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Welcome to HotCopper’s The ASX Today, I’m Seja Al Zaidi. It’s Thursday of Week 23, and Australian investors have hit the sell button as geopolitical nerves and a sharp drop in iron ore weigh heavily on the market.
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The ASX 200 is down around 1.3% early this afternoon, extending the market’s recent weakness as traders move into a risk-off mindset.
The big theme today is uncertainty. Fresh tensions between the States and Iran have reignited concerns about stability in the Middle East, prompting investors to rotate away from risk assets and back into defensive sectors.
At the same time, iron ore is at a two-month low after exports from Guinea’s massive Simandou project surged, raising concerns about a future supply flood.
That combo has put heavy pressure on Australia’s mining giants. Fortescue is down -3.7%, while BHP and Rio Tinto have fallen -3% after recent highs. The weakness has also spread to the Big 4 banks as well. Commonwealth Bank is down 1.1% today; Westpac has lost 2.3%, NAB is off 1.7%, and ANZ slipped 1.3%.
Gold miners are also struggling, with Northern Star falling -5%.
In contrast, defensive names have held up well. CSL is up 0.5%, ResMed has gained 2%, and Woolworths is slightly higher today.
One standout performer today is Endeavour. The Dan Murphy’s owner jumped 3.3% after Citi upgraded the stock to a “Buy” rating, pointing to potential market share gains despite a challenging consumer environment.
Also in company news, Treasury Wine Estates was the session’s star, soaring almost 11% after unveiling a major strategic overhaul at its investor day. Treasury says it will narrow its focus to just 10 key brands, expand its low and zero-alcohol offering and review its underperforming U.S. operations.
Elsewhere, IperionX slipped 2.9% despite releasing a feasibility study for its Titan project in Tennessee, which outlined an after-tax valuation of ~US$800 million.
Away from equities, there are signs AI is beginning to reshape Australia’s labour market. A Deloitte report suggests hiring is already slowing in a range of AI-exposed occupations, although widespread job losses have yet to emerge.
That’s The ASX Today, I’m Seja Al Zaidi – I’ll see you tomorrow.
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