Aussie shares bounce as US president offers TACO hope
The US president has dialled down his threats to "obliterate" Iran's power grid, giving the Australian stock market time to breathe - for now.
The US president has dialled down his threats to "obliterate" Iran's power grid, giving the Australian stock market time to breathe - for now.
Markets have welcomed a US deadline extension on its latest threats against Iran, but ongoing oil supply constraints continue to weigh on confidence.
Iran has fired more missiles at Israel and trashed President Donald Trump's claim the US is in talks to end the war, saying he's just manipulating the markets.
A potential de-escalation of the US-Iran conflict is fanning a relief rally on the local bourse, but detail is scant and a key oil transit lane remains closed.
The Australian stock market has fallen to its lowest level since November, with heavy losses for goldminers as the yellow metal fell to $US4,850.
The bourse is down for a third straight week with more than $270 billion wiped from its market value since US attacks on Iran sparked an energy market crisis.
Australia's mining sector is under renewed pressure, after gold tumbled to a two-month low as oil prices skyrocket and hammer hopes for global growth.
The local bourse is making a tentative advance after a relatively quiet night for oil prices, ahead of a national cabinet meeting to discuss fuel supplies.
Oil prices have surged as the Middle East conflict escalates, overshadowing a plan to release millions of barrels of crude reserves to shore up supply.
A global energy watchdog has released a record emergency release of crude as it warns the US-Israeli war on Iran is causing the biggest oil shock in history.
Hopes of a timely end to the Middle East conflict sparked a relief rally on the local bourse, but the optimism was limited, capping gains by the close.
Volatile oil prices continue to dictate stock market sentiment with the local bourse trading higher on hopes tapping reserves could shore up crude supply.
The ASX200 has dropped almost three per cent, wiping out all its gains for the year amid the spiralling war in Iran.
Strength in energy, mining and consumer staples stocks has capped the impact of US-led attacks against Iran on the local bourse, but major uncertainty remains.
Australia's share market has plunged as surging oil prices dimmed the global growth outlook and dragged on industrial metals producers.
Hopes of potential de-escalation in the Middle East and US assurances around crude supply have supported a lift in equities, despite a fresh wave of attacks.
Australia's share market has posted its worst weekly drop in almost a year, as oil prices continue to surge on the back of widening conflict in the Middle East.
The local bourse's value has swelled by about $85 billion in February to record highs, swept up by strong interim financial results and commodity prices.
The washout in precious metals does not appear over, with gold miners still under pressure and dragging on the raw materials sector.
Shares in Australia's biggest bank have soared to a three-month high after it beat earnings expectations with "a really clean set of numbers".
All 11 locals sectors have dragged the bourse lower in its worst trading session since Donald Trump announced his Liberation Day tariffs in 2025.
Red-hot mining stocks have eased after a recent rally as other sectors catch up, helping the bourse to a modest advance by noon despite ongoing uncertainty.
The ASX200 finished up half a per cent, with goldminers gaining as the metal surged to a new record, while insurance companies fell amid bushfires in Victoria.
Raw materials and energy stocks are supporting the local bourse, but most other sectors are in the red as the shaky start to the new year continues.
Global tailwinds and relative interest rates are supporting the Australian dollar but trade uncertainty means a cheap overseas holiday is anything but certain.
Hopes of a much-anticipated Santa rally are beginning to crystallise, after the local bourse hit its highest price in six weeks and gold notched a record.
Global tailwinds have swept up the local bourse, despite worries Australia's economic soft landing will lead to interest rate hikes in 2026.
A drop in defence stocks have led European markets lower, while comments from the Bank of Japan governor have lifted the yen and bond yields.
A gloomy inflation outlook from the Reserve Bank has further dampened hopes of interest rate cuts, dragging on confidence and the Australian bourse.
The ASX200 has lost 1.4 per cent to finish the week down 1.5 per cent, its worst week in since early April.
A potential end to the longest US government shutdown in history has buoyed investor spirits, supporting a rebound from last week's sell-off.