Australian shares dip as Trump floats Iran deadline
The Australian share market is trading lower as Middle East strive continues and amid Donald Trump's two-week window to decide whether the US will join Israel's conflict with Iran.
The S&P/ASX200 fell 56.2 points, or 0.67 per cent, to 8,466.9, as the broader All Ordinaries slipped 53.9 points, or 0.62 per cent, to 8,687.5.
The slump came as the Middle East conflict weighed on investor sentiment and as thin trading conditions due to a US bank holiday sent European equities and US futures lower, Capital.com market analyst Kyle Rodda said.
All signs pointed to a weak finish for the ASX this week.
"Like last week where hostilities were boiling over, market participants may be reluctant to hold onto risk exposure over the weekend when a historic US strike on Iran nuclear facilities is an uncomfortably high possibility," Mr Rodda said.
Only two of 11 local sectors were trading higher by lunchtime, with both energy and IT stocks up 0.2 per cent.
Financials weighed heavily on the bourse, down 1.3 per cent and wiping out Thursday's gains as the big four each lost between 1.2 per cent and 2.2 per cent.
The slip came as expectations for a Reserve Bank interest rate cut in July fell from 86 per cent to 78 per cent.
Likewise, rate-sensitive consumer-facing stocks were the next worst performing sectors, with discretionaries down 0.9 per cent and staples sinking 0.7 per cent.
As attacks in Israel and Iran escalated overnight, oil prices spiked almost three per cent to $US77.50 a barrel, their highest level since January, before settling $US75.83 a barrel after Trump's deadline eased fears of an imminent US attack.
Woodside was up a modest 0.5 per cent to $25.77 a share by midday.
Materials stocks edged 0.1 per cent lower, as iron ore prices edged higher to take some pressure off large cap miners BHP, Rio Tinto and Fortescue.
Gold continues to consolidate tightly to trade at around $US3,380 ($A5,125) an ounce.
Australian gold miners were mixed, but larger players Northern Star and Newmont edged higher, while Evolution slipped 0.2 per cent days after multiple UBS downgrades indicated the sector's easy gains could be behind it.
The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm.
The Australian share market is trading lower as Middle East strive continues and amid Donald Trump's two-week window to decide whether the US will join Israel's conflict with Iran.
The S&P/ASX200 fell 56.2 points, or 0.67 per cent, to 8,466.9, as the broader All Ordinaries slipped 53.9 points, or 0.62 per cent, to 8,687.5.
The slump came as the Middle East conflict weighed on investor sentiment and as thin trading conditions due to a US bank holiday sent European equities and US futures lower, Capital.com market analyst Kyle Rodda said.
All signs pointed to a weak finish for the ASX this week.
"Like last week where hostilities were boiling over, market participants may be reluctant to hold onto risk exposure over the weekend when a historic US strike on Iran nuclear facilities is an uncomfortably high possibility," Mr Rodda said.
Only two of 11 local sectors were trading higher by lunchtime, with both energy and IT stocks up 0.2 per cent.
Financials weighed heavily on the bourse, down 1.3 per cent and wiping out Thursday's gains as the big four each lost between 1.2 per cent and 2.2 per cent.
The slip came as expectations for a Reserve Bank interest rate cut in July fell from 86 per cent to 78 per cent.
Likewise, rate-sensitive consumer-facing stocks were the next worst performing sectors, with discretionaries down 0.9 per cent and staples sinking 0.7 per cent.
As attacks in Israel and Iran escalated overnight, oil prices spiked almost three per cent to $US77.50 a barrel, their highest level since January, before settling $US75.83 a barrel after Trump's deadline eased fears of an imminent US attack.
Woodside was up a modest 0.5 per cent to $25.77 a share by midday.
Materials stocks edged 0.1 per cent lower, as iron ore prices edged higher to take some pressure off large cap miners BHP, Rio Tinto and Fortescue.
Gold continues to consolidate tightly to trade at around $US3,380 ($A5,125) an ounce.
Australian gold miners were mixed, but larger players Northern Star and Newmont edged higher, while Evolution slipped 0.2 per cent days after multiple UBS downgrades indicated the sector's easy gains could be behind it.
The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm.
The Australian share market is trading lower as Middle East strive continues and amid Donald Trump's two-week window to decide whether the US will join Israel's conflict with Iran.
The S&P/ASX200 fell 56.2 points, or 0.67 per cent, to 8,466.9, as the broader All Ordinaries slipped 53.9 points, or 0.62 per cent, to 8,687.5.
The slump came as the Middle East conflict weighed on investor sentiment and as thin trading conditions due to a US bank holiday sent European equities and US futures lower, Capital.com market analyst Kyle Rodda said.
All signs pointed to a weak finish for the ASX this week.
"Like last week where hostilities were boiling over, market participants may be reluctant to hold onto risk exposure over the weekend when a historic US strike on Iran nuclear facilities is an uncomfortably high possibility," Mr Rodda said.
Only two of 11 local sectors were trading higher by lunchtime, with both energy and IT stocks up 0.2 per cent.
Financials weighed heavily on the bourse, down 1.3 per cent and wiping out Thursday's gains as the big four each lost between 1.2 per cent and 2.2 per cent.
The slip came as expectations for a Reserve Bank interest rate cut in July fell from 86 per cent to 78 per cent.
Likewise, rate-sensitive consumer-facing stocks were the next worst performing sectors, with discretionaries down 0.9 per cent and staples sinking 0.7 per cent.
As attacks in Israel and Iran escalated overnight, oil prices spiked almost three per cent to $US77.50 a barrel, their highest level since January, before settling $US75.83 a barrel after Trump's deadline eased fears of an imminent US attack.
Woodside was up a modest 0.5 per cent to $25.77 a share by midday.
Materials stocks edged 0.1 per cent lower, as iron ore prices edged higher to take some pressure off large cap miners BHP, Rio Tinto and Fortescue.
Gold continues to consolidate tightly to trade at around $US3,380 ($A5,125) an ounce.
Australian gold miners were mixed, but larger players Northern Star and Newmont edged higher, while Evolution slipped 0.2 per cent days after multiple UBS downgrades indicated the sector's easy gains could be behind it.
The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm.
The Australian share market is trading lower as Middle East strive continues and amid Donald Trump's two-week window to decide whether the US will join Israel's conflict with Iran.
The S&P/ASX200 fell 56.2 points, or 0.67 per cent, to 8,466.9, as the broader All Ordinaries slipped 53.9 points, or 0.62 per cent, to 8,687.5.
The slump came as the Middle East conflict weighed on investor sentiment and as thin trading conditions due to a US bank holiday sent European equities and US futures lower, Capital.com market analyst Kyle Rodda said.
All signs pointed to a weak finish for the ASX this week.
"Like last week where hostilities were boiling over, market participants may be reluctant to hold onto risk exposure over the weekend when a historic US strike on Iran nuclear facilities is an uncomfortably high possibility," Mr Rodda said.
Only two of 11 local sectors were trading higher by lunchtime, with both energy and IT stocks up 0.2 per cent.
Financials weighed heavily on the bourse, down 1.3 per cent and wiping out Thursday's gains as the big four each lost between 1.2 per cent and 2.2 per cent.
The slip came as expectations for a Reserve Bank interest rate cut in July fell from 86 per cent to 78 per cent.
Likewise, rate-sensitive consumer-facing stocks were the next worst performing sectors, with discretionaries down 0.9 per cent and staples sinking 0.7 per cent.
As attacks in Israel and Iran escalated overnight, oil prices spiked almost three per cent to $US77.50 a barrel, their highest level since January, before settling $US75.83 a barrel after Trump's deadline eased fears of an imminent US attack.
Woodside was up a modest 0.5 per cent to $25.77 a share by midday.
Materials stocks edged 0.1 per cent lower, as iron ore prices edged higher to take some pressure off large cap miners BHP, Rio Tinto and Fortescue.
Gold continues to consolidate tightly to trade at around $US3,380 ($A5,125) an ounce.
Australian gold miners were mixed, but larger players Northern Star and Newmont edged higher, while Evolution slipped 0.2 per cent days after multiple UBS downgrades indicated the sector's easy gains could be behind it.
The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm.
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