The ASX 200 closed up 0.47% at 9,019, recouping early losses after US President Donald Trump cancelled a major planned attack on Iran, which soothed worries over oil-driven inflation. Markets took their lead from robust overnight gains on Wall Street and a sharp drop in oil prices—Brent crude fell nearly 8% to under US$84—giving support to equities globally.
Utilities outperformed, led by a notable rebound in Origin Energy, while financials also stayed near record levels on risk-on sentiment. Technology stocks, buoyed by global AI optimism, posted solid gains as well. In contrast, energy names such as Woodside and Santos lagged, reacting to the oil price slump, and miners including gold and copper exposures remained weak as commodities softened.
After-hours, takeover discussions remain in focus, with reports that Steadfast Consortium's due diligence for M&A is nearing completion and speculation continues in the insurance sector following KKR’s bid talk. ASX futures suggest a flat to marginally positive open tomorrow as investors monitor global earnings results and the evolving Middle East situation.
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