Australia's share market snapped a three-week winning streak on Friday as surging oil prices and doubts about artificial intelligence hit resource stocks. The S&P/ASX200 rose 0.02 per cent to 8795.2 but fell 0.13 per cent over the week. Raw materials stocks have dropped almost eight per cent since Monday and are down nearly 20 per cent from late August's record highs. A rebound in bank stocks helped limit losses across the index. The Australian dollar was buying 70.05 US cents.
A power problem at a Google Cloud data centre in London disrupted services across Europe for hours. Banks, websites and court live streams were affected, with UK institutions hit hardest. Customers of Revolut and Halifax reported trouble accessing their accounts and apps. Court live streams, including the trial of Russell Brand, also went down. Google says services have been restored for most customers and that it will investigate the cause.
Australian shares fell on Tuesday, dragged lower by the big banks and major miners. The S&P/ASX200 index closed 28.8 points lower at 8816.9, after recovering from an early drop of as much as 98 points. BHP shares fell 1.6 per cent to $59.50 after its quarterly copper output dropped 19 per cent to around 400,000 tonnes, below analyst expectations. NAB shares fell 1.8 per cent after the bank announced plans to cut 2500 jobs over 2026/27. Ingenia Group rose 9.7 per cent after its takeover talks with Warburg Pincus were extended, and Cochlear gained 5.2 per cent.
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Australia's sharemarket closed higher on Monday, with the benchmark ASX 200 up 0.44 per cent to 8845.70. Energy producers and the major banks led gains, offsetting falls in technology stocks that followed a sell-off on Wall Street. Cleanaway shares surged 20.24 per cent after it agreed to sell to Swedish private equity group EQT for $9.3bn. Challenger climbed 19.29 per cent after it said it was considering a takeover bid from Japanese Daiichi Life worth $7.8bn. Ampol shares fell 2.51 per cent despite reporting that refined fuel margins had jumped more than 120 per cent.
Australian shares started the week higher after shrugging off volatility in the artificial intelligence sector. The S&P/ASX200 rose 0.44 per cent to 8845.7 on Monday, while the All Ordinaries gained 0.39 per cent. Energy stocks rose more than two per cent after Middle East supply disruptions pushed Brent crude as high as US$110 a barrel over the weekend. Banks and other financial stocks kept recovering from August's sell-off, acting as a safe haven after tech and chip stocks fell last week. The Australian dollar was buying 69.75 US cents, up from 69.42 US cents on Friday.
Nationals leader Matt Canavan has attacked the Albanese government over its handling of the credit card surcharge ban. He accused Labor of failing to consult small businesses, warning that they would have to raise prices to cover costs they can no longer pass on to customers. The Australian Taxation Office had told businesses on September 30 that it would stop accepting credit card payments from December 1. After backlash, the government agreed to cover the costs and allow card payments to continue until mid-2027.
Wall Street closed sharply lower on Friday, with AI-related technology stocks under renewed pressure. CoreWeave and Broadcom both fell, and the Nasdaq Composite dropped 2.15 per cent. Investors worried that heavily indebted AI infrastructure companies may struggle to turn profits in time to repay debts, as borrowing costs are expected to rise. Oil prices also jumped more than three per cent on Middle East supply concerns. The S&P 500 lost 1.10 per cent and the Dow Jones Industrial Average fell 0.36 per cent.
Australian shares fell on Wednesday, led by a sell-off in the major banks and weaker gold prices. The benchmark ASX 200 dropped 56 points, or 0.64 per cent, to 8727.90. Commonwealth Bank led the bank declines, slumping 2.16 per cent to $151.17. Miners including BHP and gold producers also fell. Telstra and Superloop gained. Defence shipbuilder Austal soared 10.13 per cent after telling shareholders it had two bidders.
Australian shares dipped on Wednesday after a sharp sell-off in the major banks. The S&P/ASX200 fell 0.64 per cent to 8727.9, while the All Ordinaries dropped 0.59 per cent to 8869. The financials sector tumbled 1.6 per cent as the big four banks lost ground. Investors were unimpressed by earnings from US banks, and a shareholder address from CommBank boss Matt Comyn pointed to several economic headwinds. Miners also fell, with gold under pressure and iron ore futures lingering at two-year lows. The Australian dollar rose to 70.02 US cents from 69.77 US cents on Tuesday.
The Australian Securities Exchange (ASX) declined following a downturn on Wall Street, with major banking shares experiencing a drop. Commonwealth Bank of Australia (CBA) discussed its artificial intelligence (AI) implementation during its annual shareholder meeting. Business journalists provided real-time updates and analysis throughout the day. The live markets blog, hosted by the Australian Broadcasting Corporation (ABC) News, offered insights into the day's financial events. The disclaimer noted that the content was not intended as financial guidance.
Australia's sharemarket closed flat on Tuesday as strong gains in the major banks offset a steep fall in technology and mining stocks. The benchmark ASX 200 rose 0.01 per cent to 8783.90. Chinese chipmaker competition and a hawkish Reserve Bank weighed on sentiment. Commonwealth Bank rose 2.32 per cent. Raiz shares plunged 32.00 per cent after reporting potentially material tax liabilities dating back to 2015.
The ASX 200 rose 0.8 per cent to close at 8783.2 on Monday, led by big banks and mining companies. Rising prices for gold, copper and iron ore lifted BHP, Fortescue and Northern Star. Westpac led the banks with a 2.7 per cent gain. Telstra fell 2.5 per cent ahead of its annual meeting on Tuesday, dragged down by US telcos facing competition from SpaceX. Electro Optic Systems slipped four per cent after saying it had signed a $700 million drone defence contract with an unnamed Gulf state.
Emergency Management Minister Kristy McBain says banks should pay the cost of processing card payments rather than small businesses. Since early October, businesses cannot pass card surcharges on to customers under new laws. Ms McBain wants the Reserve Bank of Australia to stop banks charging small businesses point-of-sale fees. The Coalition and the Greens have criticised the government over the surcharge ban and a delay in the tax office's refusal of credit card payments. The government says the cost of that delay will be announced later this year.
Australian shares started the week higher on Monday, with banks rallying ahead of US earnings season. The S&P/ASX200 rose 0.76 per cent to 8783.2. Rebounding copper prices lifted BHP shares more than two per cent to $62.39, adding $7.3 billion to its market value. Westpac led the big four banks higher, while oil prices eased despite Middle East supply risks. The Australian dollar was buying 69.77 US cents.
