AUS
NZ
UK
CA
USA
IND
Highlights
- Energy stocks decline as crude oil demand concerns push prices lower.
- Commonwealth Bank dips after trading ex-dividend.
- Gold miners and select stocks gain despite broader market weakness.
The Australian share market slipped to its lowest level since December, with energy stocks leading the decline. Concerns over the potential impact of US tariffs on crude oil demand triggered a fall in oil prices, dragging down major players in the sector.
The S&P/ASX 200 dropped 0.6% or 46.4 points, closing at 8094.70, while the All Ordinaries dipped 0.4%. The downturn followed a different trajectory from Wall Street, where equities showed resilience after the US administration decided to delay tariffs on the car sector for a month. However, a firm stance on existing 25% tariffs on Canadian and Mexican imports added pressure on global markets.
Brent crude oil fell below $70 per barrel, raising concerns about potential demand disruptions. The energy sector reacted swiftly, with Santos (ASX:STO) sliding 1.9% to $6.13, Ampol (ASX:ALD) dipping 1.8% to $24.66, and Woodside Energy (ASX:WDS) declining 4.7% to $22.98 after trading ex-dividend. Market analysts pointed to a combination of factors, including tariff tensions, US economic concerns, possible sanction relief on Russia, and OPEC+ production increases, as contributors to the energy sector's slump.
The mining sector had a mixed performance. Rio Tinto (ASX:RIO) declined 2.2% to $114.92 after trading ex-dividend, whereas Fortescue (ASX:FMG) posted gains of 1.1% to $16.11. Gold miners saw positive momentum, with Newmont (ASX:NEM) rising 1.4% to $69.25, supported by gold prices staying above $2900 per ounce amid a flight to safe-haven assets.
Meanwhile, Commonwealth Bank (ASX:CBA) fell 1.8% to $153.59 after going ex-dividend, further contributing to the market downturn.
In corporate developments, West African Resources (ASX:WAF) surged 11.9% to $2.11 following strong profit and gold sales performance. Retail giant Myer (ASX:MYR) climbed 5.3% to 79¢, fueled by optimism surrounding its new leadership and growth strategy. On the downside, Mesoblast (ASX:MSB), newly listed on the ASX 200, dropped 8.3% to $2.20 on its first day of trading.
Additionally, Amcor (ASX:AMC) shed 1.6% to $15.80, bouncing back from heavier losses after unveiling business restructuring plans post-merger with Berry Group. Meanwhile, Air New Zealand (ASX:AIZ) declined 1.8% to 55¢, following the announcement that CEO Greg Foran will step down in October after five years at the helm.
A global bond sell-off added further volatility, sending Australia’s 10-year yield soaring to 4.48%, driven by investor moves away from German bonds and Japan’s 10-year yield hitting 1.5% for the first time since 2009.
With markets navigating multiple headwinds, investors are watching developments in US trade policy, oil supply decisions, and economic indicators for further signals on future movements.
