Oil Prices Climb Amid Geopolitical Tensions
\nAustralian shares are eyeing a softer start as Brent crude prices pushed past a key threshold, moving back above a closely watched level for the first time since May. The surge in oil prices is attributed to tensions in the Middle East and concerns regarding Russian supply.
\nIran claimed that tanker mine strikes occurred in the Strait of Hormuz. The country also stated it had rebuilt and expanded its air defenses in anticipation of renewed US strikes. Nuclear talks remain stalled as these developments unfold.
\nIn the United States, lawmakers moved to block a deal allowing Russian diesel imports. This political maneuvering coincides with the S&P 500 energy sector climbing to a record high. ExxonMobil cited conflict-driven disruptions to Iranian and Russian supply as a boost to its refining earnings.
\n\nUS Markets Experience Tech Rout
\nASX 200 futures point to a modest slip following Wall Street’s tech rout, which capped the worst week for the sector since June. Semiconductor stocks fell for an eighth straight session, marking the longest streak since the global financial crisis.
\nMicron, AMD, Broadcom, and Intel slid sharply during this period. CoreWeave lost about a quarter of its value as anxiety over its credit stress grew. The cost of insuring CoreWeave’s debt against default jumped significantly.
\nMarket volatility increased as the VIX climbed to its highest level since June. A widely watched sentiment index slid into extreme fear territory. South Korea’s Kospi suffered its worst week since the global financial crisis.
\n\nBendigo Bank Reports Mixed Results
\nBendigo and Adelaide Bank (ASX:BEN) posted a quarterly update described as a \"two-sided story.\" The bank's performance is being highlighted alongside updates from Challenger and Arena REIT in current market coverage.
\n\nCommodities Show Mixed Performance
\nCopper finished flat after giving back early gains. Copper miners followed the metal lower by the close of trading