ASX edges lower after Trump's Tehran warning; Gold, uranium stocks advance
The Australian sharemarket was treading cautiously on Tuesday after US President Donald Trump called for the evacuation of Tehran, in comments that contrasted with earlier optimism that Israel's war against Iran wouldn't escalate into a wider conflict.
Swinging between minor gains and losses, the S&P/ASX 200 was down 10.8 points, or 0.1 per cent, at 8537.20 as of 1.31pm AEST. It had added just 1 point on Monday. The Australian dollar was up 0.1 per cent at US65.31¢ at lunchtime.
US futures were down and oil climbed almost 2 per cent following Trump's comments in a social media post from the Group of Seven leaders' summit in Alberta, Canada. It wasn't clear what he was referring to but hours earlier, Trump had said Iran wanted to make a deal, sparking hopes the fighting could remain contained and pushing Wall Street higher in its session overnight.
Trump earlier said Iran wanted to talk about de-escalating the conflict with Israel even as the two sides exchanged fire for the fourth consecutive day. Asked if the US would get more involved militarily, the US leader said he didn't want to discuss it. However, he is cutting short his visit to the G7, according to the White House, and returning to Washington.
From the world stage back to the local sharemarket, miners, tech and energy stocks gained, holding up the ASX, while the big four banks and utilities were down.
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Gold miners rose as Trump's warning boosted demand for havens. Bullion rose as much as 0.4 per cent to top $US3400 an ounce, following a 1.4 per cent slide on Monday, which was the biggest daily decline in a month. Northern Star Resources shares rose 2.1 per cent, Evolution Mining gained 1 per cent and Newmont Corporation gained 2.7 per cent.
The iron ore heavyweights were mixed, with BHP down 0.5 per cent, while Fortescue and Rio Tinto up 0.1 per cent and 0.2 per cent, respectively.
A rally in uranium producers boosted the energy sector after Canadian asset manager Sprott said it would buy some $US200 million ($306 million) worth of the metal for its dedicated physical uranium trust. Paladin Energy climbed 6.2 per cent, Boss Energy gained 6.1 per cent and Deep Energy jumped 8.6 per cent.
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The Advertiser
29 minutes ago
- The Advertiser
Trump seeks 'real end' to nuclear problem with Iran
US President Donald Trump said he wanted a "real end" to the nuclear problem with Iran and indicated he may send senior American officials to meet with the Islamic Republic as the Israel-Iran air war raged for a fifth straight day. He made the comments during his midnight departure from Canada, where he attended the Group of Seven nations summit on Monday, according to comments posted by a CBS News reporter on social media platform X. Trump predicted that Israel would not be easing its attacks on Iran. "You're going to find out over the next two days. You're going to find out. Nobody's slowed up so far," the CBS journalist quoted Trump as saying on Air Force One. He said "I may", on the prospect of sending US Middle East Envoy Steve Witkoff or Vice President JD Vance to meet with Iran. Washington has said Trump was still aiming for a nuclear deal with Iran, even as the military confrontation unfolds. World leaders meeting at the Group of Seven summit called for a de-escalation of the worst-ever conflict between the regional foes, saying Iran was a source of instability and must never have a nuclear weapon while affirming Israel's right to defend itself. Trump, who left the summit early due to the Middle East situation, said his departure had "nothing to do with" working on a deal between Israel and Iran after French President Emmanuel Macron said the US had initiated a ceasefire proposal. "Wrong! He has no idea why I am now on my way to Washington, but it certainly has nothing to do with a Cease Fire. Much bigger than that," Trump wrote on his Truth Social platform late on Monday. Israel launched its air war with a surprise attack that has killed nearly the entire top echelon of Iran's military commanders and its leading nuclear scientists. It says it now has control of Iranian airspace and intends to escalate the campaign in the coming days. Trump has consistently said the Israeli assault could end quickly if Iran agreed to US demands that it accept strict curbs on its nuclear program. "Simply stated, IRAN CAN NOT HAVE A NUCLEAR WEAPON. I said it over and over again! Everyone should immediately evacuate Tehran!" Trump said on Monday. Iran's Revolutionary Guards said on Tuesday that a "more powerful" new wave of missiles was recently launched towards Israel, the state news agency reported. A senior Iranian army commander said a new wave of drones would hit Israel. Three people were killed and four injured in Iran's central city of Kashan in an Israeli attack, Iran's Nournews reported on Tuesday. Iranian media also reported explosions and heavy air defence fire in Tehran early on Tuesday, with smoke rising in the city's east after an explosion of suspected Israeli projectiles. Air defences were activated also in Natanz, home to key nuclear installations 320km away, the Asriran news website reported. Israel's military said on Tuesday that it killed Iran's wartime chief of staff. Israel also said it carried out extensive strikes on Iranian military targets including weapons storage sites and missile launchers. Iranian officials have reported 224 deaths, mostly civilians, while Israel said 24 civilians had been killed. Israeli Finance Minister Bezalel Smotrich said nearly 3000 Israelis had been evacuated due to damage from Iranian strikes. Sources told Reuters that Tehran had asked Oman, Qatar and Saudi Arabia to urge Trump to pressure Israeli Prime Minister Benjamin Netanyahu to agree to an immediate ceasefire. In return, Iran would show flexibility in nuclear negotiations, according to two Iranian and three regional sources. "If President Trump is genuine about diplomacy and interested in stopping this war, next steps are consequential," Iranian Foreign Minister Abbas Araqchi said on X. "Israel must halt its aggression, and absent a total cessation of military aggression against us, our responses will continue." with AP US President Donald Trump said he wanted a "real end" to the nuclear problem with Iran and indicated he may send senior American officials to meet with the Islamic Republic as the Israel-Iran air war raged for a fifth straight day. He made the comments during his midnight departure from Canada, where he attended the Group of Seven nations summit on Monday, according to comments posted by a CBS News reporter on social media platform X. Trump predicted that Israel would not be easing its attacks on Iran. "You're going to find out over the next two days. You're going to find out. Nobody's slowed up so far," the CBS journalist quoted Trump as saying on Air Force One. He said "I may", on the prospect of sending US Middle East Envoy Steve Witkoff or Vice President JD Vance to meet with Iran. Washington has said Trump was still aiming for a nuclear deal with Iran, even as the military confrontation unfolds. World leaders meeting at the Group of Seven summit called for a de-escalation of the worst-ever conflict between the regional foes, saying Iran was a source of instability and must never have a nuclear weapon while affirming Israel's right to defend itself. Trump, who left the summit early due to the Middle East situation, said his departure had "nothing to do with" working on a deal between Israel and Iran after French President Emmanuel Macron said the US had initiated a ceasefire proposal. "Wrong! He has no idea why I am now on my way to Washington, but it certainly has nothing to do with a Cease Fire. Much bigger than that," Trump wrote on his Truth Social platform late on Monday. Israel launched its air war with a surprise attack that has killed nearly the entire top echelon of Iran's military commanders and its leading nuclear scientists. It says it now has control of Iranian airspace and intends to escalate the campaign in the coming days. Trump has consistently said the Israeli assault could end quickly if Iran agreed to US demands that it accept strict curbs on its nuclear program. "Simply stated, IRAN CAN NOT HAVE A NUCLEAR WEAPON. I said it over and over again! Everyone should immediately evacuate Tehran!" Trump said on Monday. Iran's Revolutionary Guards said on Tuesday that a "more powerful" new wave of missiles was recently launched towards Israel, the state news agency reported. A senior Iranian army commander said a new wave of drones would hit Israel. Three people were killed and four injured in Iran's central city of Kashan in an Israeli attack, Iran's Nournews reported on Tuesday. Iranian media also reported explosions and heavy air defence fire in Tehran early on Tuesday, with smoke rising in the city's east after an explosion of suspected Israeli projectiles. Air defences were activated also in Natanz, home to key nuclear installations 320km away, the Asriran news website reported. Israel's military said on Tuesday that it killed Iran's wartime chief of staff. Israel also said it carried out extensive strikes on Iranian military targets including weapons storage sites and missile launchers. Iranian officials have reported 224 deaths, mostly civilians, while Israel said 24 civilians had been killed. Israeli Finance Minister Bezalel Smotrich said nearly 3000 Israelis had been evacuated due to damage from Iranian strikes. Sources told Reuters that Tehran had asked Oman, Qatar and Saudi Arabia to urge Trump to pressure Israeli Prime Minister Benjamin Netanyahu to agree to an immediate ceasefire. In return, Iran would show flexibility in nuclear negotiations, according to two Iranian and three regional sources. "If President Trump is genuine about diplomacy and interested in stopping this war, next steps are consequential," Iranian Foreign Minister Abbas Araqchi said on X. "Israel must halt its aggression, and absent a total cessation of military aggression against us, our responses will continue." with AP US President Donald Trump said he wanted a "real end" to the nuclear problem with Iran and indicated he may send senior American officials to meet with the Islamic Republic as the Israel-Iran air war raged for a fifth straight day. He made the comments during his midnight departure from Canada, where he attended the Group of Seven nations summit on Monday, according to comments posted by a CBS News reporter on social media platform X. Trump predicted that Israel would not be easing its attacks on Iran. "You're going to find out over the next two days. You're going to find out. Nobody's slowed up so far," the CBS journalist quoted Trump as saying on Air Force One. He said "I may", on the prospect of sending US Middle East Envoy Steve Witkoff or Vice President JD Vance to meet with Iran. Washington has said Trump was still aiming for a nuclear deal with Iran, even as the military confrontation unfolds. World leaders meeting at the Group of Seven summit called for a de-escalation of the worst-ever conflict between the regional foes, saying Iran was a source of instability and must never have a nuclear weapon while affirming Israel's right to defend itself. Trump, who left the summit early due to the Middle East situation, said his departure had "nothing to do with" working on a deal between Israel and Iran after French President Emmanuel Macron said the US had initiated a ceasefire proposal. "Wrong! He has no idea why I am now on my way to Washington, but it certainly has nothing to do with a Cease Fire. Much bigger than that," Trump wrote on his Truth Social platform late on Monday. Israel launched its air war with a surprise attack that has killed nearly the entire top echelon of Iran's military commanders and its leading nuclear scientists. It says it now has control of Iranian airspace and intends to escalate the campaign in the coming days. Trump has consistently said the Israeli assault could end quickly if Iran agreed to US demands that it accept strict curbs on its nuclear program. "Simply stated, IRAN CAN NOT HAVE A NUCLEAR WEAPON. I said it over and over again! Everyone should immediately evacuate Tehran!" Trump said on Monday. Iran's Revolutionary Guards said on Tuesday that a "more powerful" new wave of missiles was recently launched towards Israel, the state news agency reported. A senior Iranian army commander said a new wave of drones would hit Israel. Three people were killed and four injured in Iran's central city of Kashan in an Israeli attack, Iran's Nournews reported on Tuesday. Iranian media also reported explosions and heavy air defence fire in Tehran early on Tuesday, with smoke rising in the city's east after an explosion of suspected Israeli projectiles. Air defences were activated also in Natanz, home to key nuclear installations 320km away, the Asriran news website reported. Israel's military said on Tuesday that it killed Iran's wartime chief of staff. Israel also said it carried out extensive strikes on Iranian military targets including weapons storage sites and missile launchers. Iranian officials have reported 224 deaths, mostly civilians, while Israel said 24 civilians had been killed. Israeli Finance Minister Bezalel Smotrich said nearly 3000 Israelis had been evacuated due to damage from Iranian strikes. Sources told Reuters that Tehran had asked Oman, Qatar and Saudi Arabia to urge Trump to pressure Israeli Prime Minister Benjamin Netanyahu to agree to an immediate ceasefire. In return, Iran would show flexibility in nuclear negotiations, according to two Iranian and three regional sources. "If President Trump is genuine about diplomacy and interested in stopping this war, next steps are consequential," Iranian Foreign Minister Abbas Araqchi said on X. "Israel must halt its aggression, and absent a total cessation of military aggression against us, our responses will continue." with AP US President Donald Trump said he wanted a "real end" to the nuclear problem with Iran and indicated he may send senior American officials to meet with the Islamic Republic as the Israel-Iran air war raged for a fifth straight day. He made the comments during his midnight departure from Canada, where he attended the Group of Seven nations summit on Monday, according to comments posted by a CBS News reporter on social media platform X. Trump predicted that Israel would not be easing its attacks on Iran. "You're going to find out over the next two days. You're going to find out. Nobody's slowed up so far," the CBS journalist quoted Trump as saying on Air Force One. He said "I may", on the prospect of sending US Middle East Envoy Steve Witkoff or Vice President JD Vance to meet with Iran. Washington has said Trump was still aiming for a nuclear deal with Iran, even as the military confrontation unfolds. World leaders meeting at the Group of Seven summit called for a de-escalation of the worst-ever conflict between the regional foes, saying Iran was a source of instability and must never have a nuclear weapon while affirming Israel's right to defend itself. Trump, who left the summit early due to the Middle East situation, said his departure had "nothing to do with" working on a deal between Israel and Iran after French President Emmanuel Macron said the US had initiated a ceasefire proposal. "Wrong! He has no idea why I am now on my way to Washington, but it certainly has nothing to do with a Cease Fire. Much bigger than that," Trump wrote on his Truth Social platform late on Monday. Israel launched its air war with a surprise attack that has killed nearly the entire top echelon of Iran's military commanders and its leading nuclear scientists. It says it now has control of Iranian airspace and intends to escalate the campaign in the coming days. Trump has consistently said the Israeli assault could end quickly if Iran agreed to US demands that it accept strict curbs on its nuclear program. "Simply stated, IRAN CAN NOT HAVE A NUCLEAR WEAPON. I said it over and over again! Everyone should immediately evacuate Tehran!" Trump said on Monday. Iran's Revolutionary Guards said on Tuesday that a "more powerful" new wave of missiles was recently launched towards Israel, the state news agency reported. A senior Iranian army commander said a new wave of drones would hit Israel. Three people were killed and four injured in Iran's central city of Kashan in an Israeli attack, Iran's Nournews reported on Tuesday. Iranian media also reported explosions and heavy air defence fire in Tehran early on Tuesday, with smoke rising in the city's east after an explosion of suspected Israeli projectiles. Air defences were activated also in Natanz, home to key nuclear installations 320km away, the Asriran news website reported. Israel's military said on Tuesday that it killed Iran's wartime chief of staff. Israel also said it carried out extensive strikes on Iranian military targets including weapons storage sites and missile launchers. Iranian officials have reported 224 deaths, mostly civilians, while Israel said 24 civilians had been killed. Israeli Finance Minister Bezalel Smotrich said nearly 3000 Israelis had been evacuated due to damage from Iranian strikes. Sources told Reuters that Tehran had asked Oman, Qatar and Saudi Arabia to urge Trump to pressure Israeli Prime Minister Benjamin Netanyahu to agree to an immediate ceasefire. In return, Iran would show flexibility in nuclear negotiations, according to two Iranian and three regional sources. "If President Trump is genuine about diplomacy and interested in stopping this war, next steps are consequential," Iranian Foreign Minister Abbas Araqchi said on X. "Israel must halt its aggression, and absent a total cessation of military aggression against us, our responses will continue." with AP
Sky News AU
39 minutes ago
- Sky News AU
'Going to be wiped out': US President Donald Trumps seeks 'better than a ceasefire' after G7 summit as Israel-Iran war continues to escalate
United States President Donald Trump has announced he is looking for a "real end" to the Israel-Iran conflict instead of a ceasefire as the the war in the Middle East continues to escalate. The President left the G7 summit in Canada a day early to address the escalating conflict, with French President Emmanuel Macron suggesting President Trump abruptly left to work on a ceasefire offer. However, the US leader shut down President Macron's claims on Tuesday, saying his French counterpart had "no idea" why he was returning to Washington and that the matter was "much bigger" than a ceasefire. "Publicity seeking President Emmanuel Macron, of France, mistakenly said that I left the G7 Summit, in Canada, to go back to D.C. to work on a 'cease fire' between Israel and Iran. Wrong!" President Trump posted on social media. "He has no idea why I am now on my way to Washington, but it certainly has nothing to do with a Cease Fire. Much bigger than that. Whether purposely or not, Emmanuel always gets it wrong. Stay Tuned!" President Trump reiterated to reporters he is seeking a "real end" to Iran's nuclear program and not just a ceasefire. Asked whether US weapons could be employed to wipe out Iran's nuclear facilities, President Trump said: "I hope their program is going to be wiped out long before then". "They're not going to have a nuclear weapon." He also told reporters he had not reached out to Iran for "peace talks" in any way, shape or form and if the country wanted to talk, they knew how to reach him. Iran 'should have taken the deal that was on the table', President Trump said in a post on his Truth Social platform. 'This is just more HIGHLY FABRICATED, FAKE NEWS! If they want to talk, they know how to reach me.' The leaders of Canada, France, Germany, Italy, Japan, the United Kingdom, and the US have released a statement calling for 'de-escalation' of hostilities in the Middle East. 'We, the leaders of the G7, reiterate our commitment to peace and stability in the Middle East. In this context, we affirm that Israel has a right to defend itself. We reiterate our support for the security of Israel. We also affirm the importance of the protection of civilians,' the statement said. 'Iran is the principal source of regional instability and terror. We have been consistently clear that Iran can never have a nuclear weapon. 'We urge that the resolution of the Iranian crisis leads to a broader de-escalation of hostilities in the Middle East, including a ceasefire in Gaza. US officials had earlier indicated President Trump intended not to sign up to the statement, although he later signed on. Earlier the US President urged Iranian residents to flee the capital as retaliatory attacks continue to escalate. US Middle East envoy Steve Witkoff and vice-president JD Vance may meet with Iranian officials this week to discuss the conflict.
Perth Now
40 minutes ago
- Perth Now
G7 'useless', kicking out Russia was a mistake: Kremlin
The Kremlin says that US President Donald Trump was right to assert that it had been a big mistake to expel Russia from the Group of Eight in 2014, but that the G7 was no longer significant for Russia and looked "rather useless" now. Trump said at a Group of Seven summit in Canada on Monday that the G8 had been wrong to kick out Russia in 2014 after it annexed Crimea from Ukraine. "This was a big mistake," Trump said, adding he believed Russia would not have invaded Ukraine in 2022 had President Vladimir Putin not been ejected from the leaders' club. He said Putin "basically doesn't even speak to the people that threw him out, and I agree with him". Kremlin spokesman Dmitry Peskov told reporters: "We agree with President Trump: it was a big mistake then to exclude Russia from the G8 format." He said the G7 had "lost practical significance" for Russia, given the state of world affairs. "Given the declining share of the G7 countries in the global economy, given all the trends that are observed in the G7 countries and, of course, against the background of, for example, such formats as the G20, the G7 looks dull and rather useless," Peskov said.
