasurer Jim Chalmers ordered six investors to divest holdings over concerns about Chinese influence.

Nvidia's earnings due later in the week remain the litmus test for global investor sentiment.