Australian shares fell on Tuesday, with the S&P/ASX200 index down 0.25 per cent and the All Ordinaries down 0.19 per cent. Investors are cautious ahead of key economic data, interest rate decisions, and US tech earnings. Eight of 11 sectors declined, with financials and consumer staples weighing heavily. Star Entertainment shares surged 20 per cent after a strong earnings update, while SCX.ai joined Elon Musk's SpaceX Super Intelligence Partner Network. The Australian dollar dropped to 70.20 US cents.
Global shares edged up on Monday as oil prices eased from six-month highs, ahead of a week of central bank meetings and corporate earnings. Oil fell about two per cent to $US114.60 after reports that Qatari mediators were in Tehran in an effort to ease tensions. The Houthi group in Yemen said it had attacked Saudi Arabia's East-West crude oil pumping stations and Riyadh airport, though Riyadh did not immediately confirm this. Markets expect the US Federal Reserve to hold rates steady this month but price in a likely rate rise in December.
Australian share markets reversed an early steep fall to finish slightly higher, with traders now pricing in a chance above 60 per cent that the Reserve Bank lifts interest rates at its meeting next Tuesday. Oil prices pulled back from Friday's jump but still sit at elevated levels. Mining stocks gained as commodity prices rose. The live coverage also gathers the day's business headlines and analysis from specialist reporters, and carries a note that it does not constitute investment advice.
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Shares in buy now, pay later company Zip Co fell sharply on Friday after it disclosed a coordinated fraud attack in the United States. The company said the fraud cost $US7.2 million in cash operating expenses and disrupted transaction volumes and customer growth. Zip has notified authorities and lodged an insurance claim. Shares dropped 27.2 per cent to $1.51, a seven-month low. The company said its US customer base reached 4.7 million, and its US revenue rose 11.1 per cent to $259.7 million.
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.
NextDC has delayed the expansion of its M3 site in West Footscray, Melbourne, to the 2027/2028 financial year. Electricity provider Jemena has paused upgrades to power poles after safety concerns, site access problems and community opposition. The company's share price fell from over $9 to $5.69 after trading resumed. NextDC cut its net revenue guidance to between $475m and $500m. Residents remain opposed to the project and plan to keep campaigning.
Data centre company NextDC has blamed delays in increased power supply to its M3 data centre in West Footscray for cutting more than $100 million from its earnings forecast. Its shares fell more than 40 per cent to an eight-year low of $5.48 in early trading on Wednesday 21 October. Chief executive Craig Scroggie said power company Jemena paused network upgrades after community and council opposition, and the increase is now expected during FY28. Jemena paused the roll-out of 15-metre power poles across the inner west in September.
Australian shares rose on Wednesday, shrugging off hawkish comments from a Reserve Bank official. The benchmark S&P/ASX200 index gained 0.16 per cent to finish at 8831.3, while the All Ordinaries rose 0.14 per cent. Earlier in the day, deputy governor Andrew Hauser told a Sydney investment conference that inflation was materially worse than the central bank had forecast. He said businesses were starting to view 3.5 per cent inflation as the new normal. The Australian dollar climbed to a three-week high after his remarks.
Shares in data centre operator NextDC fell more than 40 per cent on Wednesday after returning to trade following a suspension. The ASX200 still finished the day in positive territory. Reserve Bank deputy Andrew Hauser said the central bank faces tough choices, as a growing share of businesses think higher inflation may be the new normal. This has raised expectations of a rate hike in November.
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.
National Australia Bank has announced plans to reduce its workforce by as many as 2,500 positions, equal to roughly 6 per cent of its staff, with the cuts due to take effect by mid-2027. The announcement weighed on the bank's share price during the session. Separately, trading in NextDC, a local data centre operator, has been halted pending an announcement that appears connected to a disagreement over power poles in a suburban Melbourne street. The day's business coverage includes further market commentary from specialist reporters.
Elon Musk has announced he will give every child in the United States one share in SpaceX in 2027. The billionaire said on X that this would be the first of many such initiatives, but gave no details on how the plan would work. Distributing one share to each of the roughly 70 million under-18s would cost more than $US10 billion at the current share price. The announcement follows rival AI company Anthropic's move to place 5 per cent of its shares into a public benefit fund.
Challenger Limited shares jumped 16.7 per cent to an eight-year high on Monday after it disclosed a tentative takeover offer from TAL Dai-ichi Life Australia. The offer values the 79.5 per cent stake Challenger does not already own at $11.80 per share, a premium of 17.7 per cent to its average price over the past month. Challenger's board is considering the indicative offer, which is subject to conditions including due diligence. TAL is Australia's largest life insurer. Challenger reported annuity sales of $4.4 billion in the September quarter, up 52 per cent from a year earlier.
