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Australian shares are being tipped to open lower, with ASX 200 futures now -0.29%, after Donald Trump demanded Iran’s unconditional surrender and warned he was looking for a way to find a “real end” to the conflict.
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U.S. traders – many of whom had been hopeful yesterday – backed away from securities on Trump’s threats. The S&P 500 dropped -0.8%; the Dow Jones lost -0.7%.
There are still simmering fears that the U.S. may yet join the fight, with the country moving a third destroyer into the eastern Mediterranean Sea overnight.
Should that occur, Iran has pledged to strike U.S. bases in the Middle East.
While stocks may be down, all this has supercharged oil prices again: Crude futures have popped more than +5.2% to 9am Sydney time, to around $76.95 a barrel – straight back to where prices had been closing out Week 24.
And, investors Down Under seem to be rethinking U.S. exposure, especially after particularly weak economic data regarding retail sales, tariff anxiety, and more.
Maybe, we’ll even see another “Sell America” campaign should things get any worse.
It’s relatively quiet at home, though Boss Energy (ASX:BOE) – which has already enjoyed a bumper jump in share value this week – is today celebrating its Honeymoon uranium operations in South Australia hitting guidance.
And, Nordic Resources (ASX:NNL) has verified “substantial” new gold mineralisation at its Hirsikangas Project in a largely unexplored magnetic anomaly.
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Looking at forex, the Aussie dollar is buying 64.7 US cents.
To commodities, which are in the greenback,
Iron Ore keeps on in its slump, down -1.2% to $92.90 a tonne in Singapore,
Gold has best-benefited from all the mid-Week 25 uncertainty, holding its value at around $3,397 and looking like it may add more before long,
Brent Crude has, as noted, leaped +5% to $76.94,
US natgas futures are at $3.87/gigajoule after adding +3.4%.
That’s Market Open, I’m Isaac McIntyre, stick with us for HotCopper’s Market Update.
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