ASX set to fall, Wall Street takes a breather; $A steady
The FT report, which said the Trump administration was eyeing a minimum tariff of between 15 per cent and 20 per cent in any deal with the European bloc, sent markets lower before they partly recovered.
According to preliminary data, the S&P 500 lost 1.16 points to end at 6,296.20 points, while the Nasdaq Composite gained 9.33 points, or 0.1 per cent, to 20,894.98. The Dow Jones Industrial Average fell 142.40 points, or 0.3 per cent, to 44,342.09.
The Australian sharemarket is set to fall, with futures pointing to a drop of 49 points, or 0.6 per cent, at the open. The Australian dollar was fetching 65.20 US cents at 5.25am AEST.
Both the S&P 500 and Nasdaq have been pushed to repeated record highs in recent weeks, as investors showed increased ambivalence to Trump's tariff threats, and confidence these policies may not damage the US economy as severely as once feared.
Still, this week was seen as a proving ground for how Trump's economic policies are filtering into the wider economy.
A raft of economic data offered mixed signals, including robust retail sales, a rise in consumer inflation, and flat producer prices for June.
The University of Michigan's Consumer Sentiment Index increased this month, although consumers were still worried about future price pressures.
Earnings season kicked off this week, giving an opportunity to US corporations to showcase how tariffs were, or were not, affecting their businesses.
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News.com.au
3 hours ago
- News.com.au
Ahead of new talks, Iran blames Europeans for nuclear deal collapse
Tehran on Monday blamed European powers for the failure of the 2015 nuclear deal, accusing them of breaking their commitments ahead of renewed talks in Istanbul with Britain, France and Germany. The 2015 deal, reached between Iran and the UN Security Council's permanent members -- Britain, China, France, Russia and the United States -- plus Germany, imposed curbs on Iran's nuclear programme in exchange for sanctions relief. But it unravelled in 2018 when the United States, during Donald Trump's first term as president, unilaterally withdrew from the accord and reimposed sweeping sanctions. The Europeans had pledged continued support for the deal, but the mechanism intended to offset US sanctions never materialised effectively and many Western firms were forced to exit Iran, which has since faced a deepening economic crisis. "The European parties have been at fault and negligent in implementing" the nuclear agreement, said Iranian foreign ministry spokesman Esmail Baqaei. His remarks come ahead of a meeting Friday in Istanbul between Iranian officials and representatives from Britain, France and Germany to discuss the future of the nuclear deal. Ahead of those talks, Baqaei said Tehran would host a trilateral meeting on Tuesday about the nuclear issue and the potential reimposition of sanctions with Chinese and Russian representatives. In recent weeks, the three European powers have threatened to trigger the UN "snapback" mechanism to reimpose international sanctions on Tehran, accusing it of breaching its nuclear commitments. A German diplomatic source had told AFP on Sunday the E3 were in contact with Tehran and said "Iran must never be allowed to acquire a nuclear weapon". "That is why Germany, France and the United Kingdom are continuing to work intensively in the E3 format to find a sustainable and verifiable diplomatic solution to the Iranian nuclear programme," the source said. - 'No intention of speaking with America' - The International Atomic Energy Agency says Iran is the only non-nuclear-armed country currently enriching uranium to 60 percent -- far beyond the 3.67 percent cap set by the 2015 accord. That is a short step from the 90 percent enrichment required for a nuclear weapon. Using the snapback clause was "meaningless, unjustifiable and immoral", Baqaei told a news conference, arguing that Iran only began distancing itself from the agreement in response to Western non-compliance. "Iran's reduction of its commitments was carried out in accordance with the provisions outlined in the agreement," he said. Western powers -- led by the United States and backed by Israel, Iran's arch-enemy -- have long accused Tehran of secretly seeking nuclear weapons capability. Iran has repeatedly denied this, insisting its nuclear programme is solely for civilian purposes such as energy production. Tehran and Washington had held five rounds of nuclear talks since April, but a planned meeting on June 15 was cancelled after Israel launched a military strike on Iran on June 13, triggering a 12-day conflict. "At this stage, we have no intention of speaking with America," Baqaei said Monday. Israel launched on June 13 a wave of surprise strikes on its regional nemesis, targeting key military and nuclear facilities. The United States launched its own set of strikes against Iran's nuclear programme on June 22, hitting the uranium enrichment facility at Fordo, in Qom province south of Tehran, as well as nuclear sites in Isfahan and Natanz.
West Australian
3 hours ago
- West Australian
ASX rollercoaster: After a major market melt-up, a reckoning looms
The Australian share market has been on something of a tear over the past few months, up 11 per cent since the depths of Donald Trump's Kamikaze tariff attack, cresting at an all-time high Friday. It's an impressive run given the economy is barely limping along, interest rates are only ever so slightly on the way down and the global economy is on tenterhooks. Such lofty heights amid persistent uncertainty suggest this bull run has more to do with FOMO than fundamentals and vis ulnerable to any hint of bad news. How else to explain a drop of as much as 2.9 per cent for our largest bank, CBA, 3.4 per cent nearly and 2.75 for ANZ and NAB? The sell-off has been sheeted home to the Japanese election, where the ruling Liberal Democratic Party lost its majority in the upper house of parliament. It's the first time there hasn't been a governing majority since 1955. Market watchers suggest it could derail Japan's economic trajectory, given its high debt levels. That issue seems a long way from Australian banks, which derive the majority of their revenues from domestic lending. Aussie banks were up 30 per cent for the financial year ended, driven by the 46 per cent gain for Commbank. Australia's largest bank has been seen as something of a safe haven in times of uncertainty, popular with domestic and international investors alike for its strong balance sheet and stable earnings. But the company is not shooting the lights out in terms of growth, meaning investors are pushing up company valuations without worrying if it is being met by associated profits. 'CBA is the extreme version of that. On Friday, it was at record levels, and this is despite several years of falling earnings and significant uncertainty around what may happen internationally with tariffs,' said AMP chief economist Shane Oliver. It might be that the FOMO trade is going elsewhere. While banks were sold, miners were gold, with Rio Tinto up 1.5 per cent, Fortescue 1.35 per cent and South 32 up 4.33 per cent. There may also be a bet building on China. Stronger oil and metals prices in recent weeks have stirred speculation Beijing could unleash new stimulus. The iron ore price hit a four-month high thanks to a Chinese plan to build a hydroelectric dam in Tibet. But the base metal has been on the upward slope for four weeks, not due to further stimulus talks however, but a forced consolidation of the sector. In a market that is on the hunt for good news, investors seem to be ready to bid on any opportunities. 'Maybe the market's stepping that out,' Dr Oliver said, though he cautioned that recent Chinese GDP data didn't support that optimism. 'There was nothing in there suggesting China's going to jump in with a big stimulus. I'm less optimistic than the market on that one.' A higher iron ore price will certainly be welcome for miners, but a lot of the market is still relying on a bump from the Reserve Bank cutting interest rates. While that will be positive for corporates, the market seems very confident. Across the ASX200 the price earnings ratio - a metric that shows how much investors are willing to pay for each dollar of a company's profit - is 23 times and well above the long term average of around 17. It is also heading higher, raising questions about whether investors are shovelling money into stocks beyond the bargain hunting in the wake of Trump's Liberation Day tariff announcement. 'Share markets aren't cheap anymore,' Dr Oliver said. 'Maybe they were back in April… but they're not cheap anymore. Valuation measures certainly suggest the market is somewhat expensive.' A similar story is playing out in the US, where the markets have hit new records. That is significantly driven by the dominant tech firms but also in the hope that two key events occur: The US Federal Reserve cuts interest rates, and Trump backs down on tariffs. US markets edged higher on suggestions by one Fed member that rates should be cut, even though Fed chair Powell has indicated no change until the tariff impact can be calculated. The other big hope is the TACO trade. Investors are banking on Trump Always Chickening Out, presuming he will cave in the face of economic fallout. It's a risky strategy, given the still very punitive tariff levies spelled out in recent letters. But the key indicator of market risk, the VIX measure of market volatility, is not much higher than before Trump came to office at 16.41. In April, when tariffs were announced, it spiked above 52. 'That's another indication of the extreme optimism around the TACO trade,' Dr Oliver said. That sets up the current earnings season as a key test of investor confidence. Companies will need to show profit growth that justifies their expanded multiples or risk sharp repricing. While investment firms are banking on those earnings staying benign, early signs suggest company insiders are already wary. According to data from just 10 per cent of corporate officers are buying their own company's stock. That is well below the 10-year average in the high 20s and far off the peaks above 40 per cent recorded in recent years. It leaves investors with quite the dilemma. Sit the current enthusiasm out and miss out on the steady melt up or bank on a combination of factors all working in unison: a tariff climbdown, a Fed rate cut, a Chinese stimulus, and no other destabilising factors. It's heady stuff, and at these levels, markets can easily run out of oxygen.
The Advertiser
4 hours ago
- The Advertiser
2026 Hyundai Palisade: V6 and diesel to be axed in favour of four-cylinder and hybrid
Details of the 2026 Hyundai Palisade have been uncovered ahead of second-generation large flagship SUV's scheduled Australian arrival in late 2025. The new Palisade had already been confirmed to bring a hybrid powertrain for the first time – replacing the existing 2.2-litre turbo-diesel four-cylinder – in order to rival the Toyota Kluger, and Hyundai had previously also said a 2.5-litre turbocharged four-cylinder petrol engine was "under study" for Australia. Now Australian government certification documents confirm the next Palisade will offer a full range of front-wheel drive and all-wheel drive options, powered by both hybrid and non-hybrid 2.5-litre turbo-petrol powertrains. CarExpert can save you thousands on a new car. Click here to get a great deal. No other engines are included in the filing, signalling the end of not only diesel power but also the 3.8-litre petrol V6 from the new Palisade lineup. The Australian Design Rule documents also show the next-generation Palisade, codenamed 'LX3', has again been approved in both seven- and eight-seat interior configurations. Hyundai Australia could not share any details on the new Santa Fe's powertrain options or otherwise when contacted by CarExpert. The Palisade HEV (hybrid electric vehicle) has been granted approval in four model grades – seven-seat front-drive and AWD, and eight-seat FWD and AWD. The Palisade HEV is already on sale in the US, where it's offered in both FWD and AWD layouts, both priced $US1000 ($1537) higher than equivalent petrol-powered versions. In Australia, the HEV is expected to be priced similarly to the existing diesel Palisade, which is currently priced from $70,800 before on-road costs, although Hyundai is currently offering drive-away deals on certain variants. The hybrid system comprises the Hyundai group's 2.5-litre turbocharged four-cylinder petrol engine (T-GDI) and six-speed torque-convertor automatic transmission, but adds a single electric motor powered by a 1.65kWh lithium-ion battery. US-market Palisade hybrids are rated at 258hp (245kW) and 339lb-ft (460Nm) of torque, and while these figures cannot be directly carried over to Australian vehicles, our Palisade hybrid should still out-muscle the turbo-diesel's 147kW/440Nm outputs. That will also make it more powerful than the 3.8-litre V6 in the current model, which makes 217kW/355Nm and has official combined fuel consumption figures of between 10.8-11.1L/100km. Based on overseas specs, the Palisade HEV will be marginally thirstier than the diesel, with average consumption of 8.8L/100km against the diesel's 8.6-8.8L/100km. The Palisade's non-hybrid 2.5-litre turbo-petrol four – already seen under the bonnet of the Hyundai Sonata N Line in Australia, where it makes 213kW/422Nm – has also been approved in seven and eight-seat Palisade, in both FWD and AWD forms. ADR documents also confirm the second-generation Palisade will be larger than its predecessor in almost every dimension, growing an additional 65mm to 5060mm in length on a 70mm longer (2970mm) wheelbase. Overseas specs show no change in cargo volume or cabin space between petrol and hybrid versions. The cabin is expected to feature a 12.3-inch digital instrument cluster and a 12.3-inch infotainment touchscreen, plus a more premium look including 'pixel' lighting elements. Further details are expected to be confirmed by Hyundai Australia as the MkII Palisade's Australian arrival – scheduled between October and December this year – draws near. MORE: Everything Hyundai Content originally sourced from: Details of the 2026 Hyundai Palisade have been uncovered ahead of second-generation large flagship SUV's scheduled Australian arrival in late 2025. The new Palisade had already been confirmed to bring a hybrid powertrain for the first time – replacing the existing 2.2-litre turbo-diesel four-cylinder – in order to rival the Toyota Kluger, and Hyundai had previously also said a 2.5-litre turbocharged four-cylinder petrol engine was "under study" for Australia. Now Australian government certification documents confirm the next Palisade will offer a full range of front-wheel drive and all-wheel drive options, powered by both hybrid and non-hybrid 2.5-litre turbo-petrol powertrains. CarExpert can save you thousands on a new car. Click here to get a great deal. No other engines are included in the filing, signalling the end of not only diesel power but also the 3.8-litre petrol V6 from the new Palisade lineup. The Australian Design Rule documents also show the next-generation Palisade, codenamed 'LX3', has again been approved in both seven- and eight-seat interior configurations. Hyundai Australia could not share any details on the new Santa Fe's powertrain options or otherwise when contacted by CarExpert. The Palisade HEV (hybrid electric vehicle) has been granted approval in four model grades – seven-seat front-drive and AWD, and eight-seat FWD and AWD. The Palisade HEV is already on sale in the US, where it's offered in both FWD and AWD layouts, both priced $US1000 ($1537) higher than equivalent petrol-powered versions. In Australia, the HEV is expected to be priced similarly to the existing diesel Palisade, which is currently priced from $70,800 before on-road costs, although Hyundai is currently offering drive-away deals on certain variants. The hybrid system comprises the Hyundai group's 2.5-litre turbocharged four-cylinder petrol engine (T-GDI) and six-speed torque-convertor automatic transmission, but adds a single electric motor powered by a 1.65kWh lithium-ion battery. US-market Palisade hybrids are rated at 258hp (245kW) and 339lb-ft (460Nm) of torque, and while these figures cannot be directly carried over to Australian vehicles, our Palisade hybrid should still out-muscle the turbo-diesel's 147kW/440Nm outputs. That will also make it more powerful than the 3.8-litre V6 in the current model, which makes 217kW/355Nm and has official combined fuel consumption figures of between 10.8-11.1L/100km. Based on overseas specs, the Palisade HEV will be marginally thirstier than the diesel, with average consumption of 8.8L/100km against the diesel's 8.6-8.8L/100km. The Palisade's non-hybrid 2.5-litre turbo-petrol four – already seen under the bonnet of the Hyundai Sonata N Line in Australia, where it makes 213kW/422Nm – has also been approved in seven and eight-seat Palisade, in both FWD and AWD forms. ADR documents also confirm the second-generation Palisade will be larger than its predecessor in almost every dimension, growing an additional 65mm to 5060mm in length on a 70mm longer (2970mm) wheelbase. Overseas specs show no change in cargo volume or cabin space between petrol and hybrid versions. The cabin is expected to feature a 12.3-inch digital instrument cluster and a 12.3-inch infotainment touchscreen, plus a more premium look including 'pixel' lighting elements. Further details are expected to be confirmed by Hyundai Australia as the MkII Palisade's Australian arrival – scheduled between October and December this year – draws near. MORE: Everything Hyundai Content originally sourced from: Details of the 2026 Hyundai Palisade have been uncovered ahead of second-generation large flagship SUV's scheduled Australian arrival in late 2025. The new Palisade had already been confirmed to bring a hybrid powertrain for the first time – replacing the existing 2.2-litre turbo-diesel four-cylinder – in order to rival the Toyota Kluger, and Hyundai had previously also said a 2.5-litre turbocharged four-cylinder petrol engine was "under study" for Australia. Now Australian government certification documents confirm the next Palisade will offer a full range of front-wheel drive and all-wheel drive options, powered by both hybrid and non-hybrid 2.5-litre turbo-petrol powertrains. CarExpert can save you thousands on a new car. Click here to get a great deal. No other engines are included in the filing, signalling the end of not only diesel power but also the 3.8-litre petrol V6 from the new Palisade lineup. The Australian Design Rule documents also show the next-generation Palisade, codenamed 'LX3', has again been approved in both seven- and eight-seat interior configurations. Hyundai Australia could not share any details on the new Santa Fe's powertrain options or otherwise when contacted by CarExpert. The Palisade HEV (hybrid electric vehicle) has been granted approval in four model grades – seven-seat front-drive and AWD, and eight-seat FWD and AWD. The Palisade HEV is already on sale in the US, where it's offered in both FWD and AWD layouts, both priced $US1000 ($1537) higher than equivalent petrol-powered versions. In Australia, the HEV is expected to be priced similarly to the existing diesel Palisade, which is currently priced from $70,800 before on-road costs, although Hyundai is currently offering drive-away deals on certain variants. The hybrid system comprises the Hyundai group's 2.5-litre turbocharged four-cylinder petrol engine (T-GDI) and six-speed torque-convertor automatic transmission, but adds a single electric motor powered by a 1.65kWh lithium-ion battery. US-market Palisade hybrids are rated at 258hp (245kW) and 339lb-ft (460Nm) of torque, and while these figures cannot be directly carried over to Australian vehicles, our Palisade hybrid should still out-muscle the turbo-diesel's 147kW/440Nm outputs. That will also make it more powerful than the 3.8-litre V6 in the current model, which makes 217kW/355Nm and has official combined fuel consumption figures of between 10.8-11.1L/100km. Based on overseas specs, the Palisade HEV will be marginally thirstier than the diesel, with average consumption of 8.8L/100km against the diesel's 8.6-8.8L/100km. The Palisade's non-hybrid 2.5-litre turbo-petrol four – already seen under the bonnet of the Hyundai Sonata N Line in Australia, where it makes 213kW/422Nm – has also been approved in seven and eight-seat Palisade, in both FWD and AWD forms. ADR documents also confirm the second-generation Palisade will be larger than its predecessor in almost every dimension, growing an additional 65mm to 5060mm in length on a 70mm longer (2970mm) wheelbase. Overseas specs show no change in cargo volume or cabin space between petrol and hybrid versions. The cabin is expected to feature a 12.3-inch digital instrument cluster and a 12.3-inch infotainment touchscreen, plus a more premium look including 'pixel' lighting elements. Further details are expected to be confirmed by Hyundai Australia as the MkII Palisade's Australian arrival – scheduled between October and December this year – draws near. MORE: Everything Hyundai Content originally sourced from: Details of the 2026 Hyundai Palisade have been uncovered ahead of second-generation large flagship SUV's scheduled Australian arrival in late 2025. The new Palisade had already been confirmed to bring a hybrid powertrain for the first time – replacing the existing 2.2-litre turbo-diesel four-cylinder – in order to rival the Toyota Kluger, and Hyundai had previously also said a 2.5-litre turbocharged four-cylinder petrol engine was "under study" for Australia. Now Australian government certification documents confirm the next Palisade will offer a full range of front-wheel drive and all-wheel drive options, powered by both hybrid and non-hybrid 2.5-litre turbo-petrol powertrains. CarExpert can save you thousands on a new car. Click here to get a great deal. No other engines are included in the filing, signalling the end of not only diesel power but also the 3.8-litre petrol V6 from the new Palisade lineup. The Australian Design Rule documents also show the next-generation Palisade, codenamed 'LX3', has again been approved in both seven- and eight-seat interior configurations. Hyundai Australia could not share any details on the new Santa Fe's powertrain options or otherwise when contacted by CarExpert. The Palisade HEV (hybrid electric vehicle) has been granted approval in four model grades – seven-seat front-drive and AWD, and eight-seat FWD and AWD. The Palisade HEV is already on sale in the US, where it's offered in both FWD and AWD layouts, both priced $US1000 ($1537) higher than equivalent petrol-powered versions. In Australia, the HEV is expected to be priced similarly to the existing diesel Palisade, which is currently priced from $70,800 before on-road costs, although Hyundai is currently offering drive-away deals on certain variants. The hybrid system comprises the Hyundai group's 2.5-litre turbocharged four-cylinder petrol engine (T-GDI) and six-speed torque-convertor automatic transmission, but adds a single electric motor powered by a 1.65kWh lithium-ion battery. US-market Palisade hybrids are rated at 258hp (245kW) and 339lb-ft (460Nm) of torque, and while these figures cannot be directly carried over to Australian vehicles, our Palisade hybrid should still out-muscle the turbo-diesel's 147kW/440Nm outputs. That will also make it more powerful than the 3.8-litre V6 in the current model, which makes 217kW/355Nm and has official combined fuel consumption figures of between 10.8-11.1L/100km. Based on overseas specs, the Palisade HEV will be marginally thirstier than the diesel, with average consumption of 8.8L/100km against the diesel's 8.6-8.8L/100km. The Palisade's non-hybrid 2.5-litre turbo-petrol four – already seen under the bonnet of the Hyundai Sonata N Line in Australia, where it makes 213kW/422Nm – has also been approved in seven and eight-seat Palisade, in both FWD and AWD forms. ADR documents also confirm the second-generation Palisade will be larger than its predecessor in almost every dimension, growing an additional 65mm to 5060mm in length on a 70mm longer (2970mm) wheelbase. Overseas specs show no change in cargo volume or cabin space between petrol and hybrid versions. The cabin is expected to feature a 12.3-inch digital instrument cluster and a 12.3-inch infotainment touchscreen, plus a more premium look including 'pixel' lighting elements. Further details are expected to be confirmed by Hyundai Australia as the MkII Palisade's Australian arrival – scheduled between October and December this year – draws near. MORE: Everything Hyundai Content originally sourced from:
