Market snapshot and global events

Market snapshot

By Jason Dasey

ASX 200 futures: -0.4% to 8,618 points

Australian dollar: -0.2% to 71.36 US cents

Wall Street: S & P500 -1.2%, Dow -1.1%

Europe: FTSE -1.7% to 10,195 points

Spot gold: +0.1% to $US4,537/ounce

Oil: Brent futures +1.4% to $US110.74/barrel

Iron ore (Singapore): +0.7% to $US110.77/tonne

Bitcoin: -1.6% to $76,836

Prices current at around 9:45am AEST

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Key Events

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Energy

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Iran

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Banking

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Oil prices hit two-week high

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By Jason Dasey

Oil prices have hit their highest point since May 4 after a nuclear power plant in the United Arab Emirates came under attack and as US President Donald Trump is expected to discuss military options on Iran.

Brent crude futures climbed $US1.44, or 1.32%, to $US110.70 a barrel with West Texas Intermediate at $US107.26 a barrel, up $US1.84, or 1.75%.

Both gained more than 7% last week as hopes of a peace deal that would end ship attacks and seizures around the Strait of Hormuz dimmed.

Last week's talks in Beijing between Trump and Chinese President Xi Jinping ended without an indication from the world's top oil importer that it would help resolve the conflict.

Drone attacks on the UAE and Saudi Arabia and rhetoric from the US and Iran raised concerns of an escalation in the conflict.

Emirati officials said they were investigating the source of the strike on the Barakah nuclear power plant and that the UAE had the full right to respond to such "terrorist attacks".

Saudi Arabia, which intercepted three drones that entered from Iraqi airspace, warned it would take the necessary operational measures to respond to any attempt to violate its sovereignty and security.

"These drone strikes are a pointed warning — renewed U.S. or Israeli strikes on Iran could trigger more proxy attacks on Gulf energy and critical infrastructure by Iran or its regional proxies," IG market analyst Tony Sycamore said.

Trump is expected to meet top national security advisers on Tuesday to discuss options for military action regarding Iran, Axios reported.

With reporting by Reuters

G7 finance ministers meet in Paris this week

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By Jason Dasey

G7 finance ministers and central bankers are due to meet in Paris on Monday and Tuesday this week.

Ahead of the gathering, Eurogroup President Kyriakos Pierrakakis says "opening the Strait of Hormuz is of the utmost importance".

With the ongoing Middle East conflict after the US-Israel invasion of Iran, we've seen Brent crude prices rise 74% year-to-date.

"Opening the Strait of Hormuz and bringing the conflict to a lasting end are of the utmost importance in mitigating the impact on the economy," Mr Pierrakakis said in a statement.

"The European economy has proven resilient in the face of this energy crisis. Yet, the global economy will feel the pressure — even if the conflict is resolved swiftly."

The Eurogroup is a body that brings together ministers from the euro area and is being represented at the G7 meeting by Pierrakakis, who is also the Greek finance minister.

The G7′s core members are the US, UK, Canada, France, Germany, Italy and Japan.

"The European economy has proven resilient in the face of this energy crisis. Yet, the global economy will feel the pressure — even if the conflict is resolved swiftly," Pierrakakis said.

Tight energy supplies and fears of rising inflation have seen long-term borrowing costs lift in several G7 economies.

US Treasury yields spiked on Friday in the wake of poor inflation data as new Federal Reserve Chair Kevin Warsh began his tenure.

The yield on the 30-year bond jumped nearly 11 basis points to yield 5.121%, the highest since May 22, 2025, and nearing the highest since October 2023.

With reporting by Reuters

'About protecting our national interest'

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By Jason Dasey

After hogging the headlines last week, federal Treasurer Jim Chalmers is back in the news this morning.

He has ordered six shareholders to divest their holdings in Northern Minerals in Western Australia after advice from the Treasury and the Foreign Investment Review Board.

The disposal orders relate to six Chinese-based companies and one company based in the British Virgin Islands.

"This decision was entirely consistent with advice from Treasury and the Foreign Investment Review Board, and is about protecting our national interest and ensuring compliance with our foreign investment framework," the spokesperson said.

"We operate a robust and non-discriminatory foreign investment framework, and will take further action if required to protect our national interest in relation to this matter."

Meanwhile, Labor's Tanya Plibersek is also making news with her comments about tax on discretionary trusts.

Read more here:

Market snapshot

J

By Jason Dasey

ASX 200 futures: -0.4% to 8,618 points

Australian dollar: -0.7% to 71.50 US cents

Wall Street: S & P500 -1.2%, Dow -1.1%

Europe: FTSE -1.7% to 10,195 points

Spot gold: +0.2% to $US4,545/ounce

Oil: Brent futures +0.2% to $US110.56/barrel

Iron ore (Singapore): +0.7% to $US110.77/tonne

Bitcoin: -0.4% to $77,937

Prices current at around 9:01am AEST

Could Australia fill the gap by extracting helium gas?

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By Jason Dasey

My ABC News business colleague Alison Branley has written a timely story this morning.

The conflict in the Middle East has threatened one-third of the global helium supply.

Helium can be mined as a by-product of liquid natural gas (LNG) extraction, and experts say there is potential for Australia to export it.

As Alison reports, there are calls to add helium to the critical minerals list to help support industry expansion.

Read more here:

The future of media from the ABC's managing director

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By Jason Dasey

The rapid changes in media have been massive over the past decade, accelerating in recent years with the advent of artificial intelligance.

My journalism career began in 1980 in the pre-computer days of typewriters and telex machines.

It is a totally different world 46 years later, with AI threatening to take away the jobs of many content creators within media, including journalists.

ABC managing director Hugh Marks joined Alan Kohler to unpack it all, including the direction of the ABC, in That's Business.

It's definitely worth a listen.

US begins week with new Fed chair

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By Jason Dasey

Last Friday was Jerome Powell's last day as chair of the US Federal Reserve after an eight-year run.

He was first appointed in 2018 and reappointed four years later.

Mr Powell will stay on as a Federal Reserve governor, with that board term running until January 2028.

His successor is the Donald Trump-friendly Kevin Warsh, who has already been confirmed and took over the chair role on May 14.

On Powell's last day, the US president was in China, having ended his meeting with Chinese President Xi Jinping without major breakthroughs on trade or tangible help from Beijing to end the Iran war.

Global equity indexes fell on Friday while bond yields soared, as investor euphoria over technology stocks gave way to inflation fears and traders raised bets that the Fed would hike interest rates this year.

The S & P 500 and the Nasdaq sold off after climbing to closing records on strength in artificial intelligence-related technology stocks in the previous two sessions.

"There's a realization that the market had gotten way ahead of itself. It wasn't paying enough attention to what the bond market and economic data was telling it. It was caught up in this momentum of AI trade," said Kenny Polcari, chief market strategist at Slatestone Wealth.

"The market is finally paying attention to what the bond market and the economic data is telling it. Inflation remains sticky and is potentially going to move higher in the months ahead."

With reporting by Reuters

David Beckham makes UK rich list

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By Jason Dasey

They used to say Bend It Like Beckham (the name of a 2002 UK film).

Now they could alter it to Earn It Like Beckham.

The former England football captain has become the UK's first billionaire sportsman, according to the annual Sunday Times Rich List.

It compiles Britain's wealthiest 350 individuals and families.

Sir David Beckham and his wife, Lady Beckham, are estimated at £1.2 billion ($2.24 billion).

Noel and Liam Gallagher, the brothers from the BritRock band Oasis, are also there, with an estimated net worth of £375 million ($698 million).

On the list for the fifth year in a row are oil and gas tycoons Sanjay and Dheeraj Hinduja — the brothers who run the Hinduja Group — with a combined fortune of £38 billion ($71 billion).

Labor wants to turn back the clock on tax system

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By Jason Dasey

We'll be talking about how last week's budget will impact Australia's housing market for the foreseeable future.

Alan Kohler has written a timely column about the changes in our tax system that he says effectively amount to Labor turning back the clock to 1999.

And he says Labor and the Coalition will turn the issue of Australia's housing crisis into a political contest over the next two years.

Read more here:

All eyes on Australia's big banks this week

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By Jason Dasey

After last week's consequential budget, many investors will be tracking the fortunes of Australia's major banks.

Last week, we saw a brutal sell-off of CBA shares in the wake of the budget and the quarterly results of Australia's biggest bank.

So far in May, CBA shares have fallen more than 8%.

May 13 was particularly brutal, with a 10.4% drop that had business journalists rushing to the record books.

As for the other big banks in May, they've also suffered losses, but not as stark.

Westpac is down more than 3%, NAB about 4% and ANZ over 5%.

But even with the May downturn, the banks are still generally above their levels from mid-2025, especially CBA, which had massively outperformed the ASX before this correction.

Market snapshot

J

By Jason Dasey

ASX 200 futures: -0.1% to 8,618 points

Australian dollar: -0.9% to 71.50 US cents

Wall Street: S & P500 -1.2%, Dow -1.1%

Europe: FTSE -1.71% to 10,195 points

Spot gold: -2.5% to $US4,538/ounce

Oil: Brent futures +0.2% to $US109.26/barrel

Iron ore (Singapore): +0.7% to $US110.77/tonne

Bitcoin: -0.1% to $78,219

Prices current at around 7:10am AEST