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Asian equities fell on Thursday as renewed fighting between the United States and Iran pushed investors back towards safer assets, even as oil prices eased after Israel and Lebanon moved to implement a ceasefire. MSCI's Asia-Pacific ex-Japan index dropped 1.5%, while S&P 500 e-mini futures slipped 0.5%.
Australia's GDP expanded 2.5% in the first three months this year, missing expectations. On a quarter-on-quarter basis, Australia's GDP grew 0.3% compared with 0.5% forecast.
The cost of using AI will rise in less predictable ways as companies deploy the technology for complex tasks, the head of Australia's biggest bank said on Tuesday, calling the expense a key emerging management challenge.
Australia on Saturday extended a measure that releases petrol and diesel from domestic reserves, Energy Minister Chris Bowen said, as the country continues to grapple with the impact of the Iran war on energy supplies.
A looming slowdown in mortgage lending, higher provisions for souring loans and rising interest rates are darkening the outlook for Australian banks, pushing investors away from their once-favoured stocks.
The ASX 200 Index remained in a tight range while Australian bond yields fell after the latest consumer inflation report. It was trading at A$8,660, a few points below this week's high of A$8,715.
Australia's financial regulator warned on Thursday that domestic private credit institutions are exposed to risks linked to global market developments and will require closer scrutiny.
Australia's planned tax overhaul is set to reshape the market's investment landscape, with high-dividend blue chips poised to benefit at the expense of growth-oriented stocks, fund managers say.
Australian shares bounced back from a more-than-one-month low on Tuesday, as news that the U.S. had delayed a strike on Iran relieved traders, who were also awaiting the central bank's May policy meeting minutes.
Justin Everitt is planting 50% less wheat this year than he thought he would.
Australia is set to crack down on tax concessions for property investors, as it looks to ease generational inequality and rein in the budget deficit. Treasurer Jim Chalmers is due to unveil the federal budget Tuesday, anchored by a flagship housing package.
Asian markets opened Thursday with a powerful relief bid, as investors leaned into hopes that tensions in the Middle East may ease enough to keep the Strait of Hormuz open. Japan set the tone, with the Nikkei 225 vaulting through 62,000 for the first time, while broader regional equities also pushed higher.
Japan Prime Minister Sanae Takaichi is set to hold talks in Canberra on Monday with Australian counterpart Anthony Albanese, at which energy security and rare earths cooperation are likely to be high on the agenda.
Australia's prudential watchdog warned on Thursday that many financial firms still lack the technical knowledge needed to effectively challenge AI-related risks, while calling for an overhaul in AI-related risk procedures.
Asian markets began on Wednesday on an uneven footing as investors weighed multiple factors. The sentiment appeared cautious following a technology-led selloff in the United States, fresh concerns about the sustainability of AI spending, and lingering tension surrounding the Iran conflict.
Australia unveiled draft laws on Tuesday that would tax tech giants Meta, Google and TikTok unless they voluntarily strike deals to pay local outlets for news.
California farmers say soaring diesel prices, high electricity rates and heavy regulations are pushing small agriculture operations to the breaking point with a "get big or get out" mentality.
