Market snapshot
- ASX 200 futures: -0.4% to 8,319 points
- Australian dollar: -0.4% at 67 US cents
- S&P 500: -0.8% to 5,815 points
- Nasdaq: -1% to 18,315 points
- FTSE 100: -0.5% to 8,249 points
- EuroStoxx 50: -1.5% to 4,448 points
- Brent crude: -3.7% to $US74.62/barrel
- Spot gold: +0.4% to $US2,661/oz
- Iron ore: -1.2% to $US106.30 /tonne
- Bitcoin: +1.1% to $US66,647
Prices current around 7.40am AEDT.
Live updates on the major ASX indices:
Oil prices continue to tumble
Oil prices fell to a near two-week low as concerns eased about supply disruptions in the Middle East.
Israel has assured the US it won’t target Iranian oil. Both OPEC and the International Energy Agency also cut their global demand forecasts, mainly due to weakness in China.
Tim Ghriskey, a strategist at Ingalls & Snyder, told Reuters falling oil prices are good for the economy, suggesting reduced inflation and a belief that Middle East oil assets won’t be attacked.
Australians pay almost $1 billion a year in debit card surcharges
For Australians who love to tap and go, using their debit card to pay for goods and services, there is often a hidden surcharge.
Analysis of Reserve Bank data shows surcharges levied on each transaction, which can vary between merchants, have been costing Australians nearly $1 billion a year.
The Albanese government has threatened to ban debit card surcharges by 2026 in a bid to protect consumers from excessive charges.
Check out the below from business reporter Nassim Khadem:
Happy hump day!
Good morning!
Rachel Clayton from the ABC business team here.
Thanks for joining me on our daily business blog where we’ll bring you the latest on the markets, finance and economics.
Overnight on Wall Street, US indices fell.
Australian shares are set to decline off the back of it.
The Dow Jones was down 0.7% , while the broader S&P 500 fell -0.8% and the tech-heavy Nasdaq -1.2%.
The ASX 200 is looking like it will open lower off the back of a record high yesterday with futures down -0.5% to 8,313-points.
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