Markets live updates: ASX jumps, oil slumps after US and Iran pause missile attacks
By business reporter Stephen Letts
Topic:Stock Market
Posted Mon 27 Jul 2026 at 6:59am
Mon 27 Jul 2026 at 6:59am
, updated Mon 27 Jul 2026 at 10:47am
Mon 27 Jul 2026 at 10:47am
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The ASX has jumped 1 per cent on opening, spurred on by the US and Iran’s decision to pause their two-week bombing campaigns
The de-escalation of hostilities and prospects for renewed peace talks has seen global oil prices tumble another 5 per cent
Follow the day’s financial news and insights from our specialist business reporters on our live blog
Disclaimer: this blog is not intended as investment advice
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Mon 27 Jul 2026 at 10:19am
Mon 27 Jul 2026 at 10:19am
Market snapshot
By Stephen Letts
- ASX 200: +1.0% to 8,856 points (live values below)
- ASX 200 (Friday): -0.8% to 8,772 points
- Australian dollar: +0.3% to 69.97 US cents
- Wall Street (Friday): S&P 500 +0.05%, Dow +0.5% Nasdaq -0.6%
- Europe (Friday): Dax +1.4%, FTSE +0.9%, Eurostoxx +0.8%
- Spot gold: +1.2% to $US4,100/ounce
- Oil: Brent futures -4.9% to $US92.02/barrel, WTI futures -5.1% to $US84.74/barrel
- Iron ore (Friday): -0.1% to $US98.10/tonne
- Copper (LME): -1.8% to $US13,566/tonne
- Bitcoin: +1.0% to $US65,279
Prices current at around 10:15am AEST
Live updates on the major ASX indices:
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Mon 27 Jul 2026 at 10:54am
Mon 27 Jul 2026 at 10:54am
Myer tumbles 10% on update
By Stephen Letts
Just following up from our earlier post on Myer’s trading update, the department store and clothing retailer has tumbled 10% in early trade
Myer warned it faced “volatile” and “challenging” conditions in the second half of FY26
It said its bottom line had been hit by increased discounting and promotions to try and attract more customers
Sales are on track to edge up just 0.3% over the year, while operating gross profit will likely slip marginally
“Whilst performance in the first four months of 2H26 was mixed, including a stronger May, we observed a material downturn in sentiment,” Myer Executive Chair Oli
“This was particularly evident in June and July, resulting in a subdued consumer and weak discretionary spending,” Ms Wirth said in a statement to the ASX
Myer will release its full year results in September
Key Event
Mon 27 Jul 2026 at 10:15am
Mon 27 Jul 2026 at 10:15am
ASX opens 1% higher
By Stephen Letts
The ASX 200 has bounced out of the blocks this morning, gaining 1% at 10:10am AEST
The broader All Ordinaries is also up 1%
While tech stocks and miners are doing well, predicably the energy sector has slumped in line with falling oil prices this morning
Key Event
Mon 27 Jul 2026 at 10:02am
Mon 27 Jul 2026 at 10:02am
Myer second half sales fall amid consumer downturn
By Stephen Letts
Department store Myer has managed to lift its full year sales and profits despite a tough second half
In a trading update ahead of it full year results, Myer said its operating gross profit would be around $1.6 billion, up 14% on an actual basis but down around 2% on a pro-forma basis
Total sales came in at $4,089 million
Myer said trading through the second half of FY 2026 “had been volatile on a month-to-month basis, with sustained cost-of-living pressures driving consumer sentiment to its lowest levels in recent times.”
“Whilst performance in the first four months of 2H26 was mixed, including a stronger May, we observed a material downturn in sentiment,” Myer Executive Chair Oli
“This was particularly evident in June and July, resulting in a subdued consumer and weak discretionary spending,” Ms Wirth said in a statement to the ASX
Key Event
Mon 27 Jul 2026 at 9:41am
Mon 27 Jul 2026 at 9:41am
Santos makes first Barossa gas sale
By Stephen Letts
Santos has made its first sale from its Timor Sea-based Barossa gas project
Santos announced it had shipped approximately 300,000 barrels of gas condensate from it floating production rig, situated 285 kilometres north of Darwin
The Barossa Project is a joint venture between Santos and PRISM Energy
It has had a troubled history with continual cost blowouts to about $4.5 billion, regulatory challenges and opposition to the pipeline construction from indigenous groups on the Tiwi Islands
The first shipment is heading to the SK Incheon Petrochem plant in South Korea
Santos CEO Kevin Gallagher says the Darwin LNG plant is now producing at 97% of planned rates, with LNG cargoes loading approximately every eight days
Key Event
Mon 27 Jul 2026 at 9:17am
Mon 27 Jul 2026 at 9:17am
Auction clearance rates edge up, but stay weak
By Stephen Letts
The tepid housing market continues to see only one in two properties nationwide selling under the auctioneer’s hammer
On preliminary figures from the weekend’s auction, property research group Cotality said the clearance rate has been holding in the low 50% range over the past three weeks, coming in at 52.4% last week
The early clearance rate is up 2.4 percentage points from last week and 5.0 percentage points higher than the recent low of 47.4% recorded over the week ending June 21
“The volume of auctions has picked up a little over the past two weeks, rising 4.8% a week ago and a further 4.0% this week to reach 1,421 events,” Cotality research director Tim Lawless said
“However, the rise is from a relatively low base, and the volume of auctions is consistently tracking lower than a year ago, down 16.9% from the same time in 2025.”
Mr Lawless said an improvement in the number of pre-sale withdrawals had helped lift clearance rates, but the withdrawal rate remained high
Last week, about 17% of properties were pulled from sale before auction, compared to 24% the week before
This time last year, the withdrawal rate was closer to 12%
Mon 27 Jul 2026 at 8:52am
Mon 27 Jul 2026 at 8:52am
‘Resilient’ international student demand drives EDU to record first half
By Stephen Letts
The ASX-listed tertiary education provider, EDU Holdings, has reported a 57% jump in pre-tax profit to a record $13 million
In a trading update, EDU said a 57% increase in domestic and international enrolments had lifted first-half revenue to $53.5 million, a 48% increase on the same period last year
“This reflects resilient international student demand and a strong growth in domestic student commencements across the group’s expanded course portfolio,” EDU said in an ASX release
Mon 27 Jul 2026 at 8:37am
Mon 27 Jul 2026 at 8:37am
Is $100/barrel the US/Iran pain point?
By Stephen Letts
NAB chief economist Sally Auld made an interesting observation in her “Markets Today” note this morning
“On net, it looks as if developments in the Middle East have moved in a positive direction over the weekend, adding some credibility to the notion that oil above $100/barrel seems to induce de-escalatory behaviour from both sides,” Ms Auld said
Given the announcement of the cessation of bombing by both sides a few hours ago and the tumbling oil price in the first hour of trading this morning, it does seem that a price of about $US100/barrel does have a calming effect on the combatants
Key Event
Mon 27 Jul 2026 at 8:21am
Mon 27 Jul 2026 at 8:21am
Oil tumbles 5pc on opening
By Stephen Letts
The opening bids on oil trading desks are in, and it’s “sell, sell, sell”
The overnight news that both the US and Iran had called a halt to their two-week-long bombing campaign has seen a rush of profit-taking after global oil prices surged past $US100/barrel
At 8:15am AEST:
- Brent crude futures:-5.6% to $US91.57/barrel
- West Texas Intermediate crude futures: -5.5% to $84.42/barrel
Mon 27 Jul 2026 at 8:00am
Mon 27 Jul 2026 at 8:00am
US reporting season: Microsoft, Meta and Amazon set to report after Alphabet disappoints
By Stephen Letts
It’s shaping up as a very important week in the immediate fortunes of US big tech
Alphabet’s announcement last week of $US6 billion quarterly AI cash burn and a forecast that it will spend another $US15 billion this year soured sentiment in the sector
Alphabet’s stock fell 5% immediately and dragged down three of the other “hyperscalers”, Microsoft, Meta Platforms and Amazon
Disappointing results, and/or a major step up in AI investment by any of the three, would likely prompt another spate of selling
Along with those three, Apple, Visa and the energy giants Chevron and Exxon Mobil also release results in what will be the busiest week in Wall Street’s Q2 reporting season
About one-third of the S&P 500’s companies are expected to release earnings updates. So far, about 80% of the companies that have reported have beaten consensus forecasts on earnings
Coupled with a Federal Reserve rates decision and an update on PCE inflation, it is shaping up as a pivotal week for the US market
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Mon 27 Jul 2026 at 7:40am
Mon 27 Jul 2026 at 7:40am
This week: Inflation, rates and central banks
By Stephen Letts
Australia:
Tue: RBA governor Michele Bullock speaks
Wed: CPI (Q2), Rio Tinto HY results
Thu: Building approvals (Jun), Trade prices (Q2), RBA assistant governor (Economic) Sarah Hunter speaks, Capstone Copper HY results
Fri: Private sector credit (Jun), Producer Price Index (Q2)
International:
Mon: CN — Industrial profits (Jun)
Tue: US — Advanced goods trade balance (Jun), Home prices (May)
Thu: US — Federal Reserve rate meeting, PCE inflation (Jun), GDP (Q2)
EU — GDP (Q2)
UK
Fri: EU — CPI (Jul)
JP
The local focus this week will be the second-quarter inflation (CPI) figures on Wednesday
The consensus pick is that headline inflation rose 0.7% over the quarter, which would leave the annual rate unchanged at 4.0%
For the RBA’s preferred measure, trimmed mean CPI, the market forecast is 0.9% over the quarter, nudging the annual rate up to 3.7%
IG Markets analyst Tony Sycamore says those outcomes would leave inflation elevated on all metrics
“An in-line or hotter-than-expected core reading would test the RBA’s hawkish bias and raise the chances of a rate hike in August,” Mr Sycamore said
“A softer print (3.5% or less) would likely keep the Bank on the sidelines until the September meeting.”
Before the inflation data are released, RBA governor Michele Bullock will be speaking on Tuesday, her first outing since the June rate meeting
It will be interesting to hear her take on last week’s strong jobs figures and the potential impact on inflation of the flare-up in the Gulf
The big miners Rio Tinto and Capstone Copper will jump the gun on the August reporting season, releasing first-half results on Wednesday and Thursday respectively
There will also be several quarterly production reports from the likes of Whitehaven Coal, Iluka, Northern Star and Fortescue
Overseas, rate-setting meetings by the US Federal Reserve, the Bank of England and the Bank of Japan are of the most interest, despite all being expected to leave their benchmark settings unchanged
Key Event
Mon 27 Jul 2026 at 7:19am
Mon 27 Jul 2026 at 7:19am
Wall Street inches higher, ASX set to rise
By Stephen Letts
After trading at a loss for most of the session, the S&P 500 enjoyed a buying spurt just before closing to eke out a marginal gain, but not nearly enough to push it into positive territory over the week
The litany of recent worries — doubts about the durability of AI valuations in the tech sector, war and the attendant inflationary spike in oil prices — was joined by the Trump administration wheeling out another round of very broad and inflationary tariffs
Still, the overall mood seemed to be cautious rather than fearful, although many would characterise it more as complacent
- S&P 500: +0.05% (-0.6% over the week)
- Dow: +0.5% (-0.4% over the week)
- Nasdaq: -0.6% (-1.6% over the week)
The tech retreat is still a dominant theme. Shares in chipmaker Intel fell 8% despite posting a strong quarterly result
The so-called “Magnificent Seven” tech stocks, such as Amazon, Microsoft and Meta Platforms, collectively shed around 5% for the week. Amazon and Tesla fell around 10% and 18% respectively post results
Across the Atlantic, European stocks recouped much of Thursday’s sharp losses to be up 0.8% for the session and 0.7% higher for the week
When ASX 200 futures trading closed on Saturday morning (AEST), the prospects for today were promising, pointing to a 0.6% gain today, which would recoup last week’s 0.3% slide
Global oil prices eased back below the $US100/barrel mark despite two weeks of missiles, drones and threats whizzing back and forth across the Gulf
- Brent crude futures: -3.9% to $US96.78/barrel
- West Texas Intermediate crude: 3.1% to $US89.31/barrel
The fall in prices came after news filtered out that China had initiated a push to resume stalled peace talks between the United States and Iran
Oil prices may ease more today with the news overnight that the US and Iran had called a halt to their bombing campaigns, at least temporarily
However, as Price Futures Group senior analyst Phil Flynn told Reuters, energy markets remain in a precarious state
The global Brent crude benchmark gained around 10% over the week
“Overall stocks remain pretty tight — and that situation could turn on a dime, so it’s worth keeping a close watch as things develop,” Mr Flynn said
The easing in oil prices saw US Treasury bond yields dip from their 18-month high, but the fear of inflation and the Fed being forced to jack up rates meant investors remained cautious
The Fed’s rate-setting committee (the FOMC) meets this week, with markets still pricing in another “hold”
Most currencies were steady against the Greenback, although the Aussie dollar nudged higher to trade just under 70 US cents
Mon 27 Jul 2026 at 6:47am
Mon 27 Jul 2026 at 6:47am
Good morning
By Stephen Letts
Welcome to another day on the ABC markets and finance blog
Stephen Letts from ABC business team limbering up for a blow-by-blow coverage of the day’s events, where every post is hopefully a winner, but none should be construed as financial advice
Wall Street had a mixed end to the week with the S&P500 eking out a marginal gain while tech stocks continued to be sold off
The ASX, with its vastly more modest tech sector, is priced to open higher
When trading closed on Saturday morning, ASX 200 futures pointed to a 0.6% gain this morning ahead of Wednesday’s key Q2 inflation data
The relative decline in missile and drone strikes in the Gulf over the weekend and the decision overnight by the US and Iran to call off the bombing, at least for the time being, are also good omens
As always, the game’s afoot, so let’s get blogging
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Mon 27 Jul 2026 at 6:44am
Mon 27 Jul 2026 at 6:44am
Market snapshot
By Stephen Letts
- ASX 200 futures: +0.6% to 8,766 points
- ASX 200 (Friday): -0.8% to 8,772 points
- Australian dollar: +0.3% to 69.97 US cents
- Wall Street: S&P 500 +0.05%, Dow +0.5% Nasdaq -0.6%
- Europe (Friday): Dax +1.4%, FTSE +0.9%, Eurostoxx +0.8%
- Spot gold: +0.1% to $US4,052/ounce
- Oil: Brent futures -3.9% to $US96.78/barrel, WTI futures -3.1% to $US89.31/barrel
- Iron ore (Friday): -0.1% to $US98.10/tonne
- Copper (LME): -1.8% to $US13,566/tonne
- Bitcoin: +0.5% to $US64,618
Prices current at around 7:00am AEST
