Macquarie: Energy was the only sector to post positive returns in Australia past month

Macquarie's monthly review shows broad weakness across Australian equities: the ASX100 fell about 2%, with the ASX300 down 2% and Small Ordinaries off 1.8%. Energy was the lone positive sector, up 1.9%, led by Woodside, Ampol and Santos, while healthcare was the weakest, sliding 6.1% (notably Cochlear, CSL and ResMed). Valuation metrics eased – the market PER for June 2026 fell to 18.3x and the December PER to 17.2x – while expected market EPS growth is 10.9% for June and 13.7% for December. Four-week FactSet Australian earnings net revisions turned negative, suggesting downgrades outpaced upgrades. The note contrasts local weakness with gains in the US, where the S&P 500 was up c.1.6% and the Dow up 0.2%. Overall, the report signals a cautious/soft near-term outlook for Australian equities, with energy as a relative outperformer.