The ASX 200 fell another 69 points to 8428 (0.8%) for a weekly loss of around 2.2%. Today we saw the banking sector come under a little pressure. CBA fell 1.0% and the Big Bank Basket dropped to $298.51 (%). NAB was the biggest loser off 2.3%. Financials were mixed, GQG rose 2.4%, SOL fell 1.0% and HUB dropped 2.4%. REITs were flat lining, industrials mixed, WES slipped another 0.8% with retail under pressure, JBH down 4.1% and WOW dipping 0.9% after defensive buying shifted. TLS off 0.2% and SGH falling 2.4% with QAN still falling 1.1%. Tech was mixed, WTC and TNE better with the All-Tech Index down 0.2%.

Resources were down but not out today. BHP and RIO slid, off 1.8% and 2.9% respectively, lithium stock finding their feet with EV demand expected to grow on oil pressures. Gold miners eased but not dramatically, EVN up 1.6% and GGP off 7.3% with GMD actually 2.2% better. BSL rallied 4.3% with PLS stabilising. Up 2.4%. Coal stocks better again with WHC up %. WDS pushing ahead again, up 1.0% but STO flat. Uranium stocks mixed.

In corporate news, COL rallied another 0.8% on fuel levy news, FLT made a UK acquisition and PMV fell 4.3% after a mixed first half. Smiggle seems to be struggling.

Nothing on the economic front.

10-year yields higher at 5.0%.

Asian markets mixed on higher oil prices, Japan closed. HK down 0.7% and China up 0.8%

US Options and Futures expiry tonight. Dow Futures up 98 Nasdaq futures up 17.

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US equity indices pared significant session losses on Thursday as the S&P 500 and Nasdaq ended down just 0.2% while the Dow Jones declined 0.3% following a recovery from four-month lows. Volatility across asset classes eased as US oil retreated toward $94 per barrel after Israeli Prime Minister Benjamin Netanyahu stated that Israel is assisting the US in reopening the vital Strait of Hormuz. These developments tempered earlier stagflation fears as investors weighed comments from US President Donald Trump and Treasury Secretary Scott Bessent regarding diplomatic efforts to restore global energy supply chains. In corporate news Micron Technology shares fell 3.8% despite a strong revenue forecast as investors focused on high production spending plans while other tech heavyweights like Meta (-1.4%) and Nvidia (-1%) also faced pressure. Treasury yields rebounded from their worst point of the session as bonds bounced from lows following these geopolitical updates.

SPI down 5 - Oil slips - Gold and commodities fall

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The ASX 200 fell 143 points to 8498 (1.7%), its lowest level in four months. $265bn has now been wiped off the index since the halcyon days of February. It is all about the oil price and the realisation that this war could really drag on longer, and Trump seems to have lost control of the narrative, even to the point of distancing himself from Israeli actions. Oil heads high, equities head lower. Resources bore the brunt of the selling as gold miners were thrown out with the bathwater, NST fell 9.5% and NEM off 5.8%. All sectors in metals under pressure. The big three iron ore stocks fell hard, with BHP down 3.5% and FMG falling 3.4%. Lithium stocks and rare earths also collapsed with only oil and gas doing ok. WDS up 7.2% and STO rising 3.4%. Even BPT was better. Uranium stocks slid, coal stocks better, NHC up 5.3% and WHC up 2.3%.

Banks held the line, the Big Bank Basket down to $302.13 (-0.2%). Supermarkets too showed their defensive qualities, though retail fell hard. JBH down 2.4% and WES falling another 2.1%. Healthcare also sold off, CSL down again and RMD fell 1.8%. Tech crumbled again, WTC off 7.0% and the All-Tech Index down 2.6%.

In corporate news, LYC lost 2.1% despite reporting the first production of samarium oxide at its Malaysian processing facility. BOE dropped 6.8% even as it increased the uranium resource at its Gould’s Dam and Jason’s satellite deposits in South Australia.

And ORA dropped 2.5% as it appointed Paul Victor as CFO.

In economic news, jobs data showed a solid 48,000 gain in employment, but the unemployment rate rising to 4.3%. The gain in employment during the month was part-time, which rose by 79,000 jobs, while full-time employment fell by 30,000.

10-year yields higher at 4.97%.

Asian markets fell on higher oil prices, Japan off 3.2%, HK down 1.7% and China down 1.0%.

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