The key takeaways from the last 24 hours
ASX retreats from record amid Israel-Iran strikes, Woodside, oil prices surge, Cettire struggles continue
The local market fell 0.2 per cent on Friday, with eight of the 11 sectors declining, the standout once again being energy and materials. Israel’s strike against Iran’s nuclear program sent the price of oil surging more than 10 per cent, which pushed the price of Woodside (ASX:WDS) up by more than 7 per cent, while Santos (ASX:STO) also added 3.7 per cent on concerns about the impact on supply. It was a similar story for gold miners, as investors flocked back towards the safe haven, with the price once again nearing a record high, as Newmont (ASX:NEM) adding close to 6 per cent for the session. Cettire (ASX:CTT) continues its struggled, tanking another 20 per cent on Friday, taking losses to 50 per cent of an already depressed share price, on the back of another profit downgrade. It was a similar story for Accent (ASX:AX1) which fell close to 25 per cent as the owner of the Hype and Platypus retail chains flagged weak sales since Christmas. Over the week, the ASX finished slightly higher as investors reposition for a busy second half of the year.
Iranian retaliation spooks markets, S&P, Nasdaq sink, as airlines hit by closures
An escalation between Iran and Israel over the weekend has sent concerns through global markets, with the Dow Jones falling 1.8 per cent, the Nasdaq 1.3 and the S&P500 1.1 per cent. The weakness was broad-based, with oil and gold mining companies benefitting but airline and travel companies tumbling on the back of closures of air space around the Middle East. The likes of American Airlines (NYSE:AA) and United Airlines (NYSE:UAl) both fell more than 4 per cent in after-market trading as hundreds missiles were fired by Iran into Israel. Shares in Adobe (NYSE:ADBE) fell by more than 5 per cent as the company gave a weaker than expected outlook for sales in 2025, as the company faces competition from the likes of Canva amid the surge of interest in AI tools and support. Despite this, sales remained relatively strong, with its core creative segment showing 11 per cent growth. Across the week, losses were broad with the Nasdaq and S&P500 falling by around 0.5 per cent.
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