Australian shares slide 0.7% as Strait of Hormuz tensions persist
Australian shares fall 67 points, or 0.7%, to 9,120 on Friday morning for the third straight session and the lowest in over a week as Strait of Hormuz tensions weigh on sentiment.
Australian shares dipped 67 points or 0.7% to 9,120 on Friday morning, down for the third session to hit their lowest in over a week.
The tug of war between the U.S. and Iran over the Strait of Hormuz continued to weigh on sentiment, with US Treasury Secretary Bessent warning of unprecedented measures against Iran, promising “economic isolation like the world has never seen”.
Locally, caution grew ahead of Q2 home loan data after the prior reading showed a 4.3% drop qoq, highlighting the impact of elevated interest rates.
Meanwhile, July labor market data will be released next week following a steady jobless rate in June.
Most sectors fell, led by tech, non-energy minerals, industries, and transport.
Heavyweight BHP Group and Evolution Mining dipped 3.3%, respectively, while Northern Star Resources dropped 2.7%.
QBE Insurance plunged 5.1% following a modest rise in H1 profits.
For the week, markets are set to post their first weekly drop in three weeks, retreating around 1.5% so far.