Australian shares experienced a downturn near midday, with gold stocks particularly hard hit following news of a potential peace plan in Gaza. Lithium miners bucked the trend with a rally, while BHP saw a dip amid ongoing tensions with China over iron ore prices. Woodside also declined as oil prices eased. The broader market sentiment reflects concerns over global economic stability and geopolitical events.
In other news, the Reserve Bank of Australia (RBA) has indicated that unemployment is expected to rise. RBA Governor Michele Bullock addressed these concerns during a senate estimates hearing. This announcement comes amid discussions about Queensland’s plan to build a new gas power generator and continue operating its coal-fired power plants until the end of their technical lives.
Elsewhere, scrutiny continues to surround Jon Adgemis’ loss-making olive oil company, with questions raised about a $625,000 loan and transfers to an inactive Italian business. Meanwhile, Chris Ellison has lost a key ally in MinRes board changes, signalling a corporate governance overhaul. Investors are also keenly observing the potential impact of artificial intelligence on markets, as well as the growing discussion around “debasement” within the global financial system.
