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ASX 200 LIVE: ASX to fall on Middle East conflict; OPEC+ lifts production; Magellan in $1.6b Barrenjoey merger
The Australian sharemarket slipped on Monday from record highs after an American-led strike killed Iran’s Ali Khamenei and much of the regime’s senior leadership, sending the Brent crude price surging more than 10 per cent.
The S&P/ASX 200 Index fell 54.70 points, or 0.6 per cent, to 9143.90 by 10.10am AEDT, with eight of the 11 sectors in negative territory.
Iran retaliated to the US-Israel attack with strikes on nearby Gulf countries, including Iraq, Kuwait, Bahrain, Qatar, the United Arab Emirates and Oman. The conflict disrupted key aviation hubs and oil shipments through the Strait of Hormuz.
Capital.com senior market analyst Kyle Rodda said markets had not priced in a comprehensive strike on Iran. “The impact could have shades of the Russian invasion of Ukraine, albeit with a more modest impact on global economic fundamentals because of Iran’s size and relative isolation from the world economy.”
ASX braces for uncertain start; Oil, gold prices set to soar
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The fast‑moving conflict across the Middle East is heightening investor anxiety and strengthening the case for safe‑haven trades such as Treasuries, gold and the Swiss franc, while oil prices are set to soar.
Macro traders said all eyes will be on energy markets when trading fully re-opens on Monday, with early indications of volatility also expected when the US dollar and other currencies start to trade in Australia. The possibility of prolonged turmoil in the Middle East and the ripple effects of higher oil prices are giving money managers fresh reasons to sell equities and shift into safety.
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