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The Advertiser
7 hours ago
- Business
- The Advertiser
Australian stock market snaps five-week winning streak
Australia's share market has given up a five-week winning streak, as investors grapple with military conflict, global growth concerns and lofty valuations. The S&P/ASX200 fell 18.2 points, or 0.21 per cent, to 8,505.5, as the broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5. Over the week, the top-200 stocks fell roughly 0.5 per cent. The slump came after six sessions of surging oil prices amid escalating Israel-Iran conflict and as US President Donald Trump flagged potential American military involvement within two weeks. The broader investor uncertainty then collided with heavy falls in big miners after weak economic data from China, as Rio Tinto plummeted to its lowest close since 2022, IG Markets analyst Tony Sycamore told AAP. Five of 11 local sectors sectors improved on Friday, but a whopping 4.4 per cent drop in materials stocks over the week weighed on the bourse. "The big concern for the ASX200 going into the new financial year is the elevated valuations around these banks and that no one wants to touch these big miners," Mr Sycamore said. "There's been 23 months of falling house prices in China, and that doesn't augur well for the price of iron ore or for the price of the big miners, which remain an influential part of the index." Financials slipped 0.6 per cent on Friday to finish roughly flat for a second week, a day after CBA etched its latest record high of $183.31 a share. All four big banks closed in the red, with ANZ facing the sharpest decline with a 2.5 per cent slip to $28.39. In banking news, former federal coalition finance minister Simon Birmingham was appointed the Australian Banking Association's chief executive, replacing Anna Bligh after eight years at the helm. Australian energy stocks have had a massive week, surging almost 11 per cent since Israel launched air strikes on Iran last Friday. Woodside is up 7.7 per cent over the same period, while Santos has rallied 12 per cent. Oil prices hit their highest levels since January overnight as the conflict raged on, but eased to $US75.24 a barrel after Mr Trump's two-week decision window relieved fears of an immediate US attack. The IT sector had a surprisingly good week despite broader risk-off sentiment, edging 0.3 per cent higher since Monday's open. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm, coiling tightly near the mid-level of its recent range with the greenback. Looking ahead, while the Middle East conflict is likely to dominate headlines, it's also a massive week for macroeconomic data. Investors will be poring over local inflation figures, US economic growth, and manufacturing data for four of the world's seven largest economies. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 18.2 points lower, or down 0.21 per cent, to 8,505.5 * The broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.76 US cents, from 64.71 US cents on Thursday at 5pm * 94.13 Japanese yen, from 93.99 Japanese yen * 56.24 Euro cents, from 56.43 Euro cents * 48.09 British pence, from 48.27 pence * 108.05 NZ cents, from 108.34 NZ cents Australia's share market has given up a five-week winning streak, as investors grapple with military conflict, global growth concerns and lofty valuations. The S&P/ASX200 fell 18.2 points, or 0.21 per cent, to 8,505.5, as the broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5. Over the week, the top-200 stocks fell roughly 0.5 per cent. The slump came after six sessions of surging oil prices amid escalating Israel-Iran conflict and as US President Donald Trump flagged potential American military involvement within two weeks. The broader investor uncertainty then collided with heavy falls in big miners after weak economic data from China, as Rio Tinto plummeted to its lowest close since 2022, IG Markets analyst Tony Sycamore told AAP. Five of 11 local sectors sectors improved on Friday, but a whopping 4.4 per cent drop in materials stocks over the week weighed on the bourse. "The big concern for the ASX200 going into the new financial year is the elevated valuations around these banks and that no one wants to touch these big miners," Mr Sycamore said. "There's been 23 months of falling house prices in China, and that doesn't augur well for the price of iron ore or for the price of the big miners, which remain an influential part of the index." Financials slipped 0.6 per cent on Friday to finish roughly flat for a second week, a day after CBA etched its latest record high of $183.31 a share. All four big banks closed in the red, with ANZ facing the sharpest decline with a 2.5 per cent slip to $28.39. In banking news, former federal coalition finance minister Simon Birmingham was appointed the Australian Banking Association's chief executive, replacing Anna Bligh after eight years at the helm. Australian energy stocks have had a massive week, surging almost 11 per cent since Israel launched air strikes on Iran last Friday. Woodside is up 7.7 per cent over the same period, while Santos has rallied 12 per cent. Oil prices hit their highest levels since January overnight as the conflict raged on, but eased to $US75.24 a barrel after Mr Trump's two-week decision window relieved fears of an immediate US attack. The IT sector had a surprisingly good week despite broader risk-off sentiment, edging 0.3 per cent higher since Monday's open. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm, coiling tightly near the mid-level of its recent range with the greenback. Looking ahead, while the Middle East conflict is likely to dominate headlines, it's also a massive week for macroeconomic data. Investors will be poring over local inflation figures, US economic growth, and manufacturing data for four of the world's seven largest economies. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 18.2 points lower, or down 0.21 per cent, to 8,505.5 * The broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.76 US cents, from 64.71 US cents on Thursday at 5pm * 94.13 Japanese yen, from 93.99 Japanese yen * 56.24 Euro cents, from 56.43 Euro cents * 48.09 British pence, from 48.27 pence * 108.05 NZ cents, from 108.34 NZ cents Australia's share market has given up a five-week winning streak, as investors grapple with military conflict, global growth concerns and lofty valuations. The S&P/ASX200 fell 18.2 points, or 0.21 per cent, to 8,505.5, as the broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5. Over the week, the top-200 stocks fell roughly 0.5 per cent. The slump came after six sessions of surging oil prices amid escalating Israel-Iran conflict and as US President Donald Trump flagged potential American military involvement within two weeks. The broader investor uncertainty then collided with heavy falls in big miners after weak economic data from China, as Rio Tinto plummeted to its lowest close since 2022, IG Markets analyst Tony Sycamore told AAP. Five of 11 local sectors sectors improved on Friday, but a whopping 4.4 per cent drop in materials stocks over the week weighed on the bourse. "The big concern for the ASX200 going into the new financial year is the elevated valuations around these banks and that no one wants to touch these big miners," Mr Sycamore said. "There's been 23 months of falling house prices in China, and that doesn't augur well for the price of iron ore or for the price of the big miners, which remain an influential part of the index." Financials slipped 0.6 per cent on Friday to finish roughly flat for a second week, a day after CBA etched its latest record high of $183.31 a share. All four big banks closed in the red, with ANZ facing the sharpest decline with a 2.5 per cent slip to $28.39. In banking news, former federal coalition finance minister Simon Birmingham was appointed the Australian Banking Association's chief executive, replacing Anna Bligh after eight years at the helm. Australian energy stocks have had a massive week, surging almost 11 per cent since Israel launched air strikes on Iran last Friday. Woodside is up 7.7 per cent over the same period, while Santos has rallied 12 per cent. Oil prices hit their highest levels since January overnight as the conflict raged on, but eased to $US75.24 a barrel after Mr Trump's two-week decision window relieved fears of an immediate US attack. The IT sector had a surprisingly good week despite broader risk-off sentiment, edging 0.3 per cent higher since Monday's open. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm, coiling tightly near the mid-level of its recent range with the greenback. Looking ahead, while the Middle East conflict is likely to dominate headlines, it's also a massive week for macroeconomic data. Investors will be poring over local inflation figures, US economic growth, and manufacturing data for four of the world's seven largest economies. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 18.2 points lower, or down 0.21 per cent, to 8,505.5 * The broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.76 US cents, from 64.71 US cents on Thursday at 5pm * 94.13 Japanese yen, from 93.99 Japanese yen * 56.24 Euro cents, from 56.43 Euro cents * 48.09 British pence, from 48.27 pence * 108.05 NZ cents, from 108.34 NZ cents Australia's share market has given up a five-week winning streak, as investors grapple with military conflict, global growth concerns and lofty valuations. The S&P/ASX200 fell 18.2 points, or 0.21 per cent, to 8,505.5, as the broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5. Over the week, the top-200 stocks fell roughly 0.5 per cent. The slump came after six sessions of surging oil prices amid escalating Israel-Iran conflict and as US President Donald Trump flagged potential American military involvement within two weeks. The broader investor uncertainty then collided with heavy falls in big miners after weak economic data from China, as Rio Tinto plummeted to its lowest close since 2022, IG Markets analyst Tony Sycamore told AAP. Five of 11 local sectors sectors improved on Friday, but a whopping 4.4 per cent drop in materials stocks over the week weighed on the bourse. "The big concern for the ASX200 going into the new financial year is the elevated valuations around these banks and that no one wants to touch these big miners," Mr Sycamore said. "There's been 23 months of falling house prices in China, and that doesn't augur well for the price of iron ore or for the price of the big miners, which remain an influential part of the index." Financials slipped 0.6 per cent on Friday to finish roughly flat for a second week, a day after CBA etched its latest record high of $183.31 a share. All four big banks closed in the red, with ANZ facing the sharpest decline with a 2.5 per cent slip to $28.39. In banking news, former federal coalition finance minister Simon Birmingham was appointed the Australian Banking Association's chief executive, replacing Anna Bligh after eight years at the helm. Australian energy stocks have had a massive week, surging almost 11 per cent since Israel launched air strikes on Iran last Friday. Woodside is up 7.7 per cent over the same period, while Santos has rallied 12 per cent. Oil prices hit their highest levels since January overnight as the conflict raged on, but eased to $US75.24 a barrel after Mr Trump's two-week decision window relieved fears of an immediate US attack. The IT sector had a surprisingly good week despite broader risk-off sentiment, edging 0.3 per cent higher since Monday's open. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm, coiling tightly near the mid-level of its recent range with the greenback. Looking ahead, while the Middle East conflict is likely to dominate headlines, it's also a massive week for macroeconomic data. Investors will be poring over local inflation figures, US economic growth, and manufacturing data for four of the world's seven largest economies. ON THE ASX: * The benchmark S&P/ASX200 index finished Friday 18.2 points lower, or down 0.21 per cent, to 8,505.5 * The broader All Ordinaries lost 17.9 points, or 0.2 per cent, to 8,723.5 CURRENCY SNAPSHOT: One Australian dollar buys: * 64.76 US cents, from 64.71 US cents on Thursday at 5pm * 94.13 Japanese yen, from 93.99 Japanese yen * 56.24 Euro cents, from 56.43 Euro cents * 48.09 British pence, from 48.27 pence * 108.05 NZ cents, from 108.34 NZ cents
Time of India
11 hours ago
- Business
- Time of India
Asian markets drift as Trump mulls Iran strike, oil rises 4% this week; BOJ faces rate hike pressure
Representative image Asian share markets remained uncertain Friday as concerns grew over a possible US military strike on Iran, while oil prices were on track for their third consecutive weekly gain amid rising tensions between Israel and Iran. Overnight, Israel bombed nuclear targets inside Iran, prompting retaliatory missile and drone strikes from Tehran. The intensified week-long air war has shown no signs of de-escalation, fueling market unease. Despite Brent crude slipping 2% to $77.22 per barrel on Friday, it is still headed for a 4% weekly rise, following a sharp 12% surge the previous week. 'The 'two-week deadline' is a tactic Trump has used in other key decisions, including those involving Russia and Ukraine, and tariffs," said Tony Sycamore, analyst at IG, noting past examples like decisions on Russia, Ukraine, and tariffs. 'There is certainly a risk of this happening again, given the complexities of the situation." US markets were closed for the Juneteenth holiday, offering little guidance for Asia. Futures trading in Nasdaq and S&P 500 both dipped 0.3% in Asian hours, reported news agency Reuters. MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.1% but is set for a 1% weekly decline. Japan's Nikkei dropped 0.2%. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch xu hướng AUD/USD? IC Markets Đăng ký Undo China's blue-chip index rose 0.3%, and Hong Kong's Hang Seng climbed 0.5% after the People's Bank of China held benchmark lending rates steady, as expected. In currency markets, the US dollar slipped 0.2% to 145.17 yen following data showing Japan's core inflation hit a two-year high in May. While this added pressure on the Bank of Japan to hike rates, investors largely expect no move until December, with only a 50% probability priced in. The US bond market reopened in Asia after Thursday's closure. Ten-year Treasury yields remained flat at 4.389%, while two-year yields dropped two basis points to 3.925%. In global central bank developments, the Swiss National Bank cut rates to zero, leaving open the possibility of negative rates. The Bank of England held steady but signaled further easing may be needed, while Norway's central bank surprised markets with its first rate cut since 2020. Gold prices fell 0.2% to $3,363 per ounce and are on track for a weekly loss of 2%. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Roya News
13 hours ago
- Business
- Roya News
Oil prices rise as Iran-'Israel' tensions enter 7th day
Oil prices climbed Thursday amid ongoing military escalation between Iran and 'Israel', now in its seventh consecutive day, as concerns over potential US involvement fueled investor caution and heightened volatility in global energy markets. Brent crude futures rose $2.15, or 2.8%, to close at $78.85 per barrel. US West Texas Intermediate (WTI) crude for July delivery gained $1.72, or 2.3%, to settle at $76.86 per barrel. Trading volumes were light in US markets due to holiday, but geopolitical tensions remained the dominant force driving prices. Geopolitical Risk Premium 'There's a healthy risk premium priced in right now,' said Tony Sycamore, an analyst at IG trading platform, noting that markets are bracing for either a US strike on Iran or a diplomatic breakthrough. Goldman Sachs echoed this sentiment, stating that a geopolitical premium of around $10 per barrel is currently justified, citing reduced Iranian oil supply and the rising risk of wider conflict. The bank warned Brent could surge past $90 a barrel if the crisis deepens. Phil Flynn, senior analyst at Price Futures Group, said a return to $60, oil levels seen just a month ago, is unlikely even if the Middle East situation de-escalates, given the current market dynamics. Uncertainty Over US Response Trump stated he had not yet made a final decision on whether to intervene directly against Iran, promising to announce his position within two weeks. Priyanka Sachdeva, an analyst at Phillip Nova, said Trump's unpredictable foreign policy stance "keeps markets jittery, awaiting clearer signals that could impact supply flows and regional stability." RBC Capital's Helima Croft warned that any existential threat to Iran could provoke attacks on oil tankers or regional energy infrastructure, especially if Washington becomes directly involved in the conflict. Iran and the Strait of Hormuz Iran, the third-largest oil producer in OPEC, pumps about 3.3 million barrels per day and plays a crucial role in securing the Strait of Hormuz, a key waterway through which between 18 and 21 million barrels of oil and petroleum products pass daily. Any military disruption could choke global energy flows and send prices soaring. Russia and OPEC+ Reassess Strategy Speaking at the St. Petersburg International Economic Forum, Russian Deputy Prime Minister Alexander Novak reiterated the need to stay the course on production plans under the OPEC+ alliance. He projected rising oil demand in the coming summer months and emphasized the importance of market stability amid geopolitical headwinds.
Observer
a day ago
- Business
- Observer
Oil prices jump after Israel's attack on Iran
BEIJING:Oil prices surged on Thursday after Israel said it attacked Iranian nuclear sites in Natanz and Arak overnight, as investors grappled with fears of a broader conflict in the Middle East that could disrupt crude supplies. Brent crude futures rose 88 cents, or 1.15%, to $77.58 a barrel by 0708 GMT, after gaining 0.3% in the previous session when high volatility saw prices fall as much as 2.7%. US West Texas Intermediate crude for July rose $1.11, or 1.48%, to $76.25 a barrel, after settling up 0.4% in the previous session when it dropped as much as 2.4%. The July contract expires on Friday. The more active August contract rose 92 cents, or 1.25%, to $74.42 a barrel. There is still a "healthy risk premium baked into the price as traders await to see whether the next stage of the Israel-Iran conflict is a US strike or peace talks," said Tony Sycamore, market analyst at IG. Goldman Sachs on Wednesday said a geopolitical risk premium of about $10 a barrel is justified, given lower Iranian supply and risk of wider disruption that could push Brent crude above $90. Trump on Wednesday told reporters that he may or may not decide whether the US will join Israel in its attacks on Iran. The conflict stretched into its seventh day on Thursday. The risk of major energy disruptions will rise if Iran feels existentially threatened, and US entry into the conflict could trigger direct attacks on tankers and energy infrastructure, said RBC Capital's analyst Helima Croft. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day (bpd) of crude oil. About 19 million bpd of oil and oil products move through the Strait of Hormuz along Iran's southern coast, and there is widespread concern the fighting could disrupt trade flows. Separately, the US Federal Reserve kept its interest rates steady on Wednesday but pencilled in two cuts by the end of the year. Chair Jerome Powell said cuts would be "data-dependent." — Reuters
Zawya
a day ago
- Business
- Zawya
Oil prices jump as Israel-Iran conflict enters seventh day
Oil prices rose on Thursday after Israel and Iran continued to exchange missile attacks overnight and U.S. President Donald Trump's stance on the conflict kept investors on edge. Brent crude futures rose $1.06, or 1.4%, to $77.76 a barrel by 1151 GMT. U.S. West Texas Intermediate crude for July was up $1.26, or 1.7%, at $76.40. Brent had surged to its highest in nearly five months at $78.50 on June 13, when Israel began its attacks. The conflict entered its seventh day on Thursday after Israel struck Iranian nuclear sites and Iranian missiles hit an Israeli hospital. There is still a "healthy risk premium baked into the price as traders wait to see whether the next stage of the Israel-Iran conflict is a U.S. strike or peace talks", said Tony Sycamore, analyst at trading platform IG. Goldman Sachs said on Wednesday that a geopolitical risk premium of about $10 a barrel is justified, given lower Iranian supply and risk of wider disruption that could push Brent crude above $90. President Trump told reporters on Wednesday that he had yet to decide whether the U.S. will join Israel in its attacks on Iran. As a result of the unpredictability that has long characterised Trump's foreign policy, "markets remain jittery, awaiting firmer signals that could influence global oil supply and regional stability" said Priyanka Sachdeva, analyst at Phillip Nova. The risk of major energy disruption will rise if Iran feels existentially threatened, and U.S. entry into the conflict could trigger direct attacks on tankers and energy infrastructure, said RBC Capital analyst Helima Croft. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day (bpd) of crude oil. About 18 million to 21 million bpd of oil and oil products move through the Strait of Hormuz along Iran's southern coast and there is widespread concern the fighting could disrupt trade flows. Separately, the U.S. Federal Reserve kept interest rates steady on Wednesday but pencilled in two cuts by the end of the year. Lower interest rates could stimulate the economy, helping to support demand for oil. On the supply side, U.S. crude stockpiles fell sharply last week, registering the largest decline in a year, the Energy Information Administration said on Wednesday. Russia, the U.S. and Saudi Arabia could act jointly to stabilise oil markets if needed, Russia's investment envoy Kirill Dmitriev told Reuters.
