FX.co ★ ASX 200 Falls for Week, Megaport Bucks Trend with AI Surge

Australia’s ASX 200 fell 61 points, or 0.7%, to close at 8,625 on Friday, its second consecutive decline, as fading expectations of a U.S.–Iran peace agreement dampened risk appetite. U.S. equity futures also softened, with investors adopting a cautious stance ahead of the May employment report for fresh insight into labor-market conditions and the Federal Reserve’s policy outlook.

For the week, the ASX 200 slipped 1.2%, its first weekly loss in three, as traders remained wary in the lead-up to the Reserve Bank’s policy meeting later this month. Sector-wise, non-energy minerals led the declines, followed by energy, financials, and consumer non-durables.

Gold miners weakened 1.9% despite a firmer bullion price, with Evolution Mining dropping 3.0%. Lynas Rare Earths lost 2.9% after appointing industry veteran Pol Le Roux as interim CEO, effective June 30. The major banks fell between 1.1% and 1.6%.

Energy names also pulled back, snapping a four-session winning streak as oil prices eased. Bucking the trend, Megaport jumped 11.3% after trading resumed, supported by news of four new AI infrastructure contracts and plans to develop an inference cloud.