Market Snapshot: ASX Slips, Wall Street Mixed, Oil Dips Amid Geopolitical Tensions

Market snapshot

A By Adelaide Miller

ASX 200: -0.3% to 8,697 points Australian dollar: -0.1% to 68.87 US cents Wall Street: S & P500 -0.2%, Dow -0.03%, Nasdaq -1.5% Europe: FTSE -0.2% Spot gold: -0.1% to $US4,032/ounce Oil: flat at $US71.57/barrel Iron ore: -1.1% to $US97.90/tonne Bitcoin: -0.3% to $US59,885

Prices current at around 10:00am AEST

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All 17 Key Events 17 Market snapshot 2 Tax 3 Australians 4 Economy 5 Fuel 1 Markets 5 Energy 2 Housing 2 Interest Rates 2 Investment 2 Iran 1 War 1 United States 1 Analysis 1 RBA 1 Shares 1 Comments 1

Why this alcohol body wants a key subsidy changed

A By Adelaide Miller

One of the largest alcohol peak bodies in the country is urging the federal government to tighten a key industry subsidy - arguing the incentive is enticing nefarious activity.

The National Drug Research Institute - earlier this year - found 30 out of 100 bottle shops it audited across different areas of Melbourne and regional Victoria were stocking illicit alcohol.

Steven Fanner, Executive Director of Spirits & Cocktails Australia spoke to the ABC's Melissa Clarke this morning on RN Breakfast.

Shoe retailer Betts closing down stores

A By Adelaide Miller

One of the oldest shoe retailers in the country, Betts, has called in voluntary administrators to accelerate a restructure of the business.

Twenty of its remaining 35 stores will close.

The business is transitioning to online-only operations and is undertaking massive sales to clear stock from tomorrow.

Voluntary Administrator Lindsay Bainbridge, from Pitcher Partners Melbourne, says the recent slump in consumer sentiment, along with higher fuel and business costs, are what informed this decision.

"Australians grew up with Betts shoes, they know and love the brand, and we believe it has a strong outlook as a more streamlined operation,” he says.

"But the retail conditions and falling foot traffic in a lot of centres just are not sustainable for the business.

"We will close some stores, focus on strengthening others, and continue the company’s plans to expand retail online."

Below is a list of the stores that will close:

Western Australia

Betts Hay Street (Hay Street Mall) Betts Gateway (Cockburn Gateway) Betts Mandurah (Mandurah Forum) Betts Brand Direct WA (Watertown Brand Outlet West Perth) Betts Brand Direct DFO Perth (Perth Airport) Betts Whitfords (Whitford City) (closing imminently) One of two Betts Joondalup stores (closing imminently) South Australia

Betts Modbury (Westfield Tea Tree Plaza) Betts West Lakes (Westfield West Lakes) Betts Marion (Westfield Marion) Northern Territory

Betts Marion (Westfield Marion) New South Wales

Betts Macquarie (Macquarie Centre North Ryde) Betts Liverpool (Westfield Liverpool) Betts Rouse Hill (Rouse Hill Town Centre) Betts Kotara (Westfield Kotara) Victoria

Betts Greensborough (Greensborough Plaza — will close imminently) Betts Ringwood (Eastland Shopping Centre) Betts Doncaster (Westfield Doncaster) Betts Fountain Gate (Westfield Fountain Gate) Queensland

Betts Indooroopilly (Indooroopilly Shopping Centre)

Big banks join the scheme that is cutting home insurance costs

A By Adelaide Miller

More Australians will receive lower insurance premiums as major banks NAB and CommBank join the Resilience Ratings Scheme.

The scheme is run by the Resilient Building Council, which has, for more than a decade, provided a free service to help home owners reduce the risk of natural disasters, which in turn can lower their insurance premiums.

The Albanese government has invested $3.2 million in the world-first scheme, helping people make their homes more bushfire resilient and unlock cheaper insurance.

Australian households have saved up to $840 a year through the scheme, with some households reducing the bushfire risk component of their premiums by up to 60%.

Half of Australia's home insurance market recognises the program now that NAB Insurance (underwritten by Allianz) and CommBank Insurance (underwritten by Hollard) have joined.

More than 63,500 households across 324 Local Government Areas have already completed home assessments.

The Assistant Minister for Emergency Management, Josh Wilson says an opportunity like this has the potential to "significantly reduce harm and reduce costs".

"At a time when insurance affordability is one of the biggest pressures on household budgets, this practical and easy-to-use app will help Australians to make their homes safer and get cost-of-living relief," he says.

"As more banks and insurers recognise the Commonwealth-funded Resilience Ratings initiative we can give more homeowners access to choices that deliver more affordable coverage for their homes and properties."

Kate Cotter, the CEO of the Resilient Building Council encourages everyone to use the free app "to find out what will make a difference for their individual home".

"There are many low-cost actions households can take today to reduce risk to their home, like sealing gaps around doors and windows, installing ember screens on vents and moving combustible materials away from walls and windows," she says.

ASX breakdown

A By Adelaide Miller

The Aussie share market has slipped further, starting Thursday morning trading down -0.6% to 8,674 points.

This is influenced by the Utilities and Consumer Cyclicals sectors, down the bottom of the list of all the major sectors.

Of the stocks, 134 are in the red, 4 are unchanged, and 62 are gaining.

Here are the top movers, led by Ora Banda Mining, up +5.9%.

Here are the bottom movers, led by Megaport, down -10.1%.

The Aussie dollar is trading just below 69 US cents.

ASX opens in the red

A By Adelaide Miller

The Aussie share market has opened down -0.2% to 8,705 points.

More to come.

What is happening with the housing market?

A By Adelaide Miller

National prices fell at the fastest rate in more than three years, with buyers spooked by rising interest rates, the energy shock and changes to property tax.

Here is the report from my colleague Lin Lin:

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Grattan Institute CEO Aruna Sathanapally joined The Business program last night to discuss how Australia's cooling housing market impacts first home buyers.

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Tech stocks the winner of the 2025-26 financial year, says Marcus Padley

A By Adelaide Miller

Stockbroking veteran Marcus Padley joined business correspondent David Taylor on The Business program last night to unpack the stock market's financial year to June 30 and to give some clues as to what might be in store this financial year.

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Please note that the interview does not constitute and is not intended to be financial or other advice and is not to be relied upon as the basis for any investment or other decision.

Investors should seek their own professional advice tailored to their own particular financial circumstances in relation to any investment they may consider making.

Oil drops to lowest price since war in Middle East

A By Adelaide Miller

The price of oil is down -2.4% to $US71.19/barrel.

Senior financial market analyst at capital.com Kyle Rodda says the price has fallen "below a critical level" not seen "since before the onset of the US-Iran War".

"Positive language coming from US and Iran negotiations helped nudge the price lower, with US President Donald Trump flagging he’s willing to extend talks beyond the 60-day ceasefire deadline if required," he says.

Let's zoom out and take a look at brent crude's movement over recent months:

Wall St weighed down by tech stocks

A By Adelaide Miller

Senior financial market analyst at capital.com Kyle Rodda says the sea of red on Wall St was due to "an underperformance in US tech stocks".

That's despite most of the market advancing.

"Sentiment was buoyed by ISM Manufacturing data that showed easing price pressures in the US economy, albeit as activity across the sector moderated too," he says.

"The boost to sentiment from the data was backed up by some (passing) comments from Fed Chairperson Kevin Warsh that inflation may have peaked in the United States."

He says the news had a modest impact on the US rates curve.

"Traders pared back the odds of a hike from the Fed this month to 28% from roughly 33% earlier in the week."

Mr Rodda says the real test for Wall St will come from today’s Non-Farm Payrolls data.

"Economists predict that the US economy added 114,000 jobs for the month, with the unemployment rate remaining steady at 4.3%.

"The forecast reflects expectations of stronger labour market conditions in the US following several months of improving employment data.

"However, a better than expected Non-Farms print for June, similar to last month's, which sparked a rapid pullback on Wall Street, could be treated as good news being bad news today."

A record year for the ASX ETF market

A By Adelaide Miller

The Aussie share market recorded a "milestone year" for exchange traded fund (ETF) listings for FY26.

Seventy two new ETFs were added, the highest on record.

This is 22 more than FY25, when 50 listings were added.

The ASX says ETFs are playing an increasingly "central role" in investment portfolios because of their "low cost, diversification and ease of access".

ETFs are particularly popular by retail investors, particularly younger Australians.

Nearly one in five gen Z investors now hold ETFs.

The ETF market has more than $350 billion in assets across 456 products now listed on the ASX, and more than $50 billion in inflows recorded in FY26.

ETF trading activity also increased by 26% year on year, outpacing the 22% growth in overall equity market trading activity over the same period.

The ASX says the number of ETFs available to Australian investors is expected to grow to 500 within FY27.

Rory Cunningham, senior manager of Investment Products, says the market is seeing "strong momentum" for its "expanding range of products".

"This record year for ETF listings reflects both growing investor demand and the continued confidence of issuers in ASX and the ETF structure.

"ASX is focused on ensuring we continue to provide the scale, liquidity and certainty that issuers and investors expect as the market continues to grow."

Wall St closes in the red

A By Adelaide Miller

Wall St has finished Wednesday trading, with each major index closing down.

The S & P 500 finished the day down -0.2% to 7,483 points.

The Financials sector led the way, followed by Consumer Cyclicals. The Utilities sector finished down the bottom.

Of the major stocks, Applovin Corp, the AI-powered marketing company finished up +9.6%.

Materials science company Corning Inc finished down the bottom, down -13.6%.

The Dow Jones Industrial Average finished the day slightly down -0.03% to 52,304 points.

Here are the top movers, with athletic footwear company Nike Inc finishing up +4.9%.

Here are the bottom movers, with mining and construction manufacturer Caterpillar Inc finishing down -6.9%.

The Nasdaq Composite finished the day down -1.5% to 29,809 points, with sector Basic Materials up the top, and the Energy sector down the bottom.

Here are the top movers, again, with Applovin Corp leading the way.

And finally, here are the bottom movers, with AI infrastructure company Nebius Group NV down a massive -17%.

Recent years tougher for borrowers than enduring 17pc interest rates, analysis finds

A By Adelaide Miller

New economic analysis has found that, over the past two years, Australian households have faced tougher conditions than they did when the RBA's cash rate reached 17.5 per cent in 1989.

KPMG senior economist Terry Rawnsley says gen X households faced the toughest interest rate burden during the global financial crisis.

Here is the full piece from business reporter Gareth Hutchens:

Tax week: Changes slated for your shares

A By Adelaide Miller

Do you own shares or ETFs? The proposed CGT changes could affect your investments.

In this podcast episode Carrington Clarke and Emily Stewart explain CGT tax changes in store for Australians who own EFTs and direct shares.

Listen in to hear how the system used to work, how the new system is set up, and when the switchover will go into effect.

ICYMI: Wednesday Finance with Alan Kohler

A By Adelaide Miller

The local share market fell yesterday, despite solid gains on Wall Street overnight.

Alan Kohler has all the details.

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ASX to open lower

A By Adelaide Miller

Good morning everyone and happy Thursday!

I hope it's a sunny morning wherever you are.

Business reporter Adelaide Miller kicking off the finance blog this morning, covering the latest stories on the economy.

To start with, the ASX looks like it will open lower this morning, with Futures pointing down -0.3% to 8687 points.

The Aussie dollar is trading at about 69 US cents.

I'll provide a detailed breakdown of Wall St soon as it closes in the red.

But for now, grab yourself a coffee and see you back here soon!

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