ASX surges but fears remain; Myer downgrades on sales drop; “bleisure” Is back

Tuesday 28 July 2026

The local share market surges after a lull in fighting in the Middle East, but uncertainty remains the dominant driver of markets. 

• Myer warns that the cost-of-living crisis has hit sales
• Bleisure travel – business and leisure – is back with Gen Zers taking full advantage
• Fortescue Metals boss Andrew Forrest’s strong warnings on iron ore prices and AI
• The latest hot stock - a chipmaker in China - surges 500 per cent on day one

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