ASX 200 Live Today - Tuesday, 14th July
The S&P/ASX 200 is trading lower as a spike in oil prices weigh on consumer-facing and yield-sensitive pockets of the market.
Today’s ASX 200 Updates
Welcome to our live ASX coverage for Tuesday, July 14. Expect a high volume of posts pre-market and more periodic updates throughout the day. We'll be wrapping the blog up around 2:00 pm AEST. Let us know how we can make it even better.
ASX 200 lower, coal stocks soar, banks and staples ease
[2:15 pm] That's a wrap! The ASX 200 is currently down 0.4% in what has been a relatively uneventful session, all things considered. Energy stocks traded broadly higher, though unwilling to fully underwrite the overnight jump in oil. Coal stocks traded broadly higher, with Whitehaven, New Hope and Yancoal all up around 4-5%. Stanmore (which many argue as one of the cheapest coal names) caught an aggressive bid, currently up 9.3%.
Weighing on the other side, financials and staples are both down around 1%, with notable declines from Woolworths (-1.4%), NAB (-1.4%), CBA (-1.3%), Coles (-1.1%) and Macquarie (-0.9%).
S&P/ASX 200 sectors (Source: Market Index)
Copper is the one worth a closer look, now up 1.0% to US$6.35/lb against a backdrop that would typically push prices lower. The move hasn't flowed through to the miners though, with Sandfire (-0.3%), Capstone (+0.4%) and BHP (+0.2%) all trading flat.
Copper is holding up
[1:40 pm] Copper has quietly edged 0.5% higher over the last two sessions, despite typical headwinds like surging oil prices and a rising US dollar.
Copper daily price chart (Source: TradingView)
There hasn't been much copper-related news in recent days. The main headlines include:
Chinese physical premiums rose on stockpiling ahead of Typhoon Bavi, per TD Securities
Cancelled warrants at Asian LME warehouses surged to the highest since December, signalling tight supply
Chile's state-owned Codelco said it will prioritise profitability over production growth as new chairman Bernardo Fontaine confronts heavy debt, falling output and governance issues.
China exports and imports beat forecasts as AI boom lifts trade
[12:59 pm] China's June trade smashed expectations as surging chip prices and AI data centre demand drove exports and imports well above forecasts.
Exports rose 27% year-on-year, the most in four months and ahead of the 19% expected
Imports jumped 36%, the fastest in five years, leaving a trade surplus of US$125.6bn, the second-biggest ever
Chip prices have soared as much as 700% over the past year, turbocharging trade across Asia
South Korea's exports to China climbed 92% in June, the fastest since 2010, though SK Hynix fell a record 15% on Monday on boom-sustainability fears
The AI-led surge is masking domestic frailty, with second-quarter growth likely near the lower bound of the 4.5% to 5% target
Source: Bloomberg
Uranium stocks tumble
[12:57 pm] Another rough day for uranium names, with most trading 4-7% lower at noon. Despite the bullish backdrop for nuclear buildouts and uranium demand, the sector doesn't stand a chance when the market shifts to risk off.
Ticker | Company | % Chg | Price | 1 Week | YTD |
|---|---|---|---|---|---|
AGE | Alligator Energy | -9.4% | $0.05 | -7.7% | 92.0% |
PDN | Paladin Energy | -7.1% | $9.01 | -7.7% | -6.5% |
DYL | Deep Yellow | -6.3% | $1.31 | -7.3% | -29.0% |
BMN | Bannerman Energy | -5.4% | $3.31 | -2.1% | -0.6% |
BOE | Boss Energy | -5.4% | $1.23 | -9.2% | -16.0% |
EL8 | Elevate Uranium | -4.1% | $0.24 | 0.0% | -17.5% |
NXG | Nexgen Energy | -3.8% | $13.12 | -4.7% | -6.2% |
PEN | Peninsula Energy | -2.3% | $0.35 | -6.2% | -45.9% |
DEV | Devex Resources | 0.0% | $0.24 | -7.7% | 41.2% |
AEE | Aura Energy | 0.0% | $0.11 | 5.0% | -38.2% |
Genesis and Vault frame $12.6bn merger as capital-light path to a top-three Australian gold major
[12:09 pm] On the Genesis-Vault merger call, executive chair Rowley Finlayson pitched the deal as "long ore meets long milling" in the Leonora district, promising downside protection through synergies as the gold price softens.
On the deal and scale:
Finlayson called it "a rare organic deal that simply makes sense," framed as "long ore meets long milling," with synergies largely unique to the combination given both operations sit close together in Leonora
Roughly $12.6bn pro forma market cap puts the group top three in Australia and top 20 globally, with 9.4 million ounces in reserves and about 15 years of reserve life at around 650,000 ounces a year
Terms imply about $5.27 per Vault share via a mix-and-match facility, with Genesis holders owning 59.8% and Vault 40.2%, targeted for implementation in November 2026
On synergies and the gold price:
Management cited about $2.8bn of undiscounted post-tax synergies, including roughly $1.5bn of cost savings called unique to the deal, with Finlayson saying they "essentially build a moat" that protects the downside without capping upside
Invoking the old Saracen "pick a gold price" strategy, he said "I'm pretty happy to be in a capital light infrastructure business" while the gold price keeps pulling back, and stressed "this merger is not a fix it job"
On Tower Hill and next steps:
Displacing King of the Hills low-grade (about 0.3g/t) with Tower Hill ore at around 2g/t could lift the operation towards 300,000 ounces a year, and about 500,000 ounces with Gwalia added back, with first ore still guided to early FY28
FY27 guidance including Tower Hill growth capital comes with the 28 July quarterly, and a full strategic plan for the merged group is due in the second half of FY27 after a portfolio review
Steadfast confirms KKR joins Amwins-Dragoneer consortium on $6.00 buyout proposal
[11:39 am] Steadfast said KKR has joined the consortium behind the non-binding $6.00 per share cash proposal, as a co-lead partner with Dragoneer in the retail brokerage business.
KKR joins Amwins and Dragoneer as co-lead investment partner in Steadfast's retail brokerage arm
The consortium's non-binding indicative offer remains $6.00 cash per share, less any dividends or distributions declared after 5 June 2026
KKR's participation will not affect the current transaction timetable and is not a condition to signing a binding Scheme Implementation Deed
The board notes there is still no guarantee a binding agreement will be reached or that the proposal leads to a transaction
Shareholders do not need to take any action at this time
Company page: Steadfast Group (SDF)
RBNZ's Conway warns Middle East risks could force more rate hikes
[11:38 am] Chief Economist Paul Conway said New Zealand inflation may not slow as fast as forecast, with renewed Middle East conflict posing upside risks after last week's first rate hike in three years.
RBNZ cut its third-quarter inflation outlook to 3.3% from 4.3% last week on falling fuel prices, but oil has since bounced on fresh fighting
Conway said Middle East developments suggest upside risks to the September quarter forecast and the bank will respond if pressures persist
The Official Cash Rate was lifted to 2.5% last week, the first hike since 2023, with investors pricing the OCR reaching 3% by December
Traders now bet on two more hikes this year and another in the first quarter of 2027, driving the kiwi higher
Conway argued spare capacity should temper firms' pricing power, though persistent inflation would force monetary policy to work harder
Source: Bloomberg
India's retail inflation accelerates to 4.38% in June, breaching RBI target
[11:37 am] India's consumer price inflation quickened in June, topping the Reserve Bank of India's 4% target for the first time in 17 months as food, fuel and geopolitical pressures held firm.
Kospi bounces after Monday skid
[11:29 am] The KOSPI is up 1.55% in early trade, with heavyweights Samsung and SK Hynix up 4.3% and 2.3% respectively. This follows a historic 8.95% selloff on Monday, the third largest one-day decline since the GFC.
The KOSPI is still up a staggering 62% year-to-date, down from a peak return of 122% on 19 June.
KOSPI daily price chart (Source: TradingView)
Consumer sentiment rebounds 4.1% but remains deeply pessimistic
[10:57 am] Westpac-Melbourne Institute sentiment rose in July as fuel-price and rate-hike fears eased, though the index still sits in the bottom 10% of its 50-year history.
Consumer Sentiment Index up 4.1% to 83.9 in July from 80.6, helped by relief that worst-case energy, rates and jobs scenarios have not played out
Family finances versus a year ago rose 5.6% to 71.1, with national pump prices falling to $1.60 a litre and unwinding the Middle East war spike
Family finances over the next 12 months jumped 13.4% to 96.5, with mortgage holders up 23% to 99.4 as rate-hike fears eased
Views on the economy barely moved, with the next-12-months sub-index up 0.6% to 78.3 and major-purchase intentions up just 0.5% to 85.4, still 36 points below the long-run average
Unemployment Expectations Index fell 7.1% to 129.9, back near its long-run average as job-loss fears subsided
House Price Expectations Index fell 8% to 118, a three-year low, the first time since March 2023 that a majority did not expect price gains
Source: Westpac
Bond traders ramp up July rate hike bets ahead of CPI and Warsh testimony
[10:39 am] Markets have swung towards pricing a July Fed hike ahead of June inflation data and Chair Kevin Warsh's congressional testimony, after hawkish comments from Governor Christopher Waller.
Implied odds of a quarter-point July hike have jumped to about 50% from less than 10%
Two-year Treasury yield held above 4.25%, exceeding the policy rate by a widening margin
Waller said a near-term hike should be considered if core inflation shows another hot reading
June CPI is expected to show a 0.1% monthly drop, taking the headline rate to 3.8% from 4.2%, with core seen at 2.8% from a year earlier
Two-year yields are up about 10 basis points this month and 10-year yields 15 basis points, wiping out the Treasury index's gains for the year
Markets fully price a hike by year-end and a second by mid-2027, with July 29 FOMC seen as the likely timing for Warsh's first move
Open interest in August fed funds futures has risen about 23% in July as hike wagers flood in
Source: Bloomberg
Coal stocks catch a bid
[10:35 am] Coal stocks are trading broadly higher, as renewed US-Iran tensions cause energy importers to turn to coal to offset disruptions from oil and LNG flows.
Ticker | Company | % Chg | Price | 1 Week | YTD |
|---|---|---|---|---|---|
SMR | Stanmore Resources | 6.5% | $2.62 | 11.5% | 12.4% |
WHC | Whitehaven Coal | 3.1% | $7.78 | 3.1% | 0.1% |
YAL | Yancoal Australia | 3.0% | $5.58 | 2.3% | 11.9% |
TER | Terracom | 2.9% | $0.07 | 7.6% | 9.2% |
NHC | New Hope Corporation | 2.8% | $5.37 | 2.4% | 33.8% |
CRN | Coronado Global | 0.0% | $0.16 | -8.6% | -50.0% |
Energy stocks hit a one-month high
[10:30 am] The S&P/ASX 200 Energy is up 2.55% in early trade, and now up 8.1% in the last five sessions to the highest since 15 June.
S&P/ASX 200 Energy Index (Source: TradingView)
Ticker | Company | % Chg | Price | 1 Week | YTD |
|---|---|---|---|---|---|
KAR | Karoon Energy | 6.2% | $1.54 | 14.6% | -0.3% |
BRK | Brookside Energy | 3.8% | $0.41 | 7.4% | -13.8% |
WDS | Woodside Energy Group | 3.7% | $30.41 | 9.2% | 28.2% |
YAL | Yancoal Australia | 3.3% | $5.59 | 2.6% | 12.2% |
WHC | Whitehaven Coal | 3.2% | $7.78 | 3.1% | 0.1% |
BPT | Beach Energy | 3.1% | $0.90 | 5.9% | -23.1% |
NHC | New Hope Corporation | 2.8% | $5.37 | 2.4% | 33.8% |
VEA | Viva Energy Group | 2.4% | $2.39 | 10.9% | 15.2% |
ALD | Ampol | 2.2% | $37.57 | 10.8% | 17.7% |
STO | Santos | 2.0% | $7.76 | 8.6% | 25.5% |
Top ASX 200 gainers and losers
[10:26 am] Energy stocks, including refiners and coal names, top the leaderboard, while gold and uranium stocks open sharply lower.
Ticker | Company | % Chg | Price |
|---|---|---|---|
KAR | Karoon Energy | 6.23% | $1.54 |
LNW | Light & Wonder | 4.99% | $108.51 |
WDS | Woodside Energy | 3.65% | $30.39 |
YAL | Yancoal Australia | 3.51% | $5.60 |
WHC | Whitehaven Coal | 3.32% | $7.79 |
ELV | Elevra Lithium | 3.28% | $9.12 |
NHC | New Hope Corporation | 2.97% | $5.38 |
DMP | Domino's Pizza | 2.94% | $16.43 |
BPT | Beach Energy | 2.86% | $0.90 |
VEA | Viva Energy Group | 2.79% | $2.40 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
KCN | Kingsgate | -13.56% | $3.76 |
SLX | Silex Systems | -8.00% | $4.83 |
PDI | Predictive Discovery | -5.19% | $0.64 |
PDN | Paladin Energy | -5.16% | $9.19 |
DYL | Deep Yellow | -5.02% | $1.33 |
OBM | Ora Banda Mining | -4.48% | $1.07 |
PNR | Pantoro Gold | -4.43% | $1.94 |
CMM | Capricorn Metals | -4.20% | $12.33 |
CYL | Catalyst Metals | -3.81% | $5.55 |
MI6 | Minerals 260 | -3.74% | $0.59 |
ASX 200 opens slightly lower, Energy stocks hit a one-month high
[10:22 am] Not the worst kind of open after a ~10% spike in oil prices. The ASX 200 is currently down 0.31%, as strength from Energy and Utilities offset the soft open for miners, banks and industrials.
BHP (+0.3%) is holding up well after copper prices slipped just 0.1% overnight to US$6.29/lb. Though relative strength from the majors is offset by the broad weakness among gold miners (XGD down 2.9%).
S&P/ASX 200 sectors (Source: Market Index)
SKS wins early works package for Melbourne hyperscale data centre
[9:57 am] SKS Technologies has secured $28 million of early works with Built on the MEL2 hyperscale data centre in Melbourne's northwest, following its earlier MEL1 build for the same client.
Scope covers substation and switchgear works, building fit-outs and in-ground high-voltage, low-voltage and communications infrastructure, with work starting immediately
MEL2 site is planned to deliver more than 354MW of capacity via over $5bn of investment
Contract lifts the order book to an FY27 starting position of $312m, up 7 times since June 2023
Work on hand has compounded at a 68% CAGR, rising from $39m in June 2023 to $312m in June 2026
Tender pipeline has grown almost 120% since February to $1,254.02m, with data centre tenders now just over $1bn versus $423.56m in February
SKS previously completed about $120m of works on the MEL1 facility, including the full suite of critical electrical systems
Company page: SKS Technologies Group (SKS)
Morgan Stanley calls miner pullback a buying opportunity, rotates to copper and uranium
[9:47 am] Morgan Stanley reads recent mining weakness as profit-taking after an 18-month run rather than a cycle top, and is rotating towards commodities with stronger demand, led by copper and uranium.
Copper: BHP stays overweight and the preferred exposure on strategic demand, while Sandfire lifts to equal-weight from underweight as consensus looks conservative on Motheo
Uranium: term prices have hit US$95 to US$97/lb with a roughly 13.5mlb 2026 deficit, keeping Paladin a key beneficiary and Boss Energy offering mine-plan upside, both overweight
Rio Tinto (RIO) cut to underweight from equal-weight as aluminium momentum fades, with merger-talk risk potentially reviving after August 5
Deterra Royalties (DRR) cut to underweight from overweight after strong performance and a more cautious iron ore view
Lithium: IGO lifts to equal-weight from underweight on reset valuations and a seasonally strong third quarter, though earnings look at risk of a cut at the coming quarterly, with Pilbara (PLS) still preferred but equal-weight
Rare earths: Iluka (ILU) stays overweight on near-term pricing strength and Lynas (LYC) equal-weight, with China's export-control exemptions in focus ahead of the November 10 deadline
Gold: weaker ETF demand and reduced Fed-cut pricing imply a slower recovery, though Morgan Stanley sees upside to around US$4,450/oz by the fourth quarter
GR Engineering flags Tower Hill contract at risk from Genesis-Vault merger
[9:15 am] GR Engineering has told the market that Genesis Minerals' proposed acquisition of Vault could see its $229 million Tower Hill EPC contract avoided, with ore instead processed through the King of the Hills plant.
Genesis has advised that synergies from the Vault merger include processing ore through the King of the Hills plant and avoiding construction of the Tower Hill process plant
GR Engineering was awarded the $229m Tower Hill EPC contract on 21 May 2026 and has since commenced engineering works and procurement of long lead items
The company will keep working with Genesis to optimise outcomes based on work scheduled and performed to date
There will be no adverse impact to results for the year ended 30 June 2026 and the near-term pipeline for FY27 remains strong
Company page: GR Engineering Services (GNG)
Genesis and Vault agree $12.6bn merger to create new Australian gold major
[9:12 am] Genesis Minerals will acquire Vault Minerals in a cash and scrip scheme valuing Vault at about $5.6 billion, forming a top three ASX gold producer anchored in the Leonora-Laverton district.
Vault shareholders will receive 0.7629 new Genesis shares plus $0.475 cash per Vault share, implying $5.2741 a share at announcement, a 15.7% premium to Vault's last close
Genesis shareholders will own about 59.8% of the merged group and Vault shareholders 40.2%, with the Vault board unanimously recommending the scheme in the absence of a superior proposal
The deal follows Vault's termination of its earlier agreed merger with Regis Resources, triggering a break fee of about $50.7m payable by Vault to Regis
The merged group would have a pro-forma market capitalisation of about $12.6bn, annual production of 600koz to 700koz, mineral resources of 33.6Moz and ore reserves of 9.4Moz, plus $611m net cash and $1.4bn liquidity
Genesis estimates about $2.0bn in post-tax synergies including $1.5bn over ten years, largely from processing Tower Hill ore through the King of the Hills mill and avoiding construction of the Tower Hill mill, saving $715m in growth capex
Raleigh Finlayson will be managing director and Russell Clark non-executive chair, with a seven-member board of four Genesis and three Vault directors, and a strategic plan due in the first half of 2027
Company page: Genesis Minerals (GMD)
WA goldfields gold updates: Astral, Ora Banda and New Murchison
[9:08 am] Three WA gold developers reported drilling and inventory progress, spanning Astral's Theia extension, Ora Banda's Davyhurst resource and reserve growth and high-grade hits at New Murchison's Cloudkicker.
Astral's deep diamond drilling below the 1.4Moz Theia deposit at Mandilla returned 52.60m at 1.48g/t Au from 389.4m and 54.0m at 2.38g/t Au from 316.0m
Both Astral holes ended in mineralisation up to 250m below the current resource shell, with nine of the expanded 12-hole 7,500m program complete and more holes likely
Ora Banda's Davyhurst mineral resources rose 75% to 3.69Moz and ore reserves 159% to 610koz after $75m and 310,000m of FY26 drilling
Round Dam drove the Ora Banda upgrade with a maiden 1.3Moz resource and 223koz reserve, with a further 340,000m planned for FY27 and a maiden Little Gem resource due in 1H FY27
New Murchison returned shallow high-grade hits at Cloudkicker including 10m at 13.61g/t Au from 44m, 8m at 9.22g/t Au from 62m and 1m at 54.80g/t Au from 58m
Cloudkicker is within the approved Crown Prince mining proposal so mining has started, with first ore to be crushed in September 2026 and circa 20,000oz of gold in ore expected over 12 to 18 months
Company pages: Astral Resources (AAR), Ora Banda Mining (OBM), New Murchison Gold (NMG)
Coronado promotes CFO Barrie van der Merwe to CEO
[9:06 am] Coronado Global Resources has appointed chief financial officer Barrie van der Merwe as chief executive and managing director from 1 August, tasking him with returning the coal miner to profitability and cutting debt.
Van der Merwe steps up from CFO, a role he has held since 2025, and brings more than three decades of mining experience across turnarounds, restructuring and finance
Chairman framed the appointment around a phase in which the business needs to be returned to profitability and reduce debt to open up strategic options
Interim CEO and founder Gerry Spindler moves to a non-executive director role on the Board
Sandeep Deoji named interim CFO from 1 August pending a permanent appointment
Base salary set at $1.2m a year inclusive of super, plus $350,000 payments in December 2026 and December 2027 and participation in senior executive incentives
Company page: Coronado Global Resources (CRN)
Light & Wonder reaffirms FY26 growth outlook ahead of Q2 results
[9:05 am] Light & Wonder has reiterated its FY26 guidance for mid-to-high single-digit consolidated AEBITDA growth and updated on its buy-back, with Q2 results due after US market close on 4 August.
Reaffirmed FY26 outlook of mid-to-high single-digit consolidated AEBITDA growth
Committed to cutting net debt leverage towards the mid-point of its target range during 2026 and below 3.0x in 1H27
Around US$180m remains under the ongoing share repurchase program
Repurchased 1,612,580 CDIs in Q2 for about US$134m, with buy-backs paused from 29 June ahead of the blackout period
Shares outstanding, including common stock and CDIs, totalled 77,049,181 as at 1 July
Q2 results due after US markets close on 4 August, before the ASX opens on 5 August
Company page: Light & Wonder (LNW)
Mining stocks tumble to year-to-date lows
[9:00 am] The once high-flying sector was aggressively sold off in recent weeks. Below, we take a look at how these US-listed ETFs have performed.
Global X Uranium ETF (-5.2%) now trading at the lowest since 5-Sep-25, down 6.3% year-to-date vs. peak of ~42% in late January
VanEck Rare Earth/Strategic Metals ETF (-4.3%) now at the lowest since 2-Jan-26. It was up as much as 42% to early May, now up just 1.4% year-to-date
VanEck Gold Miners ETF (-2.8%) trading at the lowest since 20-Nov-25 and down 15.7% year-to-date
Global X Copper Miners ETF (-2.8%) have held up relatively well, but now up just 1.1% year-to-date
NYSE-listed Global X Uranium ETF (top left), VanEck Rare Earth and Strategic Metals ETF (top right), VanEck Gold Miners ETF (bottom left) and Global X Copper Miners ETF (bottom right) daily charts | Source: TradingView
Commodities on the backfoot
[8:53 am] A rough overnight session for most commodities, weighed by higher oil prices, rising bond yields and a firmer US dollar.
Symbol | Chg % | Last (US$) |
|---|---|---|
Brent | 10.76% | 83.31 |
Aluminium | 0.42% | 3145 |
Copper | -0.12% | 6.29 |
Nickel | -0.17% | 16673 |
Platinum | -1.91% | 1599 |
Zinc | -1.91% | 3542 |
Palladium | -1.99% | 1248 |
Gold | -2.86% | 4002 |
Silver | -3.70% | 57.62 |
Morgan Stanley's Wilson sees earnings broadening beyond tech
[8:44 am] Michael Wilson expects strong second-quarter earnings from the median US stock to widen the rally beyond the tech megacaps as reporting season kicks off with the big banks.
Median S&P 1500 constituent is delivering EPS growth above 10%, the best since the post-Covid recovery
Analysts continue upgrading profit estimates for the consumer discretionary and transport sectors, both tied to economic growth
S&P 500 firms are expected to post a 23% jump in profits, among the best readings outside major recession recoveries
Equal-weighted S&P 500 is outperforming the cap-weighted gauge for the first time since 2022, signalling broadening
Hyperscalers have largely missed this year's rally on concerns heavy AI capex may not pay off
Source: Bloomberg
TSMC sales jump 36% but report lands amid regional tech selloff
[8:39 am] TSMC's June-quarter revenue matched elevated estimates, reinforcing intact AI demand ahead of Thursday's full result, even as investors weighed stretched valuations.
Revenue up 36% to NT$1.27tn (US$39.6bn), in line with ests
June revenue up 6.2% to NT$442.68bn, putting 2Q sales near the top of US$39-40.2bn guidance
CEO CC Wei warned in June the company cannot meet US-led demand for years despite new capacity coming online
2026 capex set at close to a record US$56bn, closely watched as a barometer of AI component demand
Bloomberg Intelligence sees AI and server demand offsetting smartphone and PC weakness, supporting gross margin above consensus 67.1% toward the 67.5% guidance top end
July 16 call likely to focus on whether tight leading-edge and packaging capacity can support higher spending
Source: Bloomberg
Trump restarts Iran blockade and floats 20% Hormuz toll as strikes escalate
[8:37 am] Trump reinstated the US blockade of Iranian shipping and demanded 20% reimbursement on all cargo crossing the Strait of Hormuz, driving Brent toward its biggest single-day jump since 2020 as a third night of strikes began and investors tore up ceasefire-era trades.
US forces resume blockading traffic to and from Iranian ports from 4pm New York time on July 14, with Trump declaring the US the strait's "guardian"
Brent crude jumped 10.76% to US$83.31, a one-day move fractionally larger than the 10.71% spike on 9-Mar-26
A 20% charge equals roughly US$32m for a fully loaded large crude carrier at current prices, versus the roughly US$2m tolls previously charged by Iran
Tanker traffic through Hormuz fell to a two-month low, with just six vessels transiting on Sunday and many switching off transponders, as ship-to-ship transfers off Oman rise to bypass the chokepoint
Collection authority is unclear, with the US not a party to UNCLOS and the IMO opposed to charging for passage through international straits
Iran called the peace deal in a "crisis phase" and refused to abide by it, with Foreign Minister Araghchi mocking the toll
Stocks slide as Trump reinstates Iran blockade, oil surges
[8:35 am] Wall Street fell and crude spiked after Trump announced a US blockade on Iranian shipping through the Strait of Hormuz, with a 20% charge flagged on all cargo transiting the lane.
S&P 500 down 0.79% to 7,515.34, Nasdaq down 1.55% to 25,873.18, Dow down 0.26% to 52,498.64
Breadth was surprisingly even, with the Equal-weight S&P 500 (-0.03%) outperforming the cap-weighted index by 76 bps as Energy stocks rallied, while classic defensives like Utilities, Financials, Staples and Real Estate outperformed
Escalation followed weekend airstrikes, with Iran declaring the strait closed and Trump disputing the claim
Semiconductors under pressure, SK Hynix down 9% after Friday's 13% Nasdaq debut pop, Micron down 4%, Sandisk down 12%, AMD down 4%, Intel down 6%
Major banks including JPMorgan, Goldman and Morgan Stanley slipped ahead of results this week, with Netflix, J&J and UnitedHealth also reporting
Analysts expect second-quarter S&P 500 profits grew more than 23% year-on-year
Good morning!
[8:28 am] ASX 200 futures are down 8 pts (-0.09%).
The overnight session in a nutshell:
Major US benchmarks broadly lower as a renewed US-Iran conflict and a semiconductor selloff drove a risk-off session
KOSPI tumbled 8.9%, its third largest one-day decline since Lehman as giants Samsung and SK Hynix both tumbled more than 10%
Oil jumped to one-month highs after Trump reinstated the Strait of Hormuz blockade and floated a 20% toll on all cargo
Yields are now trading back at uncomfortable levels, gold and silver prices tumbled 2-3% overnight, and mining stocks are tumbling towards year-to-date lows
