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Business Recorder
10 hours ago
- Business
- Business Recorder
Australian shares set for first weekly drop in six as Middle East conflict weighs
Australian shares fell to a two-week low in early trade on Friday, poised to snap a five-week winning streak, as escalating Middle East tensions dampened investor sentiment and softer metal prices weighed on local miners. The S&P/ASX 200 index was down 0.3% at 8,500 points, as of 0033 GMT. The benchmark has lost 0.6% so far this week, and on track for its first weekly decline in six weeks, if losses hold. Globally, investors stayed risk-averse as tensions between Iran and Israel continued to escalate, with Israel targeting nuclear sites in Iran amid a persistent absence of a ceasefire between the two long-standing adversaries. 'With US markets offline and no fresh news – other than speculation about the possibility of US intervention – related to the potential war between Israel and Iran, risk was taken off the table,' said Kyle Rodda, senior financial market analyst with Australian heavyweight miners lost 0.6%, hitting their lowest levels since April 17, as lower copper prices weighed on the metals sub-index. Mining behemoth BHP Group fell 0.3% while iron ore miner Rio Tinto lost 1%. For the week, miners have shed 4.5% so far, on track for their worst week since March 31. Australian shares hit 2-week low as miners, gold stocks fall; Fed holds rate The financials sub-index slipped 0.3%, with the 'Big Four' banks declining between 0.1% and 0.3%. Energy stocks traded largely flat as investors assessed the potential impact of Middle East tensions on global oil supply. Despite the subdued session, the sector has advanced 5.3% so far this week and is on track for its fourth straight weekly gain. Woodside Energy rose 0.7% while smaller rival Santos added 0.4%. Information technology firms lost 0.2% and Australian health stocks shed 0.3%. Markets in New Zealand were closed for a public holiday.
The Advertiser
10 hours ago
- Business
- The Advertiser
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, 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, 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, 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, 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.
Perth Now
12 hours ago
- Business
- Perth Now
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, 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.
Mint
14 hours ago
- Business
- Mint
Australian shares set for first weekly drop in six as Middle East conflict weighs
June 20 (Reuters) - Australian shares fell to a two-week low in early trade on Friday, poised to snap a five-week winning streak, as escalating Middle East tensions dampened investor sentiment and softer metal prices weighed on local miners. The S&P/ASX 200 index was down 0.3% at 8,500 points, as of 0033 GMT. The benchmark has lost 0.6% so far this week, and on track for its first weekly decline in six weeks, if losses hold. Globally, investors stayed risk-averse as tensions between Iran and Israel continued to escalate, with Israel targeting nuclear sites in Iran amid a persistent absence of a ceasefire between the two long-standing adversaries. "With U.S. markets offline and no fresh news – other than speculation about the possibility of U.S. intervention – related to the potential war between Israel and Iran, risk was taken off the table," said Kyle Rodda, senior financial market analyst with Australian heavyweight miners lost 0.6%, hitting their lowest levels since April 17, as lower copper prices weighed on the metals sub-index. Mining behemoth BHP Group fell 0.3% while iron ore miner Rio Tinto lost 1%. For the week, miners have shed 4.5% so far, on track for their worst week since March 31. The financials sub-index slipped 0.3%, with the 'Big Four' banks declining between 0.1% and 0.3%. Energy stocks traded largely flat as investors assessed the potential impact of Middle East tensions on global oil supply. Despite the subdued session, the sector has advanced 5.3% so far this week and is on track for its fourth straight weekly gain. Woodside Energy rose 0.7% while smaller rival Santos added 0.4%. Information technology firms lost 0.2% and Australian health stocks shed 0.3%. Markets in New Zealand were closed for a public holiday.
Economic Times
21 hours ago
- Business
- Economic Times
US stock market outlook amidst Iran Israel War: Will S&P 500, Dow Jones, Nasdaq go up on Friday after Juneteenth holiday?
S&P 500, Dow Jones, and Nasdaq traders will keep eyes on Iran-Israel conflict as the US Stock Markets open on Friday. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads FAQs US stock market indexes -- S&P 500 Dow Jones , and Nasdaq -- will look to open in green on Friday. However, investors will remain cautious following ongoing fighting between Iran and Israel. S&P 500 futures fell almost 1 per cent, although most U.S. markets - including Wall Street and the Treasury market - will be closed on Thursday for a public holiday."Market participants remain edgy and uncertain," said Kyle Rodda, senior financial markets analyst at was rife "that the U.S. will intervene, something that would mark a material escalation and could invite direct retaliation against the U.S. by Iran. Such a scenario would raise the risk of a greater regional conflict, with implications for global energy supply and probably economic growth," he of the recent nervousness in markets has been centred around crude supply shocks from the Middle East. Wall Street stocks ended little changed Wednesday after the Federal Reserve kept interest rates Jones Industrial Average ended down 0.1 percent at 42,171.66. The broad-based S&P 500 slipped less than 0.1 percent to 5,980.87, while the tech-rich Nasdaq Composite Index added 0.1 percent at 19, market's ability to avoid major losses amid the Middle East turmoil is "extremely bullish", said Adam Sarhan of 50 Park Investments, while still pointing to trade-talk uncertainty as a market believes that "most likely cooler heads will prevail on the trade front and on the Middle East front," said Sarhan, who described Wednesday's Fed meeting outcome as in line with expectations.A1. US stock market indexes are S&P 500, Dow Jones, and Nasdaq.A2. Dow Jones Industrial Average ended down 0.1 percent at 42,171.66. The broad-based S&P 500 slipped less than 0.1 percent to 5,980.87, while the tech-rich Nasdaq Composite Index added 0.1 percent at 19,546.27.
