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Business Recorder
7 hours ago
- Business
- Business Recorder
Australian shares set for first weekly drop in six as Middle East conflict weighs
Australian shares fell to a two-week low in early trade on Friday, poised to snap a five-week winning streak, as escalating Middle East tensions dampened investor sentiment and softer metal prices weighed on local miners. The S&P/ASX 200 index was down 0.3% at 8,500 points, as of 0033 GMT. The benchmark has lost 0.6% so far this week, and on track for its first weekly decline in six weeks, if losses hold. Globally, investors stayed risk-averse as tensions between Iran and Israel continued to escalate, with Israel targeting nuclear sites in Iran amid a persistent absence of a ceasefire between the two long-standing adversaries. 'With US markets offline and no fresh news – other than speculation about the possibility of US intervention – related to the potential war between Israel and Iran, risk was taken off the table,' said Kyle Rodda, senior financial market analyst with Australian heavyweight miners lost 0.6%, hitting their lowest levels since April 17, as lower copper prices weighed on the metals sub-index. Mining behemoth BHP Group fell 0.3% while iron ore miner Rio Tinto lost 1%. For the week, miners have shed 4.5% so far, on track for their worst week since March 31. Australian shares hit 2-week low as miners, gold stocks fall; Fed holds rate The financials sub-index slipped 0.3%, with the 'Big Four' banks declining between 0.1% and 0.3%. Energy stocks traded largely flat as investors assessed the potential impact of Middle East tensions on global oil supply. Despite the subdued session, the sector has advanced 5.3% so far this week and is on track for its fourth straight weekly gain. Woodside Energy rose 0.7% while smaller rival Santos added 0.4%. Information technology firms lost 0.2% and Australian health stocks shed 0.3%. Markets in New Zealand were closed for a public holiday.
Mint
12 hours ago
- Business
- Mint
Australian shares set for first weekly drop in six as Middle East conflict weighs
June 20 (Reuters) - Australian shares fell to a two-week low in early trade on Friday, poised to snap a five-week winning streak, as escalating Middle East tensions dampened investor sentiment and softer metal prices weighed on local miners. The S&P/ASX 200 index was down 0.3% at 8,500 points, as of 0033 GMT. The benchmark has lost 0.6% so far this week, and on track for its first weekly decline in six weeks, if losses hold. Globally, investors stayed risk-averse as tensions between Iran and Israel continued to escalate, with Israel targeting nuclear sites in Iran amid a persistent absence of a ceasefire between the two long-standing adversaries. "With U.S. markets offline and no fresh news – other than speculation about the possibility of U.S. intervention – related to the potential war between Israel and Iran, risk was taken off the table," said Kyle Rodda, senior financial market analyst with Australian heavyweight miners lost 0.6%, hitting their lowest levels since April 17, as lower copper prices weighed on the metals sub-index. Mining behemoth BHP Group fell 0.3% while iron ore miner Rio Tinto lost 1%. For the week, miners have shed 4.5% so far, on track for their worst week since March 31. The financials sub-index slipped 0.3%, with the 'Big Four' banks declining between 0.1% and 0.3%. Energy stocks traded largely flat as investors assessed the potential impact of Middle East tensions on global oil supply. Despite the subdued session, the sector has advanced 5.3% so far this week and is on track for its fourth straight weekly gain. Woodside Energy rose 0.7% while smaller rival Santos added 0.4%. Information technology firms lost 0.2% and Australian health stocks shed 0.3%. Markets in New Zealand were closed for a public holiday.
