ASX set to slide, Middle East attacks trigger Wall Street slump; Oil prices surge
The S&P 500 sank 1.1 per cent and wiped out what had been a modest gain for the week. The Dow Jones Industrial Average dropped 769 points, or 1.8 per cent, and the Nasdaq composite lost 1.3 per cent.
The Australian sharemarket is set to retreat, with futures on Saturday pointing to a loss of 23 points, or 0.3 per cent, at the open. The Australian dollar retreated. It was fetching 64.85 US cents at 5.21am AEST.
The strongest action was in the oil market, where the price of a barrel of benchmark US crude jumped 7.3 per cent to $US72.98. Brent crude, the international standard, rose 7 per cent to $US74.23 for a barrel.
Iran is one of the world's major producers of oil, though sanctions by Western countries have limited its sales. If a wider war erupts, it could slow the flow of Iran's oil to its customers and keep the price of crude and petrol higher for everyone worldwide.
Beyond the oil coming from Iran, analysts also pointed to the potential for disruptions in the Strait of Hormuz, a relatively narrow waterway off Iran's coast. Much of the world's oil that's been pulled from the ground moves through it on ships.
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Past attacks involving Iran and Israel have seen prices for oil spike initially, only to fall later 'once it became clear that the situation was not escalating and there was no impact on oil supply,' according to Richard Joswick, head of near-term oil at S&P Global Commodity Insights.
That has Wall Street waiting to see what will come next. US stock prices dropped to their lowest points for the day after Iran launched ballistic missiles toward Israel.
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Perth Now
29 minutes ago
- Perth Now
Australian shares gain as deal averts trade war fears
The local share market has moved higher after the US and the European Union agreed on a preliminary trade deal over the weekend, apparently avoiding the threat of a global trade war. At noon AEDT on Monday, the benchmark S&P/ASX200 index was up 26.8 points, or 0.31 per cent, to 8,693.7, while the broader All Ordinaries had gained 25.4 points, or 0.28 per cent, to 8,958.3. During a meeting at Donald Trump's Scottish golf course, the US president and his EU counterpart announced they had reached agreement on the framework for a trade deal, days before a US-imposed Friday deadline to strike a bargain. The details remained vague and nebulous, however. Traders were also watching for this week's Federal Reserve meeting. Despite Mr Trump's threats, a rate cut is seen as unlikely, with the futures market giving it just three per cent implied odds. ANZ's research team said it would be looking at any tweaks to the language of the rate-setting Federal Open Market Committee statement, as well as comments from Fed chair Jerome Powell that might signal the September meeting is "live" for a rate cut. Closer to home, the Australian Bureau of Statistics on Wednesday will release second-quarter inflation data that could determine whether the Reserve Bank cuts rates next month. Eight of the ASX's 11 sectors were higher at midday, with energy, materials and utilities lower. In the energy sector, Boss Energy had plunged 41.5 per cent to a more than three-year low of $1.99 after the uranium producer flagged higher costs and other challenges at its Honeywell uranium mine in South Australia, which resumed production last year. Other uranium companies were lower as well, with Deep Yellow dropping 7.1 per cent and Paladin retreating 3.9 per cent. In the materials sector, BHP was down 0.9 per cent, Rio Tinto had lost 1.1 per cent and Fortescue had retreated 0.5 per cent. All of the big four banks were higher, however, with CBA, ANZ and NAB all expanding 0.6 per cent and Westpac growing 0.3 per cent. WiseTech Global was down 0.2 per cent as the logistics platform named a new chief executive. The Australian dollar was buying 65.75 US cents, from 65.81 US cents at 5pm on Friday.
News.com.au
29 minutes ago
- News.com.au
Lunch Wrap: ASX jumps higher, but Boss Energy smoked and coal gets legal smack
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ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for July 28 : Code Name Price % Change Volume Market Cap BOE Boss Energy Ltd 1.955 -43% 53,930,006 $1,410,733,137 MOM Moab Minerals Ltd 0.001 -33% 44,000 $2,811,999 TMX Terrain Minerals 0.002 -33% 352,454 $7,595,443 MTB Mount Burgess Mining 0.005 -29% 2,887,613 $2,979,468 AOA Ausmon Resorces 0.002 -25% 4,330,025 $2,622,427 EDE Eden Inv Ltd 0.002 -25% 2,625,071 $8,219,762 HLX Helix Resources 0.002 -25% 2,140,006 $6,728,387 NIM Nimyresourceslimited 0.070 -23% 3,341,865 $21,883,752 AZL Arizona Lithium Ltd 0.007 -22% 5,018,025 $48,422,830 REZ Resourc & En Grp Ltd 0.015 -21% 3,357,968 $14,201,979 ERA Energy Resources 0.002 -20% 128,350 $1,013,490,602 MRD Mount Ridley Mines 0.002 -20% 100,000 $1,946,223 TMK TMK Energy Limited 0.002 -20% 5,125,666 $25,555,958 DAF Discovery Alaska Ltd 0.013 -19% 20,001 $3,747,755 GTE Great Western Exp. 0.013 -19% 3,323,194 $9,084,127 IS3 I Synergy Group Ltd 0.009 -18% 1,768,680 $18,769,299 ASM Ausstratmaterials 0.593 -18% 2,489,026 $145,689,194 SMM Somerset Minerals 0.015 -17% 10,316,361 $11,611,449 UNT Unith Ltd 0.005 -17% 2,643,048 $8,872,713 VEN Vintage Energy 0.005 -17% 94,260 $12,521,482 ALB Albion Resources 0.096 -17% 4,075,427 $15,172,333 SUM Summitminerals 0.041 -16% 1,055,178 $4,340,228 FTI Fortifai Ltd 0.140 -15% 150,871 $24,203,497 Boss Energy (ASX:BOE) got absolutely smoked, down 42% after waving a red flag over its Honeymoon uranium project. 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While QPM Energy, Magnetic Resources, Titanium Sands and ClearVue Technologies are Stockhead advertisers, they did not sponsor this article.
The Advertiser
an hour ago
- The Advertiser
S&P 500, Nasdaq strong; Deckers soars on UGG demand
The S&P 500 and Nasdaq notched record high closes, lifted by optimism that the US could soon reach a trade deal with the European Union, while Deckers Outdoor surged following a strong quarter for the maker of UGG boots and Hoka sneakers. European Commission President Ursula von der Leyen will meet US President Donald Trump on Sunday in Scotland after EU officials and diplomats said they expected to reach a framework trade deal this weekend. Trump said earlier that the odds of a US-EU trade deal were "50-50". Deckers Outdoor soared 11 per cent after results beat quarterly estimates, with strong demand in international markets. Intel tumbled 8.5 per cent after the chipmaker forecast steeper quarterly losses than expected and announced plans to slash jobs. Wall Street has surged to record highs in recent weeks, thanks to upbeat quarterly earnings, trade deals with Japan and the Philippines, and expectations that the White House will cement more agreements to avoid elevated tariffs threatened by Trump. "The market has been anticipating that the deals are going to get done," said Thomas Martin, Senior Portfolio Manager at GLOBALT in Atlanta. "Personally, I have a bit more scepticism. You've got to be careful, because if they don't get done, there is more room for disappointment than there is upside." The S&P 500 climbed 0.40 per cent to end the session at 6,388.64 points. The Nasdaq gained 0.24 per cent to 21,108.32 points, while the Dow Jones Industrial Average rose 0.47 per cent to 44,901.92 points. Nine of the 11 S&P 500 sector indexes rose, led by materials, up 1.17 per cent, followed by a 0.98 per cent gain in industrials. For the week, the S&P 500 climbed 1.5 per cent, the Nasdaq added 1.0 per cent and the Dow rose 1.3 per cent. The S&P 500 set a closing record every day this week. The last time the index had a "perfect week" of closing highs, Monday through Friday, was in November 2021, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Investors next week will focus on the US Federal Reserve, with policymakers on Thursday expected to hold interest rates steady as the central bank weighs the impact of tariffs on inflation. Traders see about a 60 per cent chance of a rate cut in September, according to CME's FedWatch tool. Trump said on Friday he believed that Fed Chair Jerome Powell might be ready to lower rates. Trump made a rare visit to the Fed on Thursday after calling Powell a "numbskull" earlier in the week for failing to slash rates. Charter Communications slumped 18 per cent after the cable giant reported a deeper-than-expected broadband subscriber loss, hurt by competition from wireless carriers bundling high-speed internet services with 5G mobile plans. Paramount Global dipped 1.6 per cent after US regulators approved its $US8.4-billion ($A12.8 billion) merger with Skydance Media. Health insurer Centene rose 6.1 per cent after it said it expects to deliver improved profitability in its three government-backed healthcare insurance businesses in 2026. S&P 500 companies are expected on average to increase their second-quarter earnings by 7.7 per cent year over year, according to LSEG I/B/E/S, with most of those gains coming from heavyweight tech-related companies. Companies reporting next week include Microsoft , Apple, Amazon and Meta Platforms . Advancing issues outnumbered falling ones within the S&P 500 by a two-to-one ratio. The S&P 500 posted 45 new highs and 6 new lows; the Nasdaq recorded 68 new highs and 54 new lows. Volume on US exchanges was relatively light, with 17.7 billion shares traded, compared to an average of 18.1 billion shares over the previous 20 sessions. The S&P 500 and Nasdaq notched record high closes, lifted by optimism that the US could soon reach a trade deal with the European Union, while Deckers Outdoor surged following a strong quarter for the maker of UGG boots and Hoka sneakers. European Commission President Ursula von der Leyen will meet US President Donald Trump on Sunday in Scotland after EU officials and diplomats said they expected to reach a framework trade deal this weekend. Trump said earlier that the odds of a US-EU trade deal were "50-50". Deckers Outdoor soared 11 per cent after results beat quarterly estimates, with strong demand in international markets. Intel tumbled 8.5 per cent after the chipmaker forecast steeper quarterly losses than expected and announced plans to slash jobs. Wall Street has surged to record highs in recent weeks, thanks to upbeat quarterly earnings, trade deals with Japan and the Philippines, and expectations that the White House will cement more agreements to avoid elevated tariffs threatened by Trump. "The market has been anticipating that the deals are going to get done," said Thomas Martin, Senior Portfolio Manager at GLOBALT in Atlanta. "Personally, I have a bit more scepticism. You've got to be careful, because if they don't get done, there is more room for disappointment than there is upside." The S&P 500 climbed 0.40 per cent to end the session at 6,388.64 points. The Nasdaq gained 0.24 per cent to 21,108.32 points, while the Dow Jones Industrial Average rose 0.47 per cent to 44,901.92 points. Nine of the 11 S&P 500 sector indexes rose, led by materials, up 1.17 per cent, followed by a 0.98 per cent gain in industrials. For the week, the S&P 500 climbed 1.5 per cent, the Nasdaq added 1.0 per cent and the Dow rose 1.3 per cent. The S&P 500 set a closing record every day this week. The last time the index had a "perfect week" of closing highs, Monday through Friday, was in November 2021, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Investors next week will focus on the US Federal Reserve, with policymakers on Thursday expected to hold interest rates steady as the central bank weighs the impact of tariffs on inflation. Traders see about a 60 per cent chance of a rate cut in September, according to CME's FedWatch tool. Trump said on Friday he believed that Fed Chair Jerome Powell might be ready to lower rates. Trump made a rare visit to the Fed on Thursday after calling Powell a "numbskull" earlier in the week for failing to slash rates. Charter Communications slumped 18 per cent after the cable giant reported a deeper-than-expected broadband subscriber loss, hurt by competition from wireless carriers bundling high-speed internet services with 5G mobile plans. Paramount Global dipped 1.6 per cent after US regulators approved its $US8.4-billion ($A12.8 billion) merger with Skydance Media. Health insurer Centene rose 6.1 per cent after it said it expects to deliver improved profitability in its three government-backed healthcare insurance businesses in 2026. S&P 500 companies are expected on average to increase their second-quarter earnings by 7.7 per cent year over year, according to LSEG I/B/E/S, with most of those gains coming from heavyweight tech-related companies. Companies reporting next week include Microsoft , Apple, Amazon and Meta Platforms . Advancing issues outnumbered falling ones within the S&P 500 by a two-to-one ratio. The S&P 500 posted 45 new highs and 6 new lows; the Nasdaq recorded 68 new highs and 54 new lows. Volume on US exchanges was relatively light, with 17.7 billion shares traded, compared to an average of 18.1 billion shares over the previous 20 sessions. The S&P 500 and Nasdaq notched record high closes, lifted by optimism that the US could soon reach a trade deal with the European Union, while Deckers Outdoor surged following a strong quarter for the maker of UGG boots and Hoka sneakers. European Commission President Ursula von der Leyen will meet US President Donald Trump on Sunday in Scotland after EU officials and diplomats said they expected to reach a framework trade deal this weekend. Trump said earlier that the odds of a US-EU trade deal were "50-50". Deckers Outdoor soared 11 per cent after results beat quarterly estimates, with strong demand in international markets. Intel tumbled 8.5 per cent after the chipmaker forecast steeper quarterly losses than expected and announced plans to slash jobs. Wall Street has surged to record highs in recent weeks, thanks to upbeat quarterly earnings, trade deals with Japan and the Philippines, and expectations that the White House will cement more agreements to avoid elevated tariffs threatened by Trump. "The market has been anticipating that the deals are going to get done," said Thomas Martin, Senior Portfolio Manager at GLOBALT in Atlanta. "Personally, I have a bit more scepticism. You've got to be careful, because if they don't get done, there is more room for disappointment than there is upside." The S&P 500 climbed 0.40 per cent to end the session at 6,388.64 points. The Nasdaq gained 0.24 per cent to 21,108.32 points, while the Dow Jones Industrial Average rose 0.47 per cent to 44,901.92 points. Nine of the 11 S&P 500 sector indexes rose, led by materials, up 1.17 per cent, followed by a 0.98 per cent gain in industrials. For the week, the S&P 500 climbed 1.5 per cent, the Nasdaq added 1.0 per cent and the Dow rose 1.3 per cent. The S&P 500 set a closing record every day this week. The last time the index had a "perfect week" of closing highs, Monday through Friday, was in November 2021, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Investors next week will focus on the US Federal Reserve, with policymakers on Thursday expected to hold interest rates steady as the central bank weighs the impact of tariffs on inflation. Traders see about a 60 per cent chance of a rate cut in September, according to CME's FedWatch tool. Trump said on Friday he believed that Fed Chair Jerome Powell might be ready to lower rates. Trump made a rare visit to the Fed on Thursday after calling Powell a "numbskull" earlier in the week for failing to slash rates. Charter Communications slumped 18 per cent after the cable giant reported a deeper-than-expected broadband subscriber loss, hurt by competition from wireless carriers bundling high-speed internet services with 5G mobile plans. Paramount Global dipped 1.6 per cent after US regulators approved its $US8.4-billion ($A12.8 billion) merger with Skydance Media. Health insurer Centene rose 6.1 per cent after it said it expects to deliver improved profitability in its three government-backed healthcare insurance businesses in 2026. S&P 500 companies are expected on average to increase their second-quarter earnings by 7.7 per cent year over year, according to LSEG I/B/E/S, with most of those gains coming from heavyweight tech-related companies. Companies reporting next week include Microsoft , Apple, Amazon and Meta Platforms . Advancing issues outnumbered falling ones within the S&P 500 by a two-to-one ratio. The S&P 500 posted 45 new highs and 6 new lows; the Nasdaq recorded 68 new highs and 54 new lows. Volume on US exchanges was relatively light, with 17.7 billion shares traded, compared to an average of 18.1 billion shares over the previous 20 sessions. The S&P 500 and Nasdaq notched record high closes, lifted by optimism that the US could soon reach a trade deal with the European Union, while Deckers Outdoor surged following a strong quarter for the maker of UGG boots and Hoka sneakers. European Commission President Ursula von der Leyen will meet US President Donald Trump on Sunday in Scotland after EU officials and diplomats said they expected to reach a framework trade deal this weekend. Trump said earlier that the odds of a US-EU trade deal were "50-50". Deckers Outdoor soared 11 per cent after results beat quarterly estimates, with strong demand in international markets. Intel tumbled 8.5 per cent after the chipmaker forecast steeper quarterly losses than expected and announced plans to slash jobs. Wall Street has surged to record highs in recent weeks, thanks to upbeat quarterly earnings, trade deals with Japan and the Philippines, and expectations that the White House will cement more agreements to avoid elevated tariffs threatened by Trump. "The market has been anticipating that the deals are going to get done," said Thomas Martin, Senior Portfolio Manager at GLOBALT in Atlanta. "Personally, I have a bit more scepticism. You've got to be careful, because if they don't get done, there is more room for disappointment than there is upside." The S&P 500 climbed 0.40 per cent to end the session at 6,388.64 points. The Nasdaq gained 0.24 per cent to 21,108.32 points, while the Dow Jones Industrial Average rose 0.47 per cent to 44,901.92 points. Nine of the 11 S&P 500 sector indexes rose, led by materials, up 1.17 per cent, followed by a 0.98 per cent gain in industrials. For the week, the S&P 500 climbed 1.5 per cent, the Nasdaq added 1.0 per cent and the Dow rose 1.3 per cent. The S&P 500 set a closing record every day this week. The last time the index had a "perfect week" of closing highs, Monday through Friday, was in November 2021, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Investors next week will focus on the US Federal Reserve, with policymakers on Thursday expected to hold interest rates steady as the central bank weighs the impact of tariffs on inflation. Traders see about a 60 per cent chance of a rate cut in September, according to CME's FedWatch tool. Trump said on Friday he believed that Fed Chair Jerome Powell might be ready to lower rates. Trump made a rare visit to the Fed on Thursday after calling Powell a "numbskull" earlier in the week for failing to slash rates. Charter Communications slumped 18 per cent after the cable giant reported a deeper-than-expected broadband subscriber loss, hurt by competition from wireless carriers bundling high-speed internet services with 5G mobile plans. Paramount Global dipped 1.6 per cent after US regulators approved its $US8.4-billion ($A12.8 billion) merger with Skydance Media. Health insurer Centene rose 6.1 per cent after it said it expects to deliver improved profitability in its three government-backed healthcare insurance businesses in 2026. S&P 500 companies are expected on average to increase their second-quarter earnings by 7.7 per cent year over year, according to LSEG I/B/E/S, with most of those gains coming from heavyweight tech-related companies. Companies reporting next week include Microsoft , Apple, Amazon and Meta Platforms . Advancing issues outnumbered falling ones within the S&P 500 by a two-to-one ratio. The S&P 500 posted 45 new highs and 6 new lows; the Nasdaq recorded 68 new highs and 54 new lows. Volume on US exchanges was relatively light, with 17.7 billion shares traded, compared to an average of 18.1 billion shares over the previous 20 sessions.
